Engineering Insurance in Africa: Building from the Ground Up

At the OESAI conference in Victoria Falls, Cassim Hansa, a well-known technical underwriter at Firedart Engineering Underwriters, shared his insights on the vital role engineering insurance plays in Africa's development. With decades of experience in the industry, Hansa has been instrumental in underwriting some of the continent's most ambitious infrastructure projects.

Hansa emphasised that engineering insurance is not a static field; it’s dynamic and intertwined with the very fabric of Africa’s growth. “When you underwrite a project, you’re often starting with nothing but an idea and a blueprint,” Hansa noted. From construction risks to the machinery and equipment necessary to build these projects, the role of insurance is to ensure that these ventures are safeguarded from unforeseen events.

Hansa also highlighted the importance of collaboration in these large-scale projects, not just within the insurance industry but across borders. "No single insurer can handle the immense risks associated with projects like power stations or dams," he explained. This necessitates a global collaborative effort, pooling expertise and resources to manage these massive undertakings effectively.

Looking ahead, Hansa is excited about the opportunities emerging in various parts of Africa, particularly in East Africa and Malawi. He pointed to projects like the Lake Malawi water project, which has the potential to transform agriculture, tourism, and urban development in the region. For Hansa, these projects represent more than just business—they’re a chance to be part of Africa’s growth story.

As Africa continues to evolve, professionals like Cassim Hansa will remain at the forefront, ensuring that the continent’s grand visions are realised safely and successfully.

Key points:

• Dynamic Role of Engineering Insurance: Engineering insurance is crucial in supporting large-scale infrastructure projects in Africa, covering risks from the initial concept phase to completion.
• Collaboration Across Borders: Major projects, such as power stations and dams, require collaborative efforts involving multiple insurers and reinsurers globally, as no single entity can shoulder the risks alone.
• Focus on Specialized Classes: Firedart Engineering Underwriters deals with specialized insurance classes, including construction risks, plant and machinery, machinery breakdown, and loss of profits, ensuring comprehensive coverage for complex projects.
• Opportunities in Africa: Hansa is particularly excited about infrastructure development in East Africa and Malawi, such as the Lake Malawi water project, which promises to boost agriculture, tourism, and urban growth.
• Importance of Expertise and Integration: Successful underwriting relies on understanding the expertise and capabilities of the people involved in projects, as well as ensuring an integrated approach across the entire supply chain to mitigate risks effectively.