Navigating Africa's Engineering Insurance Landscape

During the AIE conference at Sun City, Philani Mbatha, Executive Head of African Region at Mirabilis, provided a comprehensive overview of the company's role in the engineering insurance sector across Africa. With over 15 years of experience, Mirabilis operates throughout the continent, covering projects from Ivory Coast to Kenya and Egypt. Mbatha highlighted the fluid nature of the African market, where infrastructure projects can emerge in various regions, necessitating a flexible and responsive approach from insurers.

Africa's infrastructure needs are immense, with significant gaps in road networks and port facilities. Mbatha emphasised the urgency of developing these areas to enhance connectivity and accommodate larger shipping vessels. He pointed out that Mirabilis's deep expertise in local regulations and market conditions is a key differentiator, enabling the company to offer tailored solutions that meet the unique challenges of each country. This knowledge is particularly valuable for foreign brokers who must navigate complex regulatory landscapes and ensure compliance with local laws.

Mbatha also discussed the concept of domestication in African insurance markets, where governments encourage the development of local industries. He advised reinsurance brokers to collaborate with experienced local partners like Mirabilis, who understand the intricacies of these markets and can help brokers avoid regulatory pitfalls. Mbatha stressed that this collaboration is not just about following rules but also about contributing to the growth and professionalisation of the local insurance sector.

He concluded by noting the transformation of the African insurance landscape, which has become increasingly professional over the years. Mirabilis plays a crucial role in this evolution, offering expertise and guidance to brokers and insurers alike, fostering a more robust and compliant insurance market in Africa.

Highlights

• Comprehensive Coverage Across Africa: Mirabilis has been providing engineering insurance across the continent for over 15 years, covering diverse regions and projects.

• Infrastructure Needs: The discussion highlighted Africa's significant infrastructure gaps, particularly in road and port development, underscoring the need for improved connectivity.

• Regulatory Expertise: Mbatha emphasized the importance of understanding and complying with local regulations, which is crucial for successful project execution and market entry.

• Collaborative Growth: The conversation stressed the importance of partnerships between foreign brokers and local experts like Mirabilis, fostering growth and compliance in the African insurance market.