Continental Re unveils engineering risks subsidiary
CONTINENTAL Reinsurance Plc, Africa’s largest private reinsurer outside of South Africa, has announced the launch of its new specialist subsidiary, Continental Property and Engineering Risk Services (CPERS).
CPERS has been established to meet the growing demand for specialist engineering insurance risk advisory services that is currently driven by Africa’s infrastructure and construction boom.
With Africa’s investment in infrastructure, rapid urbanisation, projected economic growth, rising middle class, focus on regional integration and improved governance in many of Africa’s 54 nations, investing in construction on the continent is on a strong upwards trajectory.
Executive director, Continental Reinsurance, Lawrence Nazare, observed that the demand for specialist engineering-insurance skills is also increasing.
“It is imperative for Africa’s development, for African reinsurance companies to provide the required specialist insurance skills and expertise to support efforts to bolster the retention of African reinsurance premiums in the continent,”
“For this reason, we have strengthened our core engineering capability by enhancing our existing offering,” Nazare said.
Historically, foreign reinsurance companies have provided the requisite engineering-insurance advisory skills and benefitted from premiums generated in Africa.
“The time has come for Africans to support Africa’s growth by utilising local engineering-insurance skills as well as fast-tracking the transfer of knowledge and training for insurance companies across the continent to ensure that Africa strengthens its capability to support its own growth,” Nazare added.
Continental Re disclosed that the four key functions of CPERS are: underwriting of engineering and construction risks in Africa; risk and advisory services; claims handling services and; training to the insurance companies.
Cassim Hansa,a professional civil engineer and MBA graduate, with over 20 years experience in both the engineering and insurance industries in the USA and South Africa has been appointed the managing director of CPERS.