ABC joins panel of African insurance brokers

By John OyukeAfrican Trade Insurance Agency (ATI) has approved ABC Insurance Brokers Limited, an affiliate of the ABC Bank Group of companies, to join its panel of insurance brokers.ABC Bank Group Managing Director Shamaz Savani said the partnership would enable both customers and non-customers of ABC Bank to access unique products being offered by the continent’s only multilateral insurer, which are not available locally.He said ATI covers risks, which typically are not be covered by other insurers."This partnership means we are safeguarding the interests of our customers even outside East Africa since ATI covers cross-border risks in line with our objective of facilitating international trade as ABC Bank Group," he said.ATI, the only multilateral insurer in Africa, provides insurance cover against political risks such as currency inconvertibility, expropriation, war and civil disturbance, terrorism and sabotage including forced abandonment.The insurer also seeks to promote trade and investment in Africa by reducing the cost of doing business by helping investors to mitigate against export/trade credit risk.This includes insurance against possible payment failure due to bankruptcy, deteriorating financial circumstances or if a payment extends beyond a credit period (protracted default).The Nairobi-based ATI is listed by Standard & Poor’s as one of the highest rated institutions in Africa in terms of financial strength and counterparty credit, only second to the African Development Bank.African investmentsAfrican States founded the multilateral insurer in 2001 to provide political risk, trade credit risk insurance and political violence and terrorism and sabotage cover to protect African investments and trade.ATI has supported over $2 billion in trade and investments across Africa in sectors such as agribusiness, energy, exports, housing, manufacturing, mining, road construction and telecommunications.Meanwhile, the political risk insurance and trade credit insurer is set to launch its Rwanda office next week as seeks to expand and improve service offerings.The office will serve the Burundi market as well.

ABC joins panel of African insurance brokers

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ABC joins panel of African insurance brokers

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