ZEP-RE

www.aFRIC aoutlookmag.Com

z e p - r e

W W W . z e p - r e . c O M

z e p - r e

better future

2

www.aFRICaoutlookmag.Com

f

i

n

a

n

c

this is a great time to be involved in africa as a territory as the demand for insurance and reinsurance continues to grow. africa outlook profiles ZEP-RE (PTA Reinsurance Company), a specialised institution of COMESA and a regional reinsurance player in africa.

Writer Ian Armitage Project manager Nick Norris

e

emand for insurance and reinsurance continues to grow globally, but nowhere as quickly as in africa. africa has been the second-fastest growing economy in the world, with GDP increasing on an average of five percent a year.

The middle class ranks are swelling, driving demand for goods and services. africa is also resident to the fastest growing youth demography in the world, well-educated and better informed; a growth opportunity waiting to be tapped.

Demand for insurance products, new or otherwise, is building and should balloon.

Continued

www.aFRICaoutlookmag.Com

3

z e p - r e

there is immense potential. one company that is very much aware of this is ZEP-RE, a COMESA institution created 20 years with the sole aim of promoting insurance trade in africa.

“It is an exciting time in Africa and we feel we are in the right place at the right time,” says Hope Murera, the firm’s general manager.

ZEP-RE was set up in 1990 by the member states of COMESA (common market for Eastern and Southern Africa) and started reinsurance underwriting on January 1, 2003 under the name of PTA Re, with its headquarters in Nairobi. with an authorised capital of $100 million and a market that stretches from Djibouti to Senegal and Libya to South Africa, the firm had the necessary tools for success and has

enjoyed significant growth in size, coverage and turnover.

“We have seen our client markets grow between 30 and 40 percent year-on-year for the last five years or so and we are on target to writing $100 million by the end of this year,” says Ms Murera. “Our major growth areas are still our traditional core markets and we see impressive growth in East Africa and the greater COMESA region where we operate in. we have also made inroads into new markets in asia and are currently among the top reinsurers in the Nepalese market.”

Last year we opened an office in Zimbabwe and it serves Botswana, Swaziland and South Africa - Entry into Zimbabwe was also designed to boost the country’s reinsurance capacity,” Murera explains.

Continued

J. B. BODA GROUP

J

. B. Boda group was founded by our late Chairman mr.

Jagmohandas Bhagwandas

Boda together with his late Brother Mr. Dhirajlal Bhagwandas Boda, way back in 1943, when they set out from the coastal town Porbandar in Gujarat State to Mumbai to start “Reinsurance Broking” operations. their painstaking professionalism, unimpeachable standards of conduct and reputation for fair dealing enabled J. B. Boda group to develop an organization of respectable size. late mr. Bharat J. Boda was third Chairman following his late father mr.

Jagmohandas Boda, founder Chairman and late uncle & Chairman Mr. Dhirajlal Boda. the present group Chairman is Mr. Atul D. Boda – son of Late Mr. Dhirajlal Boda.

J. B. Boda pioneered Reinsurance Broking in India and today we are the largest and oldest Reinsurance Brokers in India and Afro-Asian region.

J. B. Boda is first Indian Broker to be accredited as lloyd’s Broker. the group is involved in other insurance related services such as Non-Marine & Marine Surveys, Protection & Indemnity Insurance, Life Reinsurance, Valuation & Product Development. the legacy of the pioneers has stood us in good stead. our fundamental principle is “SERVICE” - with trust, sincerity & integrity.

Tel +91 22 66314949 Email jbbmbi@jbbodamail.com

www.jbboda.net

4

www.aFRICaoutlookmag.Com

z e p - r e

ZEP-RE provides reinsurance capacity in life and short-term insurance products such as marine, property, engineering, liabilities, motor and aviation; and accident and health.

“We see great opportunities in infrastructure, energy, oil, gas, engineering and life all over Africa, a continent that is home to some of the world’s fastest growing economies, many of which are new democracies bouncing back from years of war, military rule or economic mismanagement.

“Insurance and reinsurance follows economic development; there is no magic about it.”

Reinsurance is where insurers transfer portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from claims.

“Our mission all over Africa is to provide first class security and services to our clients.”

In order to achieve its goals – and for the industry to register faster

Continued

AFRO-ASIAN INSURANCE SERVICES LIMITED “Professionalism & Excellence Redefined” is a motto that the company and its key personnel have stood by and exercised in its 25 years’ existence since 1988.

The founder and promoter of “AfroAsian”, after a long and distinguished career in large insurance/reinsurance broking organisations, wanted to create an entity that delivered the “large broker” service without the “large broker” constraints. the vision of Rasik Patel is now being rolled out by the core “Afro-Asian” team headed by his son and Managing Director, Udai Patel.

The focus of “Afro-Asian” remains african and asian countries. although the Head Office of the Group is the City of London, “Afro-Asian” is focussed on only handling reinsurance business from these territories. Additionally, whilst “Afro-Asian” is an accredited Lloyd’s Broker with agreements in place with many Lloyd’s Syndicates, it also places a majority of the business emanating from Afro-Asian territories back into its select panel of preferred Afro-Asian reinsurers. the access to lloyd’s capacity is a value addition offered to the “Afro-Asian” clients on specialist and large risks.

Mr. Rajni Varia

“Afro-Asian” has a network presence in India, Pakistan, Kenya and Nigeria, with more locations under consideration, in order to be nearer to the client base. the company continues on the path of accelerated growth which began in 2009, with the ultimate aim of enhancing the quality and range of service that it can deliver to its client base.

Tel +44 207 375 7420

www.afroasian-insurance.com

6

www.aFRICaoutlookmag.Com

z e p - r e

growth – ZEP-RE has challenged insurance companies to invest more in training employees.

One of the objectives at the formation of ZEP-RE was to provide Reinsurance training and manpower development in the region. the company has a dedicated training department committed to developing capacity within the region.

“Our mission is to provide quality training solutions geared at enabling the whole industry to operate optimally; we are here to encourage success,” Murera says. “Through our training publications, workshops and seminars we share with our clients the knowledge of business, risk management and new practices that are being adopted by leading industry players. we trust that our clients value our service and commitment.”

Training is just one challenge.

Others include stiff competition, unsustainable price cutting and little product differentiation.

With an authorised capital of $100 million and a market that stretches from Djibouti to Senegal and Libya to South Africa, the firm had the necessary tools for success and has enjoyed significant growth in size, coverage and turnover”

Continued

ZEP-RE’s board of directors and management team

8

www.aFRICaoutlookmag.Com

f

i

n

a

n

c

e

Caring for our customers

www.phoenixassurancegroup.com Tanzania | Kenya | Uganda | Rwanda | Zambia | Botswana

MIDAS REINSURANCE BROKERS, AUSTRALIA

Providing ďŹ nancial solutions for you every step of the way...

In the unpredictable and occassionally turbulent waters you need navigation that ensures reliability, efficiency and professionalism.

This is what we offer at Midas Re & many more. We are proud to be associated with Zep-Re and wish the board management and staff of Zep-Re a bright future ahead.

For all your reinsurance needs contact us at:

Head office: Britam Centre, Mara/Ragati Road Junction, Upper hill Phone: +254-20-2833000/+254-0703094000 Email: info@britam.co.ke | www.britam.co.ke Britam EA KENYA | UGANDA | SOUTH SUDAN | RWANDA Britam EA

17 Andromeda Way, Templestowe Lower , Vic 3107 Melbourne, Australia or P.O. Box 396, Doncaster Post Office, Doncaster, Vic 3108 Melbourne, Australia Tel: 61 03 9848 3577 | Fax: 61 03 9848 3588 Mob:+61403207751 | E-mail: info@brimgroup.com.au

www.aFRICAoutlookmag.com

9

z e p - r e

10

www.aFRICAoutlookmag.com

Our mission all over Africa is to provide first class security and services to our clients”

the right products to the right people, using the right channels.

“And although we have been growing well, we have not scratched the surface just yet. We are challenged on a daily basis to grow our skills. We are challenged to make sure we are able to offer the right support and capacity. It is exciting.”

The company is currently rated “B+”

by AM Best and enjoys a unique position with diverse mix of shareholders who include countries of the region, public and private sector companies and international development finance institutions. Currently discussions are underway to bring on board other DFIS to augment the investor base of the Company.

ZEP-RE runs five offices in Africa, including the head office in Nairobi and regional offices in Douala, Harare, Khartoum, and Lusaka. Plans are underway to open other offices in the region.

To learn more visit www.zep-re.com.

We are proud to be associated with PTA (Zep) Re

Low levels of awareness of the importance of insurance among potential consumers of insurance also plagues the industry, as well as low disposable incomes and the inability to purchase insurance, which in most cases is not regarded as a necessity.

Only about seven percent of Kenyans, for instance, have one form of insurance or another.

Climate change is another major problem and leaves insurance providers exposed. National disasters are growing year by year especially floods in this region of the world.

“Insurance is absolutely vital,” says Murera. “It plays a key role in supporting economic growth and development, providing medical and other health benefits, providing adequate retirement incomes in the face of global ageing, and finally driving improvements in risk management, related to the development of new technology.”

What insurance offers is protection.

It exists for one reason: to help prevent losses.

“ZEP-RE strives to provide its clients with a little more than the traditional reinsurers used to offer their clients in the past,” says Murera. “We’ve adopted a holistic approach including best practices in risk management training in underwriting and claims.”

Central to ZEP-RE’s growth plan is the idea that “Africa must develop Africa”.

“We believe that Africa must develop Africa. Our vision is to be able to provide support for the African market so that premiums generated in Africa, will remain in Africa.

“The demands of the marketplace in terms of products and services are changing by the day and providers have to be innovative to meet the evolving and increasingly more sophisticated insurance customer needs. Because insurance penetration has traditionally been very low there is an opportunity for a much bigger slice of the cake. The challenge is bringing

Reinsurance Broker of Choice Our Services We offer technical and most professional, cost effective reinsurance broking services in: • Treaty Reinsurance • Facultative Reinsurance • Portfolio Management • Reinsurance Claims Management • Risk Management & Capacity Consultancy The Insurance Centre Rose Avenue - Off Denis Pritt Road P.O.Box 50565 00200 City Square Nairobi - KENYA Tel: +254 20 2748000, +254 722 204478, +254 733 609251, +254 20 2586663, +254 20 6180321 Email: info@firstre.com Web: www.firstre.com

FirstRe is ISO 9001:2008 Certified

f

i

n

a

n

c

e

www.cic.co.ke

Tausi Assurance Company Limited A Symbol of Trust, Security and Progress At Tausi we offer a wide range of products: • Fire and Allied Perils • Industrial All Risks • Consequential Loss/ Business Interruption • Engineering • Marine • Work Injury Benefit Act/ Employers Liability • Political Violence and Terrorism • Burglary

• Motor • Contractors All Risks • Domestic Package • All Risks • Group Personal Accident • Public Liability • Professional Indemnity And many more...

Contact us for all your insurance needs: Tausi Court, Tausi Road, Off Muthithi Road, Westlands P.O BOX 28889 - 00200 Nairobi, Kenya

Trust us to take care of you all through your later years. . .

Tel: +254 (020) 3746602/03/17 Fax: +254 (020) 3746618 Cell: +254 729 145 888 / +254 735 145 020

Email: clients@tausiassurance.com | www.tausiassurance.com

with

CIC ANNUITY PLAN

We all want someone to care and provide for us in our later years. With CIC Annuity Plan, you get a partner who cares for you and ensures you get your monthly payments, for as long as your retirement lasts. Talk to us for secure and reliable financial planning of your retirment income.

Z h#duh#kr qr xuhg#wr #eh#dvvr f ldwhg#z lwk#] hs 0UH1 For further inquiries, call Tel: . +587,#353#5; 5#6333/#+. 587,#3: 36#3<<#453/#+. 587,#3: 68#: 83#; ; 8/ or +. 587,#3: 53#<<9#3: 71#f doof C f lf 1f r1nh

www.aFRICaoutlookmag.Com

11

E n q uiries Tel (UK): +44 (0) 1603 559 151

ZEP-RE

Tel (SA): +27 (0) 21 527 0053

ZEP-RE Place Longonot Road

ben.weaver@outlookpublishing.com

Upper Hill PO Box 42769 Nairobi, 00100

SUBSCRIPTIONS

Kenya

Tel (UK): +44 (0) 1603 559 144

Tel: 254 20 273 8221

ian.armitage@outlookpublishing.com

Fax: 254 20 273 8444

www.africaoutlookmag.com

www.zep-re.com