Property and engineering insurance – a new niche

SHARE   |   Monday, 07 September 2015   |   By Kabelo Adamson

Continental Re-Insurance through its subsidiary Continental Property and Engineering Risk Services (CPERS) hosted a two-day training this week to equip the local insurance companies about property and engineering insurance.
The workshop, which started on Thursday and ended on Friday, September 04, 2015 attracted different players in the local insurance industry to learn from more about the kind of insurance that - according to the Managing Director of CPERS, Cassim Hansa - remains largely untapped.
Hansa said the training offers the local insurance market an opportunity to participate in the development of the country. He said to drive growth of the country the insurance sector must be actively involved.
“The objective is to prepare the local insurance sector to be informed about underwriting and the risk aspects of the engineering in Botswana,” Hansa said, adding that they would continue to develop and elevate local companies’ know how and competence.
Even though insurance found operating on the local shores have in some cases foreign roots, Hansa said that they are doing an effort to indigenous the knowledge on property and engineering to align it to the local needs.
He emphasized the need to build more competence within the local industry and said whatever the developments taking place, the insurers have to be involved at any stage of that particular development.
Hansa said from their previous sessions with the local insurers, their expertise in the property and engineering insurance is commendable and hinted the need to conduct the workshop annually. CPERS was established to serve as a specialist in construction, property and engineering risk services.
The subsidiary has over the last two years interacted with more than 450 people and looks set to grow the figures. Continental Re itself is a Pan African reinsurer offering both treaty and facultative capacity and services across the full spectrum of Non-Life and Life business lines. The company opened its subsidiary in Gaborone last year.

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