The OESAI recently put together a marine insurance workshop in Nairobi that saw the attendance of participants from over 10 African countries. During the five-day event, Bruno Nalletamby of SWAN Mauritius and Kingsly Kwalar of StilFresh Foundation took to the podium to discuss marine insurance and subrogation recoveries respectively.
The Organisation of Eastern and Southern Africa Insurers (OESAI) was formed in 1973 as a result of initiatives of 8 insurance companies in the Eastern and Southern Africa region. Since its inception, the organisation has greatly encouraged and enhanced co-operation in the field of insurance and reinsurance and their related activities among companies operating in the region.
Bruno discussed the origins of marine insurance leading up to the coffee house which later became Lloyds of London. On the second day, he expatiated on the various steps in providing a marine cover from the various terms all the way to quoting.
Kingsly spoke on marine cargo claims in practice and subrogation recoveries in Africa. With the use of practical cases, he demonstrated that marine insurers on the continent are losing money by failing to implement a robust recovery strategy. Kingsly concluded with a call to action for industry players on the continent to take bold steps to improve their bottomline rather than compete on price.
The organisers and participants gave a resounding positive feedback to both trainers and are looking forward to future opportunities in Africa to share knowledge.