Re-insurance firm keen to assist Zambia

AFRICA Specialty Risk (ASR) is committed to assisting Zambia in expanding its growth through de-risking investments and business activities in country. The (re) insurer has written over US $110 million of risk cover to local businesses.

ASR is a pan-African (re) insurance company focused on providing comprehensive, bespoke risk mitigation solutions to the African Corporate and Specialty market.

Its Chief Executive Officer, Mr Mikir Shah, stated that Zambia currently provided a much friendlier investor environment and committed the company’s support to the country in achieving growth.

In an interview in Lusaka after meeting with President Hakainde Hichilema and his delegation, Mr Shah said the firm had insured multiple activities, including the Mopani Copper Mine, The Itezhi Tezhi Hydropower plant (a JV between Tata Africa and Zesco), and a farmer input

Ndola support programme, among

Kalulushi others.

“We have a full range of

Luanshya

insurance products that will

Mufulira

allow investors to invest in

Chingola comfort. We have participated in risk mitigation of

Chambeshi

approximately US$11 billion

Kitwe

of investments in 47 African

Mpongwe countries of which US$110

million is in Zambia.

Kafulafuta

“Now that the new gov

Masaiti and other

ernment has settled, we are surrounding looking to see how areas we can

de-risk investments into

we broadcasting on.

Zambia, enabling more businesses to invest and grow in the country” Mr Shah said.

The mission of Africa Specialty Risks (ASR), as stated by Mr. Shah, is to de-risk investments into and across Africa.

He also explained that ASR provides insurance and re-insurance products to support investors in expanding their businesses across the continent.

Noting that, ASR’s insurance coverage starts from the initial investment phase such as political risk insurance and trade credit and extends to construction, political violence and terrorism to other operational risks such as property and energy.

According to Mr Shah, ASR, had so far written business in 47 African countries across nine lines of business, participating in the risk mitigation of a share of circa US$9 billion of investment into Africa through its political risk insurance and trade credit division.

“Therefore, enabling to mobilise private sector capital which is critically needed to close Africa’s infrastructure financing gap and support sustainable economic growth and employment.”

“Each jurisdiction across Africa has its own set of risks and it is ASRs฀ core business and expertise to help mitigate these accordingly.

“Now more than ever a good risk insurance policy is an essential condition for an attractive business climate,” Mr. Shah said.