Regional Insurance Seminar Equips Underwriters for Managing Complex Engineering Risks

Elias Hakizimana Mar 26, 2024Mar 26, 2024 0 Comments

By Elias Hakizimana.

At least 50 underwriters and risk assessors from the sub-region of Africa were immersed in a specialized training program focused on engineering risks, aimed at equipping them with the expertise needed to navigate the complexities inherent in engineering projects.

Organized by Societe Commerciale Gabonaise De Reassurance (SCG-Ré) Kigali Regional Office in collaboration with Kenyan and Moroccan partners, the seminar took place from March 20th to 22nd, 2024, under the theme “Engineering and Construction Underwriting.”

The seminar garnered a diverse audience of over 50 participants representing various sectors of the insurance industry across the region. From underwriters to risk managers, actuaries, and claims assessors, attendees were eager to deepen their understanding of engineering risks and refine their underwriting practices.

Throughout the seminar, participants engaged in informative presentations led by industry experts and dynamic group discussions. Together, they delved into the multifaceted realm of engineering risks, honed their underwriting skills, and devised strategies to effectively mitigate these risks.

***During this training seminar, participants were taken to one construction site in Kigali, to assess potential engineering risks, particularly at large-scale buildings.***

Reflecting on the impact of the seminar, Sylvain Irankunda, Senior Underwriter at MUA Insurance Rwanda, expressed the value gained from the training, especially in addressing engineering risks prevalent in significant construction projects.

“Most underwriters in Rwanda lack the necessary skills in handling engineering risks. This training has equipped us with valuable insights into the risks associated with large-scale constructions. We are eager to share these resources with our teams and colleagues in the market and enhance our company’s capabilities.” He said.

The seminar also shed light on specific insurance products such as Contractors All Risk Insurance (CARI) and Erection All Risk Insurance, crucial in construction projects.

Irankunda praised SCG-Re and Continental Re for organizing such a beneficial seminar and encouraged further training initiatives to enhance underwriting procedures across the insurance market.

Rogers Rubongoya, Senior Technical Officer at Ugandan Reinsurance Cooperation Ltd, echoed Irankunda’s sentiments, emphasizing the practical application of the seminar’s resources to improve underwriting services.

“The insights gained from this training will enhance our services and enable us to address challenges such as machinery breakdown effectively.” He noted.

Alton Mazvarirwofa, a Risk Engineer at Old Mutual Insurance Company in Zimbabwe specializing in risk assessment and engineering and mining underwriting, shared his key takeaways from the seminar.

He highlighted the importance of understanding various risks in construction and related underwriting perspectives to prevent potential losses, particularly in machinery breakdown and electronic equipment.

Justus Kibet Sang, Group Head of Underwriting, Property Engineering at Continental Re in Kenya, emphasized the need for engineering underwriters to leverage the acquired knowledge to enhance services in the engineering market.

He highlighted common challenges faced in the engineering and insurance sectors across the continent, particularly in financing, where external funders still play a significant role.

Ms. Isabelle Mélissa Kamdem Babari, Head of the Technical and Commercial Department at SCG-Ré, lauded the seminar’s success in empowering participants with enhanced underwriting capacities.

Ms. Isabelle Mélissa Kamdem Babari, Head of the Technical and Commercial Department at SCG-Ré, shares insights on enhancing underwriting capacities during a seminar on engineering and construction underwriting.

She emphasized the importance of skilled underwriters in handling engineering and construction insurance, benefitting their respective companies and contributing to market development.

Looking ahead, Ms. Kamdem revealed plans for future in-depth courses tailored to underwriters’ specific needs, following feedback received from participants.

She encouraged attendees to review and disseminate seminar resources within their teams, fostering continued growth and expertise in the industry.

Ms. Denise Rwakayija, Managing Director of the Rwanda Insurers Association (ASSAR), emphasized the critical role of such training programs in equipping industry professionals with the necessary skills to assess risks accurately, process claims efficiently, and price products effectively.

Ms. Denise Rwakayija, Managing Director of the Rwanda Insurers Association (ASSAR), speaks about the importance of professional training in the insurance industry and its impact on market growth and risk management during an industry seminar in Kigali.

She highlighted the growing construction sector in Rwanda and the corresponding increase in insurance coverage for new projects, stressing the importance of aligning insurance practices with market trends and standards.

Rwakayija also emphasized the role of insurance knowledge, capacities, and continuous upskilling in adapting to evolving market dynamics, particularly in managing risks associated with calamities and accidents like fires that may lead to claims.

***Ms. Regine Akayezu, Regional Director of SCG-Re’s Kigali Regional Office addressing participants to the seminar***.

Participants during the training

All the participants were awarded certificates of completion at the end of the training seminar, recognizing their dedication and achievement in acquiring valuable knowledge and skills in managing engineering risks (see photos):

Mr. Justus Kibet Sang from Continental Re Kenya hands a certificate to a Rwandan participant, showcasing regional collaboration and program completion. Mr. Yassin Lazrak from Fair Insurance and Reinsurance Brokers in Morocco, training facilitator giving a certificate to TRISHA RASSEN, Underwriting Assistant from AFRICA SPECIALTY RISKS (ASR)