SCG-Ré Launches Groundbreaking Seminar Addressing Engineering Risks in Kigali

Elias Hakizimana Mar 20, 2024Mar 21, 2024 0 Comments

By Elias Hakizimana.

Societe Commerciale Gabonaise De Reassurance (SCG-Ré) Kigali Regional Office, alongside partners from Kenya and Morocco, has inaugurated its three-day Insurance Seminar on Engineering Risks on March 20, 2024.

Hosted at the esteemed Park Inn by Radisson in Kigali, Rwanda, the seminar convenes under the theme “Engineering and Construction Underwriting,” aiming to delve into the intricate world of managing risks inherent in engineering projects.

The seminar has attracted a diverse audience of over 50 participants hailing from various sectors of the insurance industry across the region. From underwriters to risk managers, actuaries, and claims assessors, the attendees are poised to deepen their comprehension of engineering risks.

Throughout the seminar, participants are engaged in presentations led by industry experts and invigorating group discussions. Together, they explore the multifaceted landscape of engineering risks, hone their understanding of underwriting practices, and craft strategies to mitigate these risks effectively.

Central to the seminar’s discourse is the recognition of the indispensable role played by specialized knowledge and expertise in navigating the complexities of engineering projects, especially as they evolve in sophistication.

SCG-Ré, through its initiative, aims to foster professional networks and collaborations within the insurance industry, thereby contributing to the professional development and capacity building of insurance professionals across the African sub-region.

As the seminar unfolds, participants are expected to gain invaluable insights and engage in discussions that will pave the way for innovative strategies in addressing the ever-evolving challenges of engineering and construction underwriting.

Ultimately, these endeavors are poised to drive sustainable growth and resilience within the industry.

Participants within the industry have also shared their perspectives on the significance of the seminar.

Ms. Denise Rwakayija, Managing Director of the Rwandan Association of Insurers (ASSAR), underscored the critical need for engineers to undergo comprehensive risk management training, given the severity of repercussions often associated with engineering works.

“Given the severity of these risks, engineers must undergo training in risk management to excel in their work,” she said.

***Ms. Denise Rwakayija, Managing Director of the Rwandan Association of Insurers (ASSAR), delivering her opening remarks at the seminar.***

She further elaborated on the seminar’s objective, stating, “This seminar aims to explore the complexity of engineering risks, equip professionals with knowledge, and promote regional capacity building.”

Ms. Regine Akayezu, Regional Director of SCG-Re’s Kigali Regional Office, highlighted their mission to boost knowledge among seminar participants, thereby empowering them to analyze engineering risks with precision.

She highlighted some adverse effects on insurance companies, such as the tendency for lower premium charges due to undervaluation when assessing risks, which can result in losses that can affect an insurance company and insured.

“Proper evaluation of a risk and pricing is essential to mitigate losses for insurance companies,” Ms. Akayezu emphasized.

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

Ms. Isabelle Mélissa Kamdem Babari, Head of the Technical and Commercial Department at SCG-Ré, emphasized the seminar’s potential to reduce accidents in the engineering sector while fostering professional collaborations.

“Attendees will gain a deeper understanding of the various categories of engineering risks, refine their grasp of underwriting practices specific to engineering projects, come up with strategies to mitigate these risks, and ultimately cultivate professional networks and collaborations within the insurance industry,” she emphasized.

Mr. Derrick Kananura, a participant from OLEA Rwanda insurance brokers, highlighted the necessity of continuous training, especially in addressing evolving risks in complex construction insurance policies.

He provided an example of the risks posed by disasters, emphasizing the importance of familiarizing oneself with new clauses.

“This enables professionals to effectively assist clients by comparing contractual clauses with the engineering risks they may encounter throughout the construction process.” He said.

Ms. Isabelle Mélissa Kamdem Babari, Head of the Technical and Commercial Department at SCG-Ré, highlights the seminar’s focus on reducing accidents in the engineering sector and fostering professional collaborations.

Ms. Rosine Niyitegeka, an Underwriter at PRIME INSURANCE, expressed optimism about overcoming challenges faced in insuring construction projects through enhanced understanding gained from the seminar.

“We have received additional explanations regarding various categories of insurance. We are prepared to clarify any inquiries from individuals seeking insurance coverage for their construction projects,” she stated.

Mr. Justus Kibet Sang, Group Head of Underwriting, Property Engineering at Continental Re, stressed the importance of understanding policies thoroughly to compensate clients effectively.

***Mr. Justus Kibet Sang, Group Head of Underwriting, Property Engineering at Continental Re, underscores the criticality of comprehensively understanding policies for effective client compensation.***

“They should carefully read the policies and inquire about any specific terms or clauses. This ensures they can adequately compensate the client in accordance with the policy when a claim arises, based on the documented terms at the start of the insurance period,” Kibet advised.

The Insurance Seminar on Engineering Risks promises to be a transformative event, shaping the future of engineering project management and underwriting practices.