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Africa Specialty Risk (ASR) has pledged to assist Zambia expand its growth through de-risking investments and business activities in country.
The (re)insurer has written over US$110 million of risk cover to local businesses.
ASR is a pan-African (re)insurance company focused on providing comprehensive, bespoke risk mitigation solutions to the African Corporate and Specialty market.
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Chief Executive Officer, Mikir Shah, said Zambia currently provides a much friendlier investor environment and was committed to support country in achieving growth.
In an exclusive interview with Zambia Monitor in Lusaka after meeting with President Hakainde Hichilema and his delegation, Shah said the firm had insured multiple activities, including the Mopani Copper Mine, the Itezhi Tezhi Hydropower plant a joint venture between Tata Africa and ZESCO, and a Farmer Input Support Programme, among others.
“We have a full range of insurance products that will allow investors to invest in comfort. We have participated in risk mitigation of approximately US$ 11 billion of investments in 47 African countries of which US$ 110 million is in Zambia.
“Now that the new Government has settled, we are looking to see how we can de-risk investments into Zambia, enabling more businesses to invest and grow in the country” Shah said.
The mission of Africa Specialty Risks (ASR), as stated by Shah, is to de-risk investments into and across Africa.
He further 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.
Shah indicated that 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 mobilize 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 ASRʼs 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,” Shah said.
Head of Political Risk Insurance and Trade Credit at ASR, Genevieve Ahinful, remarked that Zambia is currently at a pivotal stage, and some of the recent legal and policy changes made may aid in the country’s economic growth.
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