Africa Specialty teams up with MGA Neema to support SME market

Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has partnered with  Neema Insurance Managing Agency to launch a political violence terrorism reinsurance offering for small and medium-sized enterprises (SMEs) in Africa.

ASR will provide the Mauritius-based MGA  Neema with capacity through  ASR Re Bermuda.

SMEs account for 80 percent of jobs across the continent with 44 million SMEs in Sub-Saharan Africa alone, according to  ASR. The collaboration aims to provide resilience to these enterprises against a variety of political violence and terrorism risks.

Zouheb Azam, head of political violence underwriting at  ASR, said: “The African SME market was previously neglected with respect to PVT insurance coverage, and therefore could not access this vital protection in a continent where political violence and terrorism risks exist throughout. This partnership reflects a turning point in the SME market as it meets local demands and increases PVT insurance penetration in Africa.

“We look forward to working with  Neema to provide numerous SMEs across Africa with the level of resilience needed to cover against PVT risk and ensure consistent economic growth.”

Sharon Ng, principal officer of  Neema, said: “As part of its objectives for 2022,  Neema wants to offer customized reinsurance solutions to all types of businesses in Africa. The launch of this PVT product is a direct result of the significant demand we have received coming from SMEs.

“The  Neema team has worked with clients across Africa on this line of business. These include large multi-nationals to small-to-medium-sized businesses. Our team has the know-how and experience to create fit-for-purpose solutions to suit your business needs.”

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