Saham ready to offer global programmes support for companies expanding in Africa

The fact that AMRAE held the fifth meeting of its Franco-phone Club this week in Marseilles underlines the continued and rising interest in growth opportunities in Africa from French industries and corporations. The African success story may have taken something of a backward step in recent times as the Sub Saharan Africa region, in particular, was hit by falling commodity prices. But growth forecasts for 2018 are back on track. The US, UK and France top the list of foreign investors in Africa, but Asian companies in particular, led by China and Japan, are fast catching up. But as David Vigier, director of sales and business development, as well as member of the executive committee at Morocco-based pan-African insurance and financial services group Saham Finances, told Commercial Risk Europe, such investors need to tread carefully when investing in Africa. Africa remains a complex and risky place in which to do business. Risk managers at non-African companies need to work with local insurers, brokers and other experts who can guide them through the often complex and confusing world of African insurance rules and regulations to make sure they are compliant and doing the right thing, advises the former risk manager. And Saham should be the first stop for international risk managers who need help with their African risks, says Mr Vigier, who was formerly group director, insurance and risk management at Europcar. The Morocco-based insurance group is now one of the leading insurance groups in Africa and present in 24 African countries. Sanlam, the biggest South African insurance group, recently took a 46.6% stake in the insurer that further adds to its geographic spread and broad range of products and services. Mr Vigier explains why it makes sense to team up with a local expert such as Saham. “International companies that invest in Africa have to understand that this is not one country. It is a huge continent with many very different countries, cultures and ways of doing business. For a risk manager based in Europe or anywhere else it may make sense for the company to invest in Africa for growth, but the risk and insurance management element can be a real headache,” he says. “We are talking to risk managers based all over the world who are not headquartered in Africa and we reassure them that we can partner with them and manage and control these risks. We can offer them a one-stop-shop. We can meet them in Paris, London, Brussels or at RIMS, and discuss and agree what needs to be done in each country they are active in and offer them a real solution. We are not fronting insurers, we have operations in 26 African countries and our partnership with Sanlam, so we have skin in the game,” says Mr Vigier. This solid message was well received by the market in 2017, according to Mr Vigier. The group’s recently signed commercial partnership with Japanese insurance giant Sompo will surely improve Saham’s standing. In late October, it was announced that Sompo International Holdings, the Japanese group’s Bermuda-based specialty carrier, and legacy Endurance, had entered into a new strategic African partnership. Under the deal, Sompo International said it would form alliances with both Sanlam and Saham through a partnership agreement executed by Sompo Japan Nipponkoa Insurance. “This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam Limited and Saham Group’s insurance subsidiaries,” stated Sompo at the time. Mr Vigier said that the partnership with Sompo is a great example of how the modern-day risk management and transfer market needs to work to offer the best solutions and service for corporate risk managers.

Saham ready to offer global programmes support for companies expanding in Africa

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