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RISKbitz: South Africa is top insurance destination this summer
19 April 2010
South Africa is one of the hottest emerging insurance markets, according to a recent poll carried out by RISKbitz. Insurers are rushing to get there this June.
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South Africa is one of the hottest emerging insurance markets, according to a recent poll carried out by RISKbitz. The 28th annual “Emerging Markets” survey of insurance executives found that South Africa is the most attractive market in the world for insurance at the moment. The country’s insurance market has been the subject of many potential acquisitions, the potential setting up of branch offices, and tie-ups with local insurers and brokers – all of which require extensive fact-finding missions by Europe-based executives this summer.
South African risk managers have been inundated with requests from brokers and insurers for meetings, while executives from Lloyd’s and the London Market have been stressing the value of face-to-face meetings.
“We’ve been explaining to potential clients that the great thing about the London market and Lloyd’s is the importance we place on face-to-face business,” said Ian Luddite, chief executive of Luddite Managing Agents. “None of this IT rubbish, remote access, technology blah blah blah! What really matters is sitting down with clients in person at a soccer match and discussing their needs and the chances of Algeria in the group stages.”
Supabroka is so determined to break into the South Africa market that it is sending its entire board and C-level executives to Johannesburg for the whole of June. “It’s important for them to be on the ground for such vital discussions such as the possible potential of perhaps having a new office at some point in South Africa,” said Supabroka’s PR man.