Philane Mbatha, Executive Head of Africa Region, Mirabilis
As the Executive Head of Africa at Mirabilis, a leading provider of engineering insurance, I have witnessed firsthand the dynamic shifts occurring across the African continent.
Our presence in Africa spans over 15 years, and during this time, we have adapted to the unique challenges and opportunities that this diverse region presents. From Ivory Coast to Kenya, and from Egypt to Angola, the continent’s infrastructure needs are vast and ever-changing, offering both opportunities and complexities for those of us in the insurance industry.
Africa’s infrastructure backlog is well-documented. Roads, ports, and buildings are in critical need of development, and the continent’s ability to address these needs is directly tied to its economic future. At Mirabilis, we have seen projects mushroom across the continent, often in unexpected places. Today, we might be focused on a project in Ivory Coast, and tomorrow, our attention could shift to Kenya or Egypt. This requires us to be agile and adaptable, ready to respond to the demands of any given market at any given time.
Currently, some of the most exciting developments are happening in West Africa, particularly in countries like Senegal and Ivory Coast. Angola, too, is showing positive signs of growth, although markets like Egypt have slowed due to currency challenges. Despite these hurdles, the need for engineering insurance remains strong, and we continue to see significant opportunities across the continent.
The Opportunities in Engineering Insurance – The infrastructure needs in Africa are vast, and this presents a significant opportunity for engineering insurance. Roads need to be built to connect regions, ports need to be expanded to accommodate larger vessels, and buildings need to be constructed to support growing populations. Each of these projects requires insurance coverage that understands the specific risks involved, from environmental factors to local regulations.
At Mirabilis, we pride ourselves on our deep understanding of the local markets in which we operate. Our knowledge of the regulatory environments across Africa allows us to add value not just as an insurance provider, but as a partner who can help navigate the complexities of doing business on the continent. Whether you’re a European broker or a company from the East looking to place business in Africa, understanding the local dynamics is crucial, and that is where we excel.
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Elevate Life is an authorised FSP 50555. Underwritten by Centriq Life Insurance, a licensed life insurer and authorised FSP 7370.
The Role of Reinsurance Brokers – For reinsurance brokers looking to enter or expand in the African market, my advice is simple: find a partner who understands the local landscape. The insurance penetration rate in Africa is relatively low, and governments across the continent are working to grow their local markets. This means there are regulations in place, such as domestication requirements, designed to support local industries. Understanding and respecting these regulations is critical for success.
At Mirabilis, we have been navigating these regulatory landscapes for years. We know how to ensure compliance while also helping our partners grow their business. We understand that Africa is not just a place to front business rather, it is a market where local participation is increasingly required and where having “skin in the game” is becoming the norm. Reinsurance brokers need to be aware of these dynamics and should look to partner with companies like ours that have the experience and knowledge to guide them through the process.
Africa’s insurance market is evolving rapidly. It is no longer the same market it was 15 years ago. Today, you will find professional executives with deep knowledge and expertise across the continent. The growth we are seeing is a testament to the commitment and professionalism of those working within the industry.
At Mirabilis, we believe in growing together with our clients, our partners, and the local markets in which we operate. It is a continuous process of learning, adapting, and innovating. As reinsurance brokers and other stakeholders enter the African market, there is much they can learn from us, just as there is much we can learn from them. Together, we can help shape the future of engineering insurance in Africa, supporting the infrastructure projects that will drive the continent’s development for years to come.
Africa offers vast opportunities for those willing to invest the time and resources to understand its unique dynamics and we are proud to be part of this growth, providing the expertise and support needed to navigate the complexities of the African market.