AAIB Becomes the First Licenced Insurance Broker in Somalia

AMMAN, Jordan, July 21, 2013 /PRNewswire/ --

AAIB Insurance has become the first insurance broker to receive a licence to trade in Somalia.

The company received its 'Special Permit And Service Certificate Of Registration As A Business' from the Somali Ministry of Commerce and Industry in June.  

The permit means that AAIB is the only foreign insurance broking company able to place insurance business from within Somalia. AAIB already has a representative on the ground in Mogadishu, the capital of Somalia.

While the licence is a source of pride and competitive advantage to AAIB, its implications go way beyond the commercial interests of one company, said William Wakeham, CEO of AAIB.

"Yes this is good news for AAIB. It means we can steal a march on our rivals," he said. "But the real significance of this permit, is that it is an important stepping stone in the development and reconstruction of Somalia after 22 years of civil war. This is good for Somalia and good for the companies that want to participate in its growth because for the first time they can get insurance cover for their operations informed by intimate local knowledge -as opposed to generic cover written at arm's length."

He explained that East Africa generally and Somalia in particular has become one of the most attractive areas in the world for oil and gas exploration. Late last year Somalia announced that it intends to auction 308 newly delineated blocks of oil rights.

"Without people on the ground, insurance companies find it hard to assess risk accurately. Some risks can't be covered at all and others carry a higher than necessary premium. Now the long slow task of realising Somalia's inherent wealth can begin in earnest," he said.

Christine Schofield T: +962-(0)-65503222 Ext 250
Lynne Latham +962-(0)-65503222

SOURCE AAIB Insurance