Lombard Insurance tunes into Africa growth

In an otherwise stagnant global economy, business into and out of Africa has shown significant growth over the past year, says James Barrow, newly appointed manager of Lombard Insurance Group’s general and commercial division. “While we’re still seeing a number of high-tech products coming out of Europe, we’re also seeing a lot of general cargo moving into Africa,” says Barrow, and it’s a market in which Lombard is well entrenched. “We’re now in 14 countries and specialise in customs clearing – which means we’re always on top of any customs changes that may be introduced.” The company’s clearing and freight division is however equipped to manage the client’s entire portfolio, and its bonded warehousing facility is part of parcel of the product offering. Goods entering South Africa are often held in a bonded warehouse before being exported – and the same applies to imports that are held in bond before being exported. These transit goods are stored in a bonded warehouse – to ensure that they do not attract duty – and this is where Lombard Insurance provides the necessary guarantees. Some importers may operate their own bonded stores. “They usually import, for home or foreign consumption, high-duty goods in bulk,” says Barrow. “But since the goods will not all be consumed or onshipped immediately they operate a separate store in which the goods are kept – and duty is paid when the goods are withdrawn from the store.” A lot of large shippers operate their own warehouses, but for freight forwarders who offer a start to finish product, including warehousing, Lombard Insurance is able to provide this facility. CAPTION James Barrow … ‘a lot of general cargo moving into Africa.’