Underwriters keep an eye on market trends

Large projects into parts of east and west Africa have dominated the market over the past couple of months, with cargoes consisting mainly of mining, agricultural, telecommunication and engineering products, according to insurance broker Billy Dunne of Prestmarine's marine marketing team. He also feels that a new awareness of large capital developments in Africa is being continually discussed by major international statesmen and government agencies. This, in turn, sees underwriters keeping a close eye on developments to ensure their products keep up with market trends and requirements. And it’s a rapidly growing market, Prestmarine's Susan Bester added. “SA builders and engineers are being continually drawn into major projects due to their technical abilities and their knowledge of operating on the African continent,” she said. “Innovation over the last few years in the SA freight industry - as well as insurance agents and surveyors having their own offices and agents strategically placed - has helped smooth the greater volume of this type of business.” Underwriters view project cargo in a positive light, Dunne added. “It is, however, very important to ensure that the packing is of international standard and that vessels and/or airlines used are up to standard and able to meet clients’ requirements and deadlines,” he told FTW. “Loading and discharge surveys are of the utmost importance to ensure the smooth running of shipments.”