Home market improvementOctober 18, 2017
Luis Vera Pedro, the CEO of Bonws Seguros, talks to TOGY about the business climate in Angola, the importance of competition and the oil and gas industry’s prioritisation of safety. Bonws’ oil and gas division offers insurance to companies in the hydrocarbons industry as well as specific healthcare insurance for workers employed in the industry. In March 2017, the firm organised the first oil and gas forum in Angola in partnership with RKH-Hyperion Insurance Group, looking at options for coinsurance.
• On the business climate: “We know that if the business landscape does not change right now, oil companies will go out in search of a solution. We know these companies. If they do not have the means to protect themselves or their employees, they will have no problems finding a better solution outside of our market.”
• On competition: “We believe the competition amongst our colleagues could be as healthy as the level of services we can offer to our clients. Having some challenging ideas under development not only can give us a good perspective for our new products, but also could be a test for the market.”
• On safety: “The oil and gas industry is the sector most concerned with safety in the workplace. This is due to the sheer number of risks and their varying degrees.”
Most TOGY interviews are published exclusively on our business intelligence platform TOGYiN, but you can find an abridged version of our interview with Luis Vera Pedro below.
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What are the concrete changes that you want to see in the local services market?
We believe the competition amongst our colleagues could be as healthy as the level of services we can offer to our clients. Having some challenging ideas under development not only can give us a good perspective for our new products, but also could be a test for the market. Being part of this new era, is giving us a solid hope for achievements in 2018.
How different are the risks or requirements for on and offshore companies in Angola?
The risk assessment is the same. Offshore requires a little more precaution to be taken because you have something off land. The risk is not necessarily higher, but the location complicates the situation. The different types of risks have greater importance. Compensation – for example, compensation due to evacuation of employees – differs depending on if you are offshore or onshore. Offshore evacuations are complicated.
The oil and gas industry is the sector most concerned with safety in the workplace. This is due to the sheer number of risks and their varying degrees. They have a permanent team of firefighters, medics, medical practitioners, and so on.
Most international reinsurance companies try to avoid offshore work compensation insurance. For instance, we were one of the companies in Angola who worked in a solution for offshore workers. The reinsurance companies need to understand the full picture of our reality.
Additionally, an internal effort must be made at the level of the regulation of the insurance sector with respect to work accidents, adapting the normative reality with the available international insurers’ offer. For instance, Angola is one of the few countries in the world with oil and gas activities where work accident insurance is mandatory.
Do you think greater development of coinsurance or reinsurance is more important for Angola?
We believe that coinsurance would be better. It has been mentioned that the important issue is maintaining money in Angola and not to have it going to other countries. In reinsurance, most of the money is to cover the risk that should be covered on the international level. I think it should be a system that utilises both coinsurance with the support of national and financial institutions while keeping revenues inside Angola. That would be good for everyone. Following that strategy can strengthen our currency. Not only would we be able to keep the revenues, but we would also be able to enrich the local currency.
For more information on the Angolan market and the development of the local services sector, see our business intelligence platform, TOGYiN.
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