AAIB Granted License to Operate in Somalia

MarineLink.com
Tuesday, October 29, 2013
William Wakeham

Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand.

Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint, within the Middle East and North Africa (MENA) region being the first international insurance broker to have been granted a licence to operate in Somalia.

Formed in 2005 to focus exclusively on emerging markets, AAIB is a leading force in the provision of multiple insurances in post conflict and emerging frontier markets in the Middle East and North Africa. 

“We have developed bespoke insurance products and put in place business networks to enable us to deliver competitive solutions and deliver added value, for markets such as Somalia. Our insurances cover liabilities, property, personnel and financial exposures; incidents of fire, theft, as well as war, political violence, terrorism, piracy, kidnapping, violent crime and medical evacuation,” said William Wakeham, CEO, AAIB Holdings.

Somalia’s new government held its first ever investment conference, in Kenya, earlier this year, where its foreign affairs minister highlighted the importance and growth in FDI from Turkey, Egypt, China and the UAE. FDI flows to African countries are rising by 5% annually, reaching US$50 billion in 2012, according to global online think tank EconoMonitor.

However, unfortunately for the fledgling economy of Somalia is inextricably linked to the murky underworld of piracy. In the Gulf of Aden and off the Somalia coast, eight piracy incidents including two hijackings were recorded by the International Marine Bureau’s (IMB) global piracy report in the first half of 2013. According to Oceans Beyond Trade, it is estimated that piracy costs the shipping industry between US$6.6 and US$6.9 billion annually.   

The influence of warlords over the pirate groups was highlighted again recently when Mohamed Abdi Hassan, aka ‘Afweyne’ or ‘Big Mouth’ was arrested in Belgium. The notorious warlord was responsible for hijacking a Ukrainian transport ship carrying Soviet-era T-72 battle tanks, which was released for a reported three million dollars and also implicated for ransoming the Saudi-owned Sirius Star supertanker, for three million dollars. It was understood that Afweyne wielded considerable influence and power often funding the pirates’ boats and guns and then laundering the proceeds.

Although about 1,000 pirates have been imprisoned in 20 nations as a result of the crackdown on piracy, according to Wakeham the root of the problem lies with the warlords.

“There’s probably more than a dozen people like Afweyne that should be investigated, but Somalia has been the victim of a relentless conflict since 1991 and a lack of any effective central government has allowed pirates and militia groups to control mini-fiefdoms, unopposed,” said Wakeham.

“So it is of particular importance that businessmen, surveyors, engineers and staff from non-governmental organisations which may be frequently travelling to Somalia, to act and mitigate risk, as there remains a perceptible security threat in Somalia,” added Wakeham.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Scotland's 'No' to Independence Welcomed by Shell

Royal Dutch Shell CEO Ben van Beurden on Friday welcomed Scotland's vote against independence. "Shell welcomes the decision by the people of Scotland to remain within the UK,

Long Beach Public Invited to Celebrate QM's 80th

The iconic trans-Atlantic liner Queen Mary turns 80 on September 26 and the public is invited to join a ship-wide celebration. The Queen Mary will open her gangways and ballrooms,

TESSCO Installs Chesapeake Bay Police Boat Video System

Leading networking company, TESSCO Technologies Incorporated, informs it has worked closely with the Maryland Department of Natural Resources (DNR) to successfully implement,

Maritime Security

USCG Cutter FIR Participates in Puget Sound Oil Spill Exercise

The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday.

AN/SPY-1 SSSA Completes Critical Design Review

The Critical Design Review (CDR) stage for AN/SPY-1 radar Solid-State Switch Assembly (SSSA)'s high voltage modulator completed Aug. 26, confirming that the

TESSCO Installs Chesapeake Bay Police Boat Video System

Leading networking company, TESSCO Technologies Incorporated, informs it has worked closely with the Maryland Department of Natural Resources (DNR) to successfully implement,

News

USCG Cutter FIR Participates in Puget Sound Oil Spill Exercise

The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday.

AN/SPY-1 SSSA Completes Critical Design Review

The Critical Design Review (CDR) stage for AN/SPY-1 radar Solid-State Switch Assembly (SSSA)'s high voltage modulator completed Aug. 26, confirming that the

Gazprom Supplying Gas to Europe as Contracted

Alexey Miller reported to Vladimir Putin that European consumers were receiving gas supplies entirely in line with contractual obligations. The total accumulated

Vessels

Long Beach Public Invited to Celebrate QM's 80th

The iconic trans-Atlantic liner Queen Mary turns 80 on September 26 and the public is invited to join a ship-wide celebration. The Queen Mary will open her gangways and ballrooms,

Nordic American Offshore on Track Says Chairman

Herbjørn Hansson, 
Executive Chairman
 of Nordic American Offshore Ltd., informs shareholders as follows after the company's listing on the New York Stock Exchange

Vroon’s VOS Famous Launched

Vroon’s newbuilding ERRV, VOS Famous, was launched in China yesterday. This 50-m ERRV (emergency response and rescue vessel) is under construction at Nanjing East Star Shipyard.

Insurance

RRI Launch Marine Services J/V with a Trans-Atlantic Reach

Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings.

3rd India Ship Recycling Conference Set to be a Big Draw

Delegate registeration for the 3rd India Ship Recycling Conference is going on at a hot pace with a lot of interest having generated with the new Indian Government

Arctic Shipping Routes: P&I Insurance FAQs

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR),

Middle East

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

World’s Largest Fast Crew Boat Christened at Incat

The 70-meter Fast Crew Boat (FCB) was christened Muslim Magomayev at a ceremony at the Incat shipyard on Monday, September 15. This is the first vessel that

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2960 sec (3 req/sec)