23 July 2013

Somalia Licenses First Foreign Insurance Broker

The Somali Ministry of Commerce and Industry has granted Jordan-based AAIB Insurance Brokers a permit to operate in the country, TradeArabia reported Monday (July 22nd).

AAIB is the first foreign insurance company to receive a "special permit and service certificate of registration as a business" from the ministry, and already has a representative in Mogadishu.

"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," said AAIB Chief Executive Officer William Wakeham. "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 general cover written at arm's length."

Wakeham said the move was timely given Somalia's announcement last year that it plans to auction 308 newly delineated blocks of oil rights, calling Somalia one of the most attractive areas in the world for oil and gas exploration.

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