Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has increased its energy division’s capacity to $38mn, provided through its ongoing relationship with GIC Re and Peak Re.
ASR said the increase follows 12 months of profitable underwriting results for ASR’S energy portfolio which provides coverage for the entire African continent including renewables, upstream, downstream, power, and utilities.
So far, ASR has provided insurance cover in over 20 African countries, which it said is designed to help ensure a just energy transition in Africa with ASR noting the importance of considering each application for insurance against the backdrop of achieving a fair and just energy transition for all.
Suzan Pardesi, head of Energy underwriting at ASR, commented: “We are delighted with the significant increase in our overall capacity and are committed to providing insurance cover to support our clients and partners across the continent in the wake of the current energy crisis.”
“Africa is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development and ASR will support energy offerings which will provide profound welfare and environmental benefits to people across the continent.”
“Energy price, demand, and security is at the top of the global agenda, and it is important that individual insurers map a course that will realistically meet energy demand in Africa.”