Oil and Gas Insurance: great victory for the local content strategy in Senegal in terms of insurance

Majdi Yassine, President Of Senegal Oil and Gas Risks Insurance Pool.

According to our sources, the president of the Senegal Oil and Gas Risks Insurance Pool, Majdi Yassine, informed the Senegalese insurance and reinsurance market that Sonam, a bidder on behalf of the Insurance Pool, has been confirmed for insurance cover for the Woodside oil project in Senegal. Majdi YASSINE is the CEO of the life and non-life insurance subsidiaries of Sanlam in Senegal, he has more than 15 years of experience in the insurance sector in sub-Saharan Africa, he helped the Colina group to start their subsidiary in Senegal in greenfield in 2008, and in less than 10 years he positioned the company in the top 5 of the insurance market in Senegal, after having actively participated in the development of the company in one of the most difficult markets in sub-Saharan Africa. He is also a very active lobbyist in the region, with a strong international network, he is recognized by the profession as one of the most influential Insurance CEOs in the region, he is also chairman of the international relations and digital committee of the Senegalese association of insurance, and deputy treasurer, he is a member of the board of directors of the Bank Of AFRICA in Côte d’Ivoire as an independent member and chairman of its audit committee.
He is Lebanese origin, and French, but also Senegalese where he was born, his family settled in Senegal in 1920.

The budget is estimated to be around US $ 13 million, one of the largest transactions in the insurance industry. Note that this is the third file won by the Pool, after two operations successively carried out by the Pool and two other insurance companies, Prévoyance Assurance and AXA Assurances Senegal. This third case, the most important, marks a new stage and the victory of the national local content strategy concerning oil and gas in the insurance sector, which clearly shows that the unitary path is crucial for the development of our economies. .

Co-insurance will be shared with the same party for each member of the Pool, and reinsurance will be handled by the national reinsurer, SEN RE, in collaboration with the Pool and Woodside’s international partners. It is an inclusive model where actors established in Senegal meet and invite foreign investors to deal with the local market, the local market is ready to find the best solution to align with international standards concerning this type investment. This case is the perfect demonstration that the complementary combinations between national and international interests can only be favored if the actors of sectoral organizations of the national private sector go beyond the cleavage of their own interests.

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