NAIROBI, 15 May 2013 – His Excellence Hon. Uhuru Kenyatta, C.G.H. the President of the Republic of Kenya opened the 13th Annual General Assembly of the African Trade Insurance Agency today. During his opening address the President acknowledged ATI’s support to the private and public sectors during the country’s recent election. He also commented on ATI’s role in helping African democracy to come of age, enabling countries to navigate their own way through political events while maintaining strong economic and social development.
President Kenyatta praised ATI for its strategic role in supporting the region’s integration into the global economy “the creation of ATI by African governments is a part of a regional approach to development. The establishment of ATI came out of a need to address the negative perception of Africa as a place in which to do business. By creating a credible mechanism in which governments were agreeing to take responsibility for losses caused by political risks, member countries were committing themselves to being the ultimate risk takers in this insurance arrangement.”
The President urged non-member countries to join ATI in order to increase the rate of economic integration in Africa and to “enhance the region’s ability to compete effectively in the global marketplace.”
Following the opening ceremony, delegates approved the institution’s 2012 audited annual accounts which posted records in all the top business lines. Most notably ATI recorded a record net profit of Ksh51 million ($600,000) marking a drastic turn-around from the Ksh21 million ($247,000) loss experienced in 2011.
The company also boasted records in two other important business lines. The Gross Written Premium (GWP) increased to Ksh1.1 billion ($13 million) compared to the Ksh850 million ($10 million)recorded in 2011 – a 30% increase over the previous year. The GWP, one of the most important line items for an insurer, reflects the total amount of premium written for the year. Another noteworthy result in 2012 was the Gross Exposure, which is the gross amount of cover (the sum insured) underwritten by an insurer. Here ATI posted a figure of Ksh60 billion ($706 million), a 19% increase over 2011.
During the Meeting, delegates also approved the applications for membership from Ethiopia and Sierra Leone at the Meeting which hosted some twenty country representatives, Heads of regional organisations and other shareholders.
Note to editors:
About The African Trade Insurance Agency
ATI was founded in 2001 by African States to cover the trade and investment risks of companies doing business in Africa. ATI provides Political Risk, Surety Bonds, Trade Credit Insurance and Political Violence and Terrorism & Sabotage cover. To date, ATI has supported over US$7.5 billion in trade and investments across Africa in sectors such as agribusiness, energy, exports, housing, infrastructure manufacturing, mining and telecommunications. ATI is the highest rated insurer in Africa with the 2012 renewal of its Long Term ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s.
