Transport: Lomé just held a seminar on facultative insurance

Thursday, 24 November 2022 17:45
Transport: Lomé just held a seminar on facultative insurance

(Togo First) - This week, a facultative insurance seminar was held in Baguida (Lomé). Launched on November 21, the meeting’s theme was: “Regulation of facultative insurance, scope of guarantees, and compensation procedures”. Facultative insurance covers risks to which goods are exposed while being transported (by sea, land, or air). 

The seminar was organized by the Supervisory Authority of the insurance sector and the National Directorate of Insurance. It mainly aimed to let concerned stakeholders review the regulatory evolutions in the maritime transport sector.

Among others, these stakeholders acquired knowledge that should help them better understand the ins and outs of facultative insurance management and existing regulation, as well as recent amendments to this regulation.

"The birth of insurance originated in the development of transport, particularly maritime transport, which fostered the emergence of other modes with the development of road, rail, and air routes," explained the Director of Cabinet of the Minister of Economy and Finance, Kossi Tofio.

It is worth noting that Togo wants to become a trade hub in West Africa, notably by leveraging its port’s activity.

Last year, the port of Lomé–West Africa's fourth largest container port–recorded 1,962,304 TEUs, against 1,725,270 TEUs in 2020 (+13.7%).

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