China-Africa economic ties are changing the marine insurance landscape

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Whilst the West remains one of Africa’s key trading partners, other players have come on board too. Take China. Between 1978 and 2017, bilateral trade between both regions grew from $765 million to a whopping $170 billion per year.

In fact, in June this year alone, China-African trade totalled $16.82 billion; 1.5 times the figure of the whole of 2000 ($10.6 billion).

These relationships are expected to become warmer in due course. Besides changing Africa’s economy, these trends will change how the continent is dealing with marine insurance. Importing to and exporting from China, for African players, is far from a straightforward affair, particularly if you haven’t done your homework. Not knowing what you are doing may result in cargo being confiscated, over and above hefty fines, marine insurance experts have told us.   READ MORE