Wayne Abrahams brings international experience to the table as new MD of AIG (SA)

Coupled to this is the change in leadership at some of the country’s largest insurance firms and after spending 15 years gaining local and international market experience, Wayne Abrahams is preparing to take over the mantle of MD at AIG (SA).

 

Wayne has over 15 years experience in the general insurance industry with particular focus on Africa, as well as the Middle East and South Asia. He joined AIG in 2002 as Chief Financial Officer (CFO) for Africa and in 2007 and was appointed as Chief Operating Officer for Africa. Most recently, Abrahams was based in Dubai as CFO for the Middle East and Africa (MEA) region.

"I was in Dubai for three and a half years and I enjoyed the different and exciting experience. South Africa has always remained home for me and I am delighted to be moving back home and to be taking up the opportunity to lead AIG in SA,” says Wayne.

In an interview with FAnews Abrahams said that although taking over the mantle of one of the top jobs at AIG is a tall order, he feels confident that he is well equipped for the position. "I have stepped in to lead twice in the last twelve months on an interim basis. During this time I built an extensive broker and client network and have a practical knowledge of the business gained over the last 11 years,” he says.

"The insurance market is generally cyclical. We believe the South African market is towards the bottom end of a cycle, which is similar to the international market,” he explains. Each territory has its own challenges and opportunities that need to be addressed. Even so, there are some similarities between the Middle Eastern and the African market, which can be leveraged to ensure growth.

Recruiting and retaining key insurance skills is also a common challenge for everyone in South Africa. The insurance market has a limited base of technical skills, and so innovative graduate programmes and investment in skills training is essential in order to broaden and develop the total resource pool.

Wayne sees significant opportunity for AIG to grow in new markets, such as extending into Africa, and new product offerings like Aerospace and CyberEdge. Other focus areas include innovative insurance products for first time buyers. "The company continues to concentrate on becoming the most valued insurer to our clients as well as a long-term trusted business partner to all, including our broker network, ensuring that they always receive excellent service”

Because the South African insurance market is dominated by local players, the market is unique in the global context. International players in the industry can bring best practice principles to the local market, as well as global technical and risk assessment expertise.

"Multinational clients often prefer to use one insurer to insure their assets in multiple countries and locations. Given AIG’s international footprint and network, it’s the best placed insurer in the market to offer insurance coverage and solutions to such multinational clients,” says Wayne.

Wayne concludes by saying that AIG has the widest product range and has global experience and expertise in underwriting. "We have a strong team with sound skills, which is why we’ve remained a key insurer of large corporate accounts in South Africa.”