For the seventh year in a row, Guarantee Specialist Lombard Insurance has thrown its weight behind the SAAFF Congress, the annual industry event of the South African Association of Freight Forwarders (SAAFF). The congress is the biggest yearly business gathering for operators and stakeholders in the regional freight forwarders’ industry and takes place on 6 and 7 September at Gallagher Convention Centre, Midrand, Johannesburg.
James Barrow, Underwriting Manager of Lombard Insurance, says the company’s role as primary sponsor provides an ideal opportunity for stakeholders in freight forwarding and logistics to get together, network and build relationships.
“The annual SAAFF Congress attracts many key operators and stakeholders in the wider logistics and supply chain sector,” says Barrow. “It offers a valuable opportunity to discuss challenges, ideas and trends in the local and global supply chain industry, and gain unprecedented access to key suppliers and service providers, including SARS Customs, Transnet and the Airlines.”
Key Trends in Freight Forwarding
Some of the key issues that are currently impacting the freight forwarding industry, including Lombard Insurance, include increased regulation and compliance requirements.
“New legislation will place even greater disclosure obligations on all stakeholders, including shipping companies, importers and traders, as well as ancillary businesses such as banks and insurers,” adds Barrow. “Other significant trends include the impact of technology on the pace of change in business, limited economic growth, volatile currencies, and business’s hesitation to invest significantly in operations.”
Lombard has had to become increasingly flexible in their approach in order to adapt to the uncertain economic environment. “We have had to relook at the capital adequacy of our traditional products and analyse their appropriateness to current market weakness,” says Barrow.
Long-term Industry Partnership
“Lombard sees SAAFF as an essential component in the growth of the freight forwarding sector in particular, and the supply chain industry in general,” says Barrow. “SAAFF plays a crucial role in assisting its members to facilitate trade efficiently, both in South Africa and the rest of Africa.”
“Lombard has shown unyielding commitment to supporting SAAFF in its efforts to streamline systems, processes and compliance, and ensure the future health, longevity, and prosperity of the supply chain industry as a whole,” concludes SAAFF CEO Dave Logan. “Our strategic partnership with Lombard Insurance is both valued and appreciated”.