To address the dual challenges of Political Violence Insurance and Cyber threats within the insurance industry, Visal Reinsurance Brokers Ltd (Visal RE) organised a comprehensive two-day training session at the Sogakope in the Volta Region.

The event, which brought together participants from insurance companies across West Africa, highlighted the pressing need for proactive measures to mitigate these risks in today's rapidly evolving landscape.

The training sessions were led by seasoned experts in PVT and Cyber Security Josh Hearnden from Mosaic Insurance, UAE, and Cole Baidoo of Comfy Technology respectively. Mr. Hearnden and Mr. Baidoo provided attendees with valuable and practical insights on underwriting Political Violence and Terrorism insurance and cyber security awareness within the insurance industry.

Day one of the training focused on understanding the dynamics of PVT insurance, underwriting guidelines, and its potential implications for businesses and communities.

Participants were briefed on the various forms of policy extensions under PVT. Through case studies and interactive discussions, attendees gained a deeper understanding of the factors driving PVT insurance and learned how to assess and underwrite associated risks effectively.

Day two focused on the realm of cyber security, highlighting the growing threat facing organizations in an increasingly digitized world. The facilitator, Cole Baidoo indicated that cyber attacks are becoming more sophisticated and pervasive, hence the need for proactive measures to protect against data breaches, ransomware, and other cyber threats.

Attendees were introduced to key concepts and best practices in cyber security, including threat detection, incident response, and data protection strategies. Through hands-on exercises and simulations, participants gained practical experience in identifying vulnerabilities, implementing security controls, and mitigating cyber risks effectively.

One of the key takeaways from the training was the interconnected nature of political violence and cyber threats, with malicious actors often exploiting political unrest as a smokescreen for cyber-attacks which can have financial consequences. By adopting a holistic approach to risk management, organizations can better safeguard their operations and minimize vulnerabilities in both the physical and digital domains.

Speaking at the event, Vincent Sali-Dorkpor, Director at Visal RE, emphasised the company's commitment to fostering collaboration and knowledge-sharing. Initiatives such as these play a crucial role in strengthening the fabric of our industry.

The Managing Director of the firm, Mr. Sam Sali, also spoke about the importance of the training.

For him, the gathering of experts and other stakeholders represents a proactive approach toward enhancing preparedness and resilience in the face of political violence and cyber threats.

The Political, Violence, and Terrorism (PVT) and Cyber Safety training is the first phase of a series of training the company will be embarking on with stakeholders of the insurance industry.