Crawford Dougall

South Africa’s project financed energy and infrastructure insurance landscape is at a turning point, with growing debate around the role of lenders, insurers and advisers in shaping access to major projects.

At the centre of this conversation is Crawford Dougall, the country’s only locally based specialist lenders insurance adviser. While international firms have traditionally dominated this space, Crawford Dougall is challenging prevailing assumptions about how insurance is structured and placed in large-scale developments.

A key concern emerging in the local market is the perception that lenders are limiting the participation of South African insurers in major projects. According to Sophie Maggs, Head of Underwriting at Crawford Dougall, this view does not fully reflect the reality of how decisions are made.

“There is a growing narrative that lenders are blocking local insurers from participating in large infrastructure and project finance deals,” she says. “In our experience, that is not the full picture. The requirements are often more nuanced, and the way they are interpreted can materially influence outcomes.”

Instead, the firm points to the role of international lenders insurance advisers, who are typically embedded in global deal structures, as a key factor shaping placement decisions.

“In many cases, it is not the lenders themselves driving exclusion, but rather how requirements are framed and communicated through advisory channels,” Maggs adds. “That can lead to opportunities being directed offshore when there may well be strong local capacity available.”

This dynamic has implications not only for insurers, but also for banks, developers and the broader economy, particularly at a time when South Africa is prioritising infrastructure-led growth.

Crawford Dougall is positioning itself as a connector across the ecosystem, working with lenders such as Absa Group, Standard Bank Group, Nedbank Group, Investec and the Industrial Development Corporation, alongside legal advisers and insurers, to ensure greater clarity and alignment.

Legal advisers, including firms such as ENSafrica, Bowmans and Fasken, also play an important role in structuring transactions and interpreting lender requirements, making collaboration across disciplines essential.

“Our role is to bring lenders, legal advisers and insurers into the same conversation,” says Maggs. “When everyone is aligned on what is actually required, rather than what is assumed, the market functions far more effectively.”

As the only local specialist in this field, Crawford Dougall believes it is uniquely positioned to bridge the gap between global standards and local market capability.

“There is significant depth and expertise within the South African insurance market,” Maggs concludes. “The opportunity now is to ensure that this capability is properly understood and utilised. That starts with clearer communication, better alignment and a willingness to challenge outdated assumptions.”

With infrastructure investment set to accelerate, Crawford Dougall is calling for a more transparent and collaborative approach, one that ensures the right risks are covered in the right way, while unlocking greater participation from local insurers.