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ICTSI Ecuador transport insurance scheme for banana trade

Contecon Guayaquil SA, part of ICTSI, is launching an insurance programme to provide growers with greater coverage for the transport of the country’s prized produce

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ICTSI claims that Contecon Guayaquil SA (CGSA) is the world’s biggest banana export port.

 

The scheme, called SIE, is touted as Ecuador’s first integral insurance for banana exporters and has been launched through efforts of the CGSA-led Logistics Community of the Port of Guayaquil (Comunidad Logistica del Puerto de Guayaquil - CLPG).

 

Supported by RSA Seguros as advisers and multi-national insurers CHUBB and Zurich, growers are ensured of a single global insurance coverage for banana exports – from container handling, transport, and third-party damages.

 

More than 60% of production is exported to two main markets: the European Union and the United States of America. The country also supplies Russia and Asia.

 

"Compared to traditional insurance, which only covers limited phases in the transportation of the fruit, the integral transport insurance enables banana growers to have peace of mind that their product is covered until delivery at the destination of their customers," says ICTSI.

ICTSI's Contecon Guayaquil SA container terminal
ICTSI's Contecon Guayaquil SA container terminal

Jose Antonio Contreras, CGSA’s CEO, said that the increased logistics collaboration between the port and different supply chain stakeholders in Guayaquil will ensure that the country stays on as the world’s largest exporter of bananas: “We wanted to leave behind the traditional role of the port that only receives and dispatches the cargo, Instead, we strategize and continuously search for new products/solutions for our customers.

 

“We are positive that reducing risks for the export of goods will contribute to lower logistics costs, and should positively impact Ecuador’s economic and social development.”

 

CLPG represents more than 83% of Ecuador’s non-oil exporters, with bananas comprising the largest volume. Plans are underway to extend this type of integral insurance to the rest of Ecuador’s exporters.

 

ICTSI’s has 20-year concession period to operate the Guayaquil Container and Multipurpose Terminals at the Port of Guayaquil is currently die to end in 2027.

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