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ICTSI Ecuador launches first transport insurance programme for banana trade

The Ecuadorian subsidiary of International Container Terminal Services, Inc. (ICTSI) is supporting growers at the world’s largest banana-exporting port with a comprehensive insurance programme.

Designed according to the needs of Ecuador’s export market – SIE, Ecuador’s first integral insurance for banana exporters, was launched recently through efforts of CGSA-led Logistics Community of the Port of Guayaquil. 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.

Insurance serves as a key step to support the growing needs of the industry, -bananas being the country’s main export product after petroleum- and is an indispensable tool for the commercialisation of Ecuadorian bananas to international markets. More than 60% of banana production is exported to two main markets: the European Union and the US. The country also supplies Russia and Asia.

While traditional insurance covers only 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.

Contecon Guayaquil SA chief executive officer, Jose Antonio Contreras commented  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,” said Contreras.

“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,” he added.