Floods on increase across Africa as hundreds die in Sierra Leone

Floods on increase across Africa as hundreds die in Sierra Leone

Floods on increase across Africa as hundreds die in Sierra Leone

Risk managers are being warned of a rapid rise in floods across the continent, as hundreds have been killed and hundreds more are missing after floods washed away the side of a mountain in the outskirts of Freetown, Sierra Leone. Experts had been calling for action to help secure land vulnerable to flooding for some years but the area was…

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Tunisia and Morocco are set for economic growth this year, while Algeria and Egypt may suffer a decline, according to a new report from trade credit insurer Atradius The report analyses the political and economic situations of four north African countries, as well as ranking the performance of individual sectors within each and assessing their political and credit risk. Alun…

Pensions under threat in Nigeria

Pensions under threat in Nigeria

Pensions under threat in Nigeria

The Pension Fund Operators Association of Nigeria (PenOp) is warning that pension assets valued at NGN6.5trn could be at risk if plans to change the pension system become law. PenOP president, Eguarekhide Longe, said one bill would amend the Pension Reform Act 2014 to exclude members of the Nigeria Police, the Nigerian Security and Civil Defence Corps, Nigeria Customs Service,…

D&O liability insurance: an essential component of risk management

D&O liability insurance: an essential component of risk management

D&O liability insurance: an essential component of risk management

Directors and officers of all organisations are facing an increased risk of personal exposure. Their roles and responsibilities have become progressively more onerous in recent years, mainly as a result of new legislation and regulatory requirements, stakeholder pressure and increased governance and social responsibilities, as well as the complexity of trans-continental and macroeconomic trading conditions. In South Africa, the Companies…

New appointments and promotions at AGCS Africa

New appointments and promotions at AGCS Africa

New appointments and promotions at AGCS Africa

AGCS Africa has named Amanda Banfield as a senior financial lines underwriter and Teboho Mohafa as a liability underwriter. Ms Banfield joined the business from Arch Underwriting Managers. She has extensive experience in financial lines and holds a diploma in marketing and sales. Meanwhile, Mr Mohafa worked for Camargue Underwriting Managers for more than two years before joining AGCS Africa.…

Tough times and heightened political risk continue across Sub Saharan Africa

Tough times and heightened political risk continue across Sub Saharan Africa

Tough times and heightened political risk continue across Sub Saharan Africa

A number of African countries, including Niger, Algeria, Nigeria and Angola, will begin to move towards a more negative outlook, according to the latest AJG Credit and Political Risks Insurance (CPRI) – Report and Market Update. The July 2017 edition, with a quantitative assessment of the commercial insurance market for CPRI, covers the period since January 2017. AJG notes that,…

Currency crisis impacts travel habits

Currency crisis impacts travel habits

Currency crisis impacts travel habits

Putting currency risk at the heart of travel trends, a new report reveals a major drop in airline seats to Nigeria. Risk managers have been placing currency risk as a key concern for their business in the past couple of years in various African countries, and the new report has confirmed their concerns. An analysis of seat capacity for travel…

African hospitality sector set to profit from foreign investment

African hospitality sector set to profit from foreign investment

African hospitality sector set to profit from foreign investment

Risk managers in the hospitality sector should be aware of an influx of both foreign investment and foreign travellers to hotels across the continent. The emerging markets are set to post faster growth in revenue than their counterparts in developed countries, making them integral to the expansion strategies of some of the world’s leading hotel developers, according to PwC’s 7th…

Africa Re enjoys 12% growth

Africa Re enjoys 12% growth

Africa Re enjoys 12% growth

Africa Re has reported gross written premium of $372.64m up to the end of June 2017, up 11.8% on the same period of 2016. The corporation said growth was driven by new partnerships, a relatively stable South African rand, and new treaties and facultative business in west Africa. However, net profit was down from $32.6m in June 2016 to $7.6m…

Angola downgraded due to rising debt service costs and weak economic prospects

Angola downgraded due to rising debt service costs and weak economic prospects

Angola downgraded due to rising debt service costs and weak economic prospects

Angola’s economic growth is likely to slow down, according to S&P, which has lowered its expectation and downgraded the southern African country to B-. It has, however, given the country a stable outlook. It said the country’s fiscal revenue performance is below its previous expectations and debt service costs are rising. In addition, the ratings agency said the banking sector…

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