Parametric insurance: closing the protection gap in Africa

Parametric insurance: closing the protection gap in Africa

Parametric insurance: closing the protection gap in Africa

Unlike traditional indemnity insurance, parametric insurance does not cover ‘full loss’. Instead, it pays out benefits based on a predetermined index for losses resulting from weather and catastrophic events. Given the poor takeup of weather and catastrophe cover – described as a ‘protection gap’ – in Africa, where a significant portion of GDP is derived from the agricultural sector, it…

The mining environment and its influence on strategy execution in 2017

The mining environment and its influence on strategy execution in 2017

The mining environment and its influence on strategy execution in 2017

As better news filters out from the mining sector in terms of profitability, the drive for sound risk management practices continues. Brendan Maseti, group risk manager at Lonmin Platinum, says: “In the recently launched Institute of Risk Management Risk Report – South Africa Risks (IRMSA 2017), four scenarios were tabled according to which the South African National Development Plan (NDP)…

Lloyd’s head of innovation to speak in Botswana

Lloyd’s head of innovation to speak in Botswana

Lloyd’s head of innovation to speak in Botswana

Dr Trevor Maynard, head of innovation at Lloyd’s, is joining an international line-up of speakers at the Risk Frontiers Southern Africa – Understanding the New Normal one-day seminar on 6 July. He will be joined by speakers from across Africa, including Laurie Pieter-James from the Cyber Risk Institute; Nico Synman from the Global Transport and Asset Intelligence Bureau; and Dr…

Terror threat looms large in Mali

Terror threat looms large in Mali

Terror threat looms large in Mali

Security analysts are warning of the ongoing terror threat in Mali, after gunmen attacked a luxury resort. Two of the assailants were killed by security forces, who were searching for two others, according to BBC reports. One civilian was reported injured after the attack at the luxury resort of Le Campement Kangaba, east of Bamako. Seán Smith, west Africa analyst…

Unrest incidents in Kenya up as elections approach

Unrest incidents in Kenya up as elections approach

Unrest incidents in Kenya up as elections approach

New figures from Control Risks suggest unrest across Kenya has risen as the election process gets underway. It has recorded more than 192 incidents related to the upcoming August general elections in Kenya, since 6 April 2017. Control Risks said: “The majority of these occurred during the April party primary elections in closely contested areas in the Rift Valley region,…

Uganda set to grow above regional average

Uganda set to grow above regional average

Uganda set to grow above regional average

One analyst reacting to the Uganda Budget 2017/2018 is confident growth will continue above the regional average. Alisa Strobel, senior economist, IHS Markit, sees the government’s effort to curb domestic borrowing in the near to medium term as necessary. However, she said: “Ongoing domestic borrowing competes with the private sector and could lead to an unfavourable crowding out effect. “Additionally,…

Nigerian insurer sees premium income climb 13%

Nigerian insurer sees premium income climb 13%

Nigerian insurer sees premium income climb 13%

Nigeria’s leading insurance business, Leadway Assurance Company, has reported a 13% increase in gross premium income to NGN52.7bn in 2016, as its assets grew from NGN137.3bn in 2015 to NGN166bn in 2016. It attributed the increase largely to a growth in its annuity business. Leadway reaffirmed its commitment to its policyholders by paying claims in excess of NGN23bn in 2016, the largest payout…

Africa’s economic future gets global boost

Africa’s economic future gets global boost

Africa’s economic future gets global boost

A plan to reshape Africa’s economic future is being hatched in Berlin by some of the world’s top policymakers and investors. The G20 Compact with Africa group claims that millions of citizens could see tangible economic benefits from the recently launched Group of Twenty advanced and emerging economies’ initiative. The goal is to boost private investment by harnessing the expertise…

Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Successful counter-measures have reduced piracy incidents around the coast of Africa still further in the past year, as overall shipping losses are reduced through improving risk management. The 2017 edition of Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review shows that, in 2016, piracy continued its downward trend as it recorded only 191 incidents, down 22…

Business must protect travelling staff

Business must protect travelling staff

Business must protect travelling staff

Organisations are not doing enough to ensure their travel risk strategies are fit for the 21st century realities of business travel and fulfil their legal duty of care, according to the UK’s risk management association Airmic. In a new report, it explains that business travel has grown by 25% in the past decade, with businesses sending employees and other people…

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