Index-based insurance at point of take-off

Index-based insurance at point of take-off

Index-based insurance at point of take-off

Index-based insurance could be at the point of taking off, according to Jonathan Dixon, chair of the International Association of Insurance Supervisors (IAIS) regional committee for Sub-Saharan Africa. Speaking in the wake of the tenth Consultative Forum (CF10), which focused on ‘Scaling up agricultural index insurance in Africa: Building disaster resilience of smallholder farmers’, he said: “We are seeing promising…

African smallholder farmers make insurance agenda

African smallholder farmers make insurance agenda

African smallholder farmers make insurance agenda

Agriculture at the smallholder end of the scale has been coming into sharp focus at the African Insurance Organisation (AIO) annual conference in Kampala this week. “Agricultural index insurance in Sub Saharan Africa is gaining momentum. Insurance supervisors increasingly recognise the importance of ensuring that this cover is provided responsibly, especially because these initiatives affect the livelihoods of vulnerable small-scale…

High prices costly for Kenya insurers

High prices costly for Kenya insurers

High prices costly for Kenya insurers

An insurance insider in Kenya says the cost of insurance services is too high, making it unaffordable for many people who therefore prefer unsustainable methods of insurance like fundraising to manage disasters. The chairman of Bima Intermediaries Association of Kenya, Washington Degea, has also blamed the Insurance Regulatory Authority (IRA) for doing little to make premiums affordable. “The premiums are…

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast has joined the African Trade Insurance Agency (ATI) in a bid to reach emerging country status by 2020. ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to US$2bn of inward investments and trade into the country and to potentially help lower its sovereign borrowing costs by…

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

The opportunities and risks for engaging in blockchain and distributed ledger technology projects in the insurance sector have been highlighted in a new report. Blockchain has been the buzzword in the fintech community for some time, however law firm Pinsent Masons and Applied Blockchain, which launched the research, are warning that while there is great potential for smart contracts to…

New app to give Ugandans free insurance cover

New app to give Ugandans free insurance cover

New app to give Ugandans free insurance cover

Android app SureBüddy has launched sponsored insurance and insurance-related products in Uganda. SureBüddy plans to roll out into 11 Sub Saharan Africa countries, as well as India, Turkey, Indonesia, Philippines and Pakistan, with South American countries to follow. The company claimed SureBüddy is simple and easy to use – the app renders advertisements, the consumer watches the ads and then…

Driverless cars could reshape Africa’s insurance markets

Driverless cars could reshape Africa’s insurance markets

Driverless cars could reshape Africa’s insurance markets

The motor insurance sector, which drives many of the African insurance markets, is set to be completely transformed as widespread adoption of driverless cars will shift liability towards manufacturers, according to a new report from Fitch Ratings. It states that insurers will be forced to diversify in search of other profit sources and some of those that fail to adapt…

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Number of wealthy Africans on increase as extreme poverty numbers rise significantly

Seven of the 10 most economically unequal countries in the world are in Africa, most of them in southern Africa, according to the World Bank. In a new report, the bank says poverty across the continent may be lower than current estimates suggest, though the number of people living in extreme poverty has grown substantially since 1990. Poverty in a…

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

African Risk Capacity (ARC) has formally teamed up with the African Development Bank (AfDB) to strengthen mechanisms to manage weather-related risk on the continent. The organisations said: “This partnership will formalise a technical collaboration to enhance risk management infrastructure and policy across Africa; it will also support African countries in building resilience against climate shocks and in taking ownership of…

Linkage in bid to drive growth through Nigerian brokers

Linkage in bid to drive growth through Nigerian brokers

Linkage in bid to drive growth through Nigerian brokers

Linkage Assurance has strengthened its partnership with brokers to generate strategic growth potential and expand its market-share in the Nigerian insurance sector. New managing director and CEO Dr Pius Apere said at the February 2017 Members’ Evening of the Nigerian Council of Registered Insurance Brokers that brokers have a big role to play to ensure that insurance takes deeper root…

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