Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

The Nigerian government has settled the lingering feud between the National Insurance Commission (Naicom) and National Pension Commission (PenCom) on the administration of annuity assets in the country. Both agencies argue that life insurance firms and pension fund custodians have the legal mandate to warehouse and administer annuity assets in Nigeria respectively. To resolve the face-off, the Minister of Finance,…

Worrying signs that W&I market is growing too fast

Worrying signs that W&I market is growing too fast

Worrying signs that W&I market is growing too fast

There is a danger that the warranty and indemnity (W&I) insurance market is starting to overheat, warns Munich Re. Monika Milberg, head of financial lines at the global reinsurer, fears there is a worrying sense of euphoria surrounding W&I business, with insurers pouring into the market. “W&I cover is bought for less than 10% of transactions and yet demand has…

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

With oil prices improving, S&P Global Ratings has affirmed its B/B long- and short-term sovereign credit ratings on Nigeria, giving Africa’s largest economy a stable outlook. It has also affirmed its long- and short-term Nigeria national scale ratings at ngBBB/ngA-2 and maintained its transfer and convertibility assessment on Nigeria at B. S&P said: “The ratings on Nigeria are constrained by…

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

Potential International Monetary Fund (IMF) programmes for Gabon (B+/Negative), Cameroon (B/Stable) and the Republic of Congo (CCC) would ease some of the pressures created by lower oil prices, Fitch Ratings has said. The ratings agency added: “The extent of the benefits would depend on the authorities’ implementation capacity and on developments elsewhere in the Central African Economic and Monetary Community…

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…

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

The International Monetary Fund (IMF) has started talks with Cameroon to develop a three-year economic and financial programme for the west African state. An IMF team, led by Corinne Deléchat, visited Yaoundé from 20 February–6 March, 2017 and as she finished the visit, Ms Deléchat said: “The IMF team and the Cameroonian authorities started discussing an economic programme through 2019…

D&O exposures increasing in Europe

D&O exposures increasing in Europe

D&O exposures increasing in Europe

The trend towards increased exposures for directors and officers in Europe is continuing, with corporates seeing large regulatory fines and further shareholder actions in recent months. In January, Rolls-Royce agreed a record £671m settlement with UK regulators over bribery and corruption allegations. Shortly after, telecoms group BT saw its shares plunge when it revealed the extent of accounting irregularities at…

French and Spanish firms face new D&O risks

French and Spanish firms face new D&O risks

French and Spanish firms face new D&O risks

While D&O exposures are particularly acute in the UK and Germany, they are also up in Spain and France, according to XL Catlin. A trend towards greater accountability, increased shareholder activism and regulatory investigations are likely to increase D&O liability in both countries over time, according to one of the insurer’s underwriters. For example, reform of the Spanish Companies Act…

APAC insurance pricing remains competitive: Marsh

APAC insurance pricing remains competitive: Marsh

APAC insurance pricing remains competitive: Marsh

Insurance rates in Asia-Pacific remained “generally competitive” across most major coverage lines during 2016, according to the Global Insurance Market Index, produced by Marsh. The index shows that global insurance rates continued to decline for the 15th consecutive quarter, however the composite insurance rate decrease in Asia-Pacific was more moderate than the global average. The latest quarterly result also marks…

China denies claims of clampdown on cross-border cash flows

China denies claims of clampdown on cross-border cash flows

China denies claims of clampdown on cross-border cash flows

The foreign exchange authorities in China have countered claims that foreign companies are struggling to repatriate profits under China’s restrictive capital controls, amid fears that the country is rolling back on its efforts to liberalise its currency. In recent months, a number of overseas corporates and investors have complained that they have faced cross-border remittance issues as a result of…

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