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…

Diversified industrials leading the way in mergers and acquisitions

Diversified industrials leading the way in mergers and acquisitions

Diversified industrials leading the way in mergers and acquisitions

Transaction activity is healthy in the world’s largest sector, diversified industrial, according to law firm Hogan Lovells. Diversified industrial companies include manufacturing, chemicals, transportation, logistics, construction and engineering, and are perfectly placed to take advantage of deal-making opportunities, said Detlef Hass, head of Hogan Lovells’ diversified industrials sector group. He explained: “Because of their diverse portfolios, the recent pickup in…

Change is the new normal

Change is the new normal

Change is the new normal

Legislative reform is a key area of concern for corporates, and risk managers should be aware of the potential for legal change to fundamentally alter the risks that they face, as Max Ebrahim and David Wynn, of Clyde and Co, discuss   Legal systems are subject to political, social, and economic pressures, and once a need for change is identified,…

Africa for Africans

Africa for Africans

Africa for Africans

Africa’s CEOs call for a balance between regulation and compliance costs, as Gareth Stokes reports Attracting leaders from across Africa, the fourth Continental Reinsurance CEO Summit took place at the Radisson Blu Hotel, Dakar, Senegal on 6-7 April 2017. In his welcome address, Dr Femi Oyetunji, group CEO at Continental Reinsurance, commented on the remarkable growth of the event since…

Regulations and lack of adequate local insurers causing headaches for multinationals in Africa

Regulations and lack of adequate local insurers causing headaches for multinationals in Africa

Regulations and lack of adequate local insurers causing headaches for multinationals in Africa

Multinationals operating in Africa face a myriad of challenges to place compliant and cost-effective insurance, including finding adequately rated local insurers and dealing with a raft of different regulatory environments, according to Praveen Sharma, global leader of Marsh’s insurance regulatory and tax consulting practice. Speaking at Commercial Risk Africa’s London conference late last week, Mr Sharma said there are signs…

New law firm members boost francophone Africa legal group

New law firm members boost francophone Africa legal group

New law firm members boost francophone Africa legal group

Africa Legal Network (ALN) has signed up three new members as part of its strategy to expand into francophone Africa. The new members are based in Algeria, Guinea and Morocco and joined as of 1 May. Since October last year, the alliance has welcomed six new member firms, bringing ALN’s coverage to 16 countries, making it the largest legal alliance…

Kenya court ends motor insurance price fixing deal

Kenya court ends motor insurance price fixing deal

Kenya court ends motor insurance price fixing deal

It’s back to the drawing board for Kenya motor vehicle insurers as the regulator-sanctioned price-fixing deal implemented in 2010 has been dismissed by the High Court in Nairobi, giving a chance to motorists to enjoy cheaper premiums. The Office of the Ombudsman has petitioned the High Court to review the 2010 directive by the Insurance Regulatory Authority (IRA) through intense…

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…

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Kenya’s new Bribery Act set to make major changes

Risk managers in Kenya – or anyone with business interests in the east African state – need to be aware of a new Bribery Act, set to come into force. Speaking at KPMG’s two-day ‘It is Time for Change’ conference in Mombasa, Simon Dwyer, head of KPMG’s forensic advisory department in east Africa, warned: “The new Bribery Act impacts on…

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

Investors close to easier arbitration as South Africa falls into line with more than 70 other countries

The South African government is expected to enact the International Arbitration Bill in the coming weeks, after agreeing a Bill late last year. Kwadwo Sarkodie, partner in the construction and engineering practice of the London office of Mayer Brown, said the Bill would make it much easier for investors doing business in the country, if they come into dispute. He…

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