Major insurance regulatory change ahead in Namibia

Major insurance regulatory change ahead in Namibia

Major insurance regulatory change ahead in Namibia

Treating customers fairly and adapting to a changing environment is driving regulatory change across Naimbia, particularly for the insurance sector. Kenneth Matomola, chief executive of the Namibian Financial Institutions Supervisory Authority (Namfisa), has outlined a series of regulatory reforms soon to be addressed by parliament, with plans to see the changes endorsed within the current parliamentary terms. The changes include…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

Scaling the insurance prudential peak of ‘Twin Peaks’

Scaling the insurance prudential peak of ‘Twin Peaks’

Scaling the insurance prudential peak of ‘Twin Peaks’

On 17 January 2018, the President of South Africa signed the Insurance Act (the Act) into law. Risk managers and their insurers will need to understand the implications of the Act, which along with other key regulatory measures, provides a consolidated legal framework for the prudential supervision of the insurance sector, consistent with international standards for insurance regulation and supervision.…

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

The General Data Protection Regulation (GDPR) may well bring higher extortion for compromised data because its potential for huge fines could give criminals more bargaining power, warned an expert at CRE’s supply chain conference this week. Others at the event suggested that blockchain technology will not be the panacea some expect, as its scalability problem potentially limits its uses. Speaking…

Incident response plans: Dealing with data breaches and cyberattacks in South Africa

Incident response plans: Dealing with data breaches and cyberattacks in South Africa

Incident response plans: Dealing with data breaches and cyberattacks in South Africa

Organisations of all sizes and across all industry sectors are becoming targets of cyber criminals. Attacks are becoming more frequent, more sophisticated and with dire consequences. A focus on mitigation is vital and requires an incident response plan. In South Africa, the Cybercrimes and Cybersecurity Bill, introduced to parliament in February 2017, aims to consolidate offences relating to cybercrimes, as…

South African M&A conditions set to improve

South African M&A conditions set to improve

South African M&A conditions set to improve

Conditions for deal activity in South Africa are predicted to improve in 2018, but this will depend on political and economic conditions in the country in the next two years, according to the latest report from Baker McKenzie. In its third edition of the Global Transactions Forecast, the law firm states that the easing of key economic and political risks…

Protectionism picks up across EMEA economies – report

Protectionism picks up across EMEA economies – report

Protectionism picks up across EMEA economies – report

Globalisation has come to a grinding halt in many EMEA insurance and reinsurance markets, with the rise of populist and nationalist sentiments ushering in protectionist measures designed to safeguard local insurers and keep premium income and capital in the country. To develop their local insurance markets, regulators have imposed compulsory cessions to state reinsurers, restrictions on foreign ownership, limits to…

Industry welcomes sanctions relief for Sudan

Industry welcomes sanctions relief for Sudan

Industry welcomes sanctions relief for Sudan

News that the US has lifted most of the economic and trade sanctions on Sudan has been met with relief and optimism by business in the region. Insurers told Commercial Risk Africa that it would be good news for the insurance sector as opportunities grow in the northeast Africa state. It is also expected to boost the aviation, agriculture, oil…

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