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…

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

Blockchain technology creates first multinational insurance ‘smart contract’

The first so-called ‘smart contract’-based multinational insurance policy using blockchain technology has been successfully piloted by AIG, IBM and Standard Chartered Bank. The three companies specifically chose multinational insurance coverage, a particularly complex area of commercial insurance, to better understand blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain. AIG said the blockchain…

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,…

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…

Moody’s downgrades South African insurance groups

Moody’s downgrades South African insurance groups

Moody’s downgrades South African insurance groups

Moody’s Investors Service has downgraded the ratings on MMI Group, Guardrisk, Old Mutual Life Assurance and Standard Insurance. The ratings agency downgraded the global scale insurance financial strength (IFS) and related debt ratings of South African insurance groups and related entities and assigned a negative outlook, at the same time affirming the insurers’ national scale ratings. The ratings actions conclude…

Shock for South Africa as country heads into recession

Shock for South Africa as country heads into recession

Shock for South Africa as country heads into recession

Agriculture might help South Africa out of recession but retail and hospitality sectors are likely to feel the pinch as the South African economy contracted in Q1 2017 by 0.7%, following a 0.3% contraction in Q4 2016, moving the country into a technical recession, despite expectations of a 0.9% expansion. According to new analysis from credit insurer Coface, with unemployment…

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