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…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

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…

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

Kenya’s banking industry is still paying the price resulting from the receivership of three banks in late 2015 and early 2016, as panic withdrawals and negative reputation resulted in lower liquidity in the industry, the chief executive of Kenya’s largest bank by customer base, Equity Bank’s James Mwangi, has said. Chase Bank, Dubai Bank and Imperial Bank were placed under…

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Angola gets negative outlook thanks to poor economic picture

Blaming a fast deteriorating economic picture, Fitch Ratings has affirmed Angola’s long-term foreign and local currency issuer default ratings (IDR) at B with a negative outlook. The issue ratings on Angola’s senior unsecured foreign currency bonds have also been affirmed at B. The country ceiling and the short-term foreign and local currency IDRs have also been affirmed at B. The…

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s motor insurance faces uncertain future

Kenya’s insurance companies that rely on motor insurance for the bulk of their revenue face an uncertain future, following a court action by a state agency to have the minimum capping of the price of the covers removed, claiming that it disadvantages consumers. But the Insurance Regulatory Authority (IRA) has warned that if the minimum price cap is removed, several…

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

  Insurers across Africa need to be preparing now for massive changes ahead, warns one South African insurance boss. Stuart Wenman, managing director insurance [Africa] at Liberty Holdings, told Commercial Risk Africa: “The risks on the general insurance side of the business are changing. “Motor insurance could be wiped out in the next ten years because the case for owning…

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Nikolay Dmitriev, Chubb’s regional managing director for Russia, CIS and Turkey, is to take on the additional role of regional director of property and casualty for Eurasia and Africa. Chubb said the appointment is in line with its strategy “to position itself for targeted growth in this important emerging region”. “Property and casualty risk is the bedrock of our business…

Executives at risk from new liability scenarios and anti-corporate litigation culture

Executives at risk from new liability scenarios and anti-corporate litigation culture

Executives at risk from new liability scenarios and anti-corporate litigation culture

New risks such as cyber incidents or data privacy, rising regulatory and shareholder activism, and the influence of third-party litigation funders are putting corporate leaders under more pressure than ever of falling foul of investigations, fines or prosecution over alleged wrongdoing, warns Allianz Global Corporate & Specialty (AGCS).