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).