Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty, the fast-growing Paris-based specialty managing general agency backed by a number of leading Lloyd’s insurers offering capacity to French and global corporate insurance buyers, has launched an innovative solution to cover political violence, terrorism and political risks. Patrick de la Morinerie – founder and chairman of WeSpecialty, former deputy CEO of AXA Corporate Solutions and chairman of the International…

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

On 16 March 2017, the crew of the MT ARIS 13, a tanker vessel, was released from Somali pirates after a firefight with the Puntland Maritime Police Force (PMPF). Oceans Beyond Piracy reported the entire crew is unharmed. The MT ARIS 13 is now proceeding to the Somali port city of Bosasso. On 13 March, pirates hijacked the vessel en route to…

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters adds GFR risk products in the US

Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has added global financial risk (GFR) coverage to its US product offering. Alexandre Egnell has been appointed as senior vice-president, with responsibility for the development and strategy of a GFR product line. He will be based in New York and report to Michael Finnegan, chief underwriting officer for LIU US. GFR…

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

A planned attack against Ethiopia’s Grand Renaissance Dam (GRD) hydroelectric project was thwarted by security forces on 1 March, according to an Ethiopia government spokesperson. Jordan Anderson, country risk analyst, IHS Markit, said: “The militants allegedly belonged to the Benishangul People’s Liberation Movement (BPLM) and were intercepted by security forces near the town of Asosa, the capital of Ethiopia’s Benishangul-Gumuz…

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Digital risks rank as the top three interruption threats in a recent survey of global businesses, undertaken by the Business Continuity Institute (BCI). Cyber attacks emerged as the greatest perceived threat, with 88% of businesses concerned. This was followed by data breach in second place and IT/telecom outages in third. The results are from the BCI’s Horizon Scan Report, published…

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

The Nigerian banking sector faces another difficult year in 2017, according to an S&P Global Ratings report, with 10 banks in focus. Nigeria Bank Outlook 2017: Economic And Currency Concerns Will Fuel Weaker Capital And Higher Credit Losses forecasts that the 10 banks it rates in Nigeria will suffer increased credit losses of 3.5%-4.0% in 2017 in aggregate, after an…

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Following the trend of recent rating activity across Africa, S&P Global Ratings has affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Zambia. The outlook remains negative, however it is not all bad news for investors as signs of improvement do exist, it said.This follows a similar decision by Fitch on Zambia. S&P said: “In…

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Measures by the Central Bank of Nigeria (CBN) may ease some of the severe foreign currency liquidity pressure faced by the country’s banks, according to Fitch Ratings. It said: “The most important aspect of the CBN’s announcement is a plan to normalise the FX interbank market, in our view. The intention is to clear the backlog of overdue foreign currency…

Agriculture insurance finds more backers in east Africa

Agriculture insurance finds more backers in east Africa

Agriculture insurance finds more backers in east Africa

  Use of agriculture insurance in Africa is expected to peak in the medium term, as governments and development partners come up with new initiatives aimed at enabling small-scale farmers to access not only insurance but farming loans. The governments of Kenya and Ethiopia have already rolled out agriculture insurance schemes, as they seek to improve the food situation in…

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