Charles Asirvatham takes over helm at GIC Re South Africa

Charles Asirvatham takes over helm at GIC Re South Africa

Charles Asirvatham takes over helm at GIC Re South Africa

Charles Asirvatham has been named as the new managing director and CEO of GIC Re South Africa, where he took charge of operations earlier this month. Mr Asirvatham joined GIC Re as direct recruit officer in 1986 and in the last 29 years has acquired extensive experience in the insurance and reinsurance fields. Prior to joining GIC Re, Mr Asirvatham…

Untapped tourism potential

Untapped tourism potential

Untapped tourism potential

Political risks dominate the Sub Saharan Africa tourism industry, as Gareth Stokes reports The tourism industry is a major contributor to gross domestic product (GDP) in country markets across Sub Saharan Africa (SSA). Hotels, transport companies and tourist attractions create employment for thousands of people and bring in millions of dollars in foreign currency each year. Stakeholders in the SSA…

High expectations

High expectations

High expectations

The skills gap haunts the risk management and insurance industries across Africa at the moment. However, there are professional bodies trying their best to boost awareness of the profession and the opportunities available. Liz Booth met with Thokozile Mahlangu, chief executive of the Insurance Institute of South Africa, to hear what they are doing to help improve the situation As…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

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…

Risks and opportunities in South Africa and Chile

Risks and opportunities in South Africa and Chile

Risks and opportunities in South Africa and Chile

Emerging markets are key areas for growth for multinational companies across all industries. Economic growth means a growing need for insurance and reinsurance. Not only can they help protect against natural disasters – which many emerging economies are more susceptible to than other, more developed, economies – they can play a vital role in protecting and therefore attracting foreign investment…

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Merger and acquisition (M&A) activity in the global insurance sector fell in 2017, according to Clyde & Co’s latest annual Insurance Growth Report, but the second half of the year showed an increase in deals for the first time since 2015. There were 350 completed M&As in the global insurance sector in 2017, down from 387 in the previous year.…

Anti-money laundering compliance costs on the rise in SA

Anti-money laundering compliance costs on the rise in SA

Anti-money laundering compliance costs on the rise in SA

Anti-money laundering (AML) compliance costs in South Africa have risen 14% to $2.05 billion in the past two years, according to a new survey. The LexisNexis Risk Solutions 2017 True Cost of AML Compliance European Study revealed that South African financial services firms anticipate the true cost of AML to spiral higher in 2018, by an additional 12%. Seyfi Gunay,…

Challenges ahead for SA insurance industry

Challenges ahead for SA insurance industry

Challenges ahead for SA insurance industry

South African insurers are facing a challenging year, after a series of expensive losses in 2017 affected their results. The impact is being felt further north too, with Kenyan insurers in particular reporting a tough year in 2017. Stuart Wenman, CE for Liberty Africa Insurance, pointed to uncertainty hanging over the Kenyan market after a poor year, as well as…

Cape Town water crisis places risk management under the microscope

Cape Town water crisis places risk management under the microscope

Cape Town water crisis places risk management under the microscope

While many of the risk reports launched in the past couple of months are global, the Institute of Risk Management South Africa delves deep into the risk management issues facing South Africa’s risk manager community, as Gareth Stokes reports Two near-catastrophic scenarios, one in the private sector and one in government, have placed South Africa’s governance and risk management practices…

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