Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

Risk management to the fore at Senegalese banks

Risk management to the fore at Senegalese banks

Risk management to the fore at Senegalese banks

Senegalese banks are stepping up the the challenges of complying with Basel 2 and 3, and improving their risk management processes. Basel 2 and Basel 3 banking reforms became effective on 1 January 2018 and are aimed at better regulating banks and managing risks. During a discussion meeting with the former Senegalese Minister of Economy, Finance and Planning, Bocar SY,…

New head for PwC francophone Africa

New head for PwC francophone Africa

New head for PwC francophone Africa

Nadine Tinen has been named regional senior partner of PwC Sub Saharan Francophone Africa, taking over from Edouard Messou. Ms Tinen began her career in 1996 at PwC Cameroon and was admitted as a partner ten years later. In 2010, she took over the firm’s Cameroon practice and, in 2014, joined the leadership team for PwC Sub Saharan Francophone Africa…

Political risk impacts Wapic Insurance rating

Political risk impacts Wapic Insurance rating

Political risk impacts Wapic Insurance rating

Wapic Insurance’s exposure to the high levels of economic risk and very high levels of political and financial system risk associated with operating exclusively within Nigeria and Ghana, is a factor in AM Best’s decision to affirm its rating. AM Best has affirmed the financial strength rating of C++ (marginal) and the long-term issuer credit rating of b+ of Wapic…

West Africa looks buoyant for 2018

West Africa looks buoyant for 2018

West Africa looks buoyant for 2018

Political uncertainty ahead of Nigeria’s 2019 presidential elections and ongoing security concerns are among the key risks for businesses operating in the region, according to Control Risks. However, in its annual political and security risk forecast RiskMap, the report authors found that as Nigeria exits the recession of 2017, investor sentiment across west Africa is likely to experience uplift in…

Ghana’s largest local reinsurer has ratings affirmed

Ghana’s largest local reinsurer has ratings affirmed

Ghana’s largest local reinsurer has ratings affirmed

Although its business growth is largely dependent on local regulators’ initiatives to promote insurance penetration and the use of local reinsurance capacity, AM Best has affirmed the financial strength rating of B (fair) and the long-term issuer credit rating of bb of Ghana Reinsurance Company Limited (Ghana Re) (Ghana). The outlook is stable. Ghana Re has a good competitive position in Ghana…

New claims manager for AGCS Africa

New claims manager for AGCS Africa

New claims manager for AGCS Africa

AGCS Africa has appointed Heleen Ferguson as claims manager. Previously with AIG as a commercial claims manager, she started her insurance career at Mutual & Federal (now Old Mutual Insure) in 1998. Ms Ferguson is an expert in financial lines and casualty

Cotton insurance success for Senegal

Cotton insurance success for Senegal

Cotton insurance success for Senegal

Insurers are claiming success in Senegal after all cotton producers in Senegal subscribed to the first national index-based insurance policy. Distribution of the insurance was integrated into the agricultural input financing circuit, in the same way as fertilizers, with the assistance of the National Federation of Cotton Producers, the Textile Fiber Development Company and financial support from the Caisse Nationale…

Maritime security improving across Africa

Maritime security improving across Africa

Maritime security improving across Africa

Somalia has become the 14th signatory to the Jeddah Amendment to the Djibouti Code of Conduct, according to the International Maritime Organisation (IMO). The Djibouti Code of Conduct is the instrument developed and adopted by countries in the Western Indian Ocean and Gulf of Aden that the IMO believes has been a key factor in repressing piracy and armed robbery…

Maritime safety gets boost in Morocco

Maritime safety gets boost in Morocco

Maritime safety gets boost in Morocco

Seven African maritime search and rescue (SAR) trainers have taken part in a first course held in Morocco by the International Maritime Rescue Federation (IMRF) and Inmarsat. The Global Maritime Distress Safety System (GMDSS) course included five participants from Morocco, one from Senegal and one from Nigeria. They are all GMDSS trainers in Africa and will return to their respective…

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