New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

A new reinsurer is set to emerge in the Seychelles to cater for local business and support the islands’ growing insurance market. SEY Re has been incorporated and will apply for a licence from the Financial Services Authority once it has established its shareholders. A call for interest in the new company ends on 20 May. The new company has…

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Stakeholders need to go above and beyond if they are to learn vital lessons from the catastrophic cyclones that swept across southeastern Africa last year A new report shows southern Africa has made progress in resilience-building in recent years and, to further strengthen the region against natural hazard events, recommends more attention to pre-event planning. These efforts should be accompanied…

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajnikant (Rajni) Varia, former managing director of ZEP-RE, has been named as the inaugural winner of the Vanguard Market Development Award by the International Insurance Society (IIS). The award recognises those who have substantially advanced the development of insurance in an undeserved market or emerging economy, as selected by the IIS Honours Committee. The committee said it was inspired by the work Mr Varia has done…

Exchange rate risks could be thing of the past as east Africa moves to single currency

Exchange rate risks could be thing of the past as east Africa moves to single currency

Exchange rate risks could be thing of the past as east Africa moves to single currency

Risk managers operating in east Africa may be able to take exchange rate risks off their radar, if plans to harmonise east African currencies into a single unit work out. The change could come about by 2024 after the region’s governments moved ahead with the proposal, as outlined in the EAC Monetary Union Protocol. EAC secretary general Ambassador Liberat Mfumukeko…

African risk expert among first to gain IRM’s Digital Risk Certificate

African risk expert among first to gain IRM’s Digital Risk Certificate

African risk expert among first to gain IRM’s Digital Risk Certificate

The first cohort of students to pass the Institute of Risk Management’s (IRM) Digital Risk Certificate have just received their results, including the first African audit manager. This new specialist certificate, awarded by the IRM and developed with support from the WMG Cyber Security Centre at the University of Warwick and the university’s Department of Politics and International Studies, has…

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

The Common Market for Eastern and Southern Africa (COMESA), which includes financial services, is celebrating 25 years. ZEP-RE has been one company celebrating the 25-year milestone, saying: “The common market has had tremendous impact on the lives and people of the region and this milestone is celebrated in recognition of the transformation that the economies across eastern and southern Africa…

GA moves into Ugandan market

GA moves into Ugandan market

GA moves into Ugandan market

Kenyan insurer GA Insurance has completed the purchase of Nova Insurance Company in Uganda, after entering an agreement in March 2019 to acquire 100% of the issued share capital of Nova Insurance. The acquisition was completed on receipt of necessary regulatory approvals from the Insurance Regulatory Authority in Kenya and in Uganda. The company said the deal underpins GA Insurance’s…

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Creating innovation spaces and taking a new approach to how companies are regulated is all part of the agenda for Kenya’s Insurance Regulatory Authority (IRA). Speaking at the Risk Frontiers East Africa seminar hosted by the College of Insurance in Nairobi, Elias Omondi, an actuary at IRA, said the regulator is determined to drive change through the insurance industry, which…

Kenyan risk managers set to help insurers collect cyber loss data

Kenyan risk managers set to help insurers collect cyber loss data

Kenyan risk managers set to help insurers collect cyber loss data

Risk managers in Kenya are set to launch a cyber risk loss data bank to help insurers understand the local risks. Dorothy Maseke, chair of the Institute of Risk Management (IRM) in east Africa, said the local IRM members have been working on a project to develop a cyber risk management tool. But they are going one step further by…

Businesses must innovate to be sustainable in changing world

Businesses must innovate to be sustainable in changing world

Businesses must innovate to be sustainable in changing world

Businesses need to do more to build resilience for the future and to adapt to a fast-changing world if they are to remain sustainable. That was the verdict of a panel of speakers at the recent Risk Frontiers East Africa seminar, organised by Commercial Risk Africa. Looking at sustainability and resilience in the light of climate change, Joyce Ngare, head…

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