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Africa
Not the new kid on the block
GIC Re is one of the world’s largest reinsurers and has had a presence in Africa for decades. However, a restructure and the establishment of a Joannesburg-based subsidiary has led…
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Africa
The time is right for risk management to flourish in Nigeria
The Risk Managers Society of Nigeria may be the oldest risk management association in the country but, by its own admission, it has been a little quiet of late. However,…
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Africa
Ghana–country focus
Ghana has had a tough few years and now an election looms—an event that often heralds a wave of spending by the incumbent government. Billie McTernan reports on a challenging…
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Africa
The ups & downs of political in/stability across Africa
Each month, Commercial Risk Africa receives updates on the political situation in numerous African countries. Here we reproduce recent comments from brokers JLT and analysts Verisk Maplecroft.
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Africa
Kenya insurers find value in corporate social responsibility
The social responsibility role of Kenya’s insurance industry is among the most visible in the corporate sector, deepening the social soft spot perception of the industry, whose image had earlier…
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Africa
Retail–sector focus
The South African retail sector has grown strongly in recent years, with many of the country’s major retailers expanding branches locally and into Africa. Gareth Stokes highlights some of the…
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Africa
South African risk management profession coming of age
The Institute of Risk Management South Africa hosted its 2015 annual conference at Gallagher Estate, Johannesburg in September. Chris Brits, Divisional Executive at Marsh Risk Consulting, said the attendance at…
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Africa
IRMSA conference testament to increasing interest
A record number of delegates attended the Institute of Risk Management South Africa’s (IRMSA) annual conference, according to its CEO Gillian le Cordeur.
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Africa
Growing risk of organised crime and terror groups working together poses new threat to business
Risk managers need to be alive to the risks of becoming victims of organised crime and, particularly, crime linked to terrorism, risk managers have been warned.
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Captives
Eciroa to deliver global programmes papers to IAIS this month
Commercial Risk Europe has been told that the European Captive Insurance and Reinsurance Owners' Association (Eciroa) will deliver two papers to the International Association of Insurance Supervisors (IAIS) by the…
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CRE Insurance
Proposed damages for late claims payment in UK set to transform landscape says leading lawyer
The UK government's proposals to penalise insurers for late claims payment could transform the country's claims landscape, according to law firm Rosling King.
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CRE Insurance
Limited impact on insurance market from €650m French floods say brokers
Floods that hit the southeast of France in early October are estimated to have caused insurance losses of up to €650m, but brokers believe they are unlikely to have much…
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Association News
New Ferma president convinced certification key to unlocking risk management potential
Jo Willaert took over as president of Ferma at the close the federation's Risk Forum 2015 in Venice last week and told delegates that Ferma's professional certification programme will be…
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CRE Insurance
Amtrak completes first multi-peril corporate cat bond
Amtrak, the US transport firm, has completed its $275m cat bond making it the first corporate to secure multi-peril coverage directly from the capital markets. The move demonstrates the increasing…
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CRE Insurance
Insurers need to get bigger and more daring
Market conditions and the changing face of risk are forcing insurers and reinsurers to rethink their current business models and re-evaluate how they can meet the future demands of corporate…
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Asia
California wildfire claims over $1bn with much of peak season still to run
Wildfires in California last month caused insured losses of over $1.1bn, making this year already the most costly from the peril in the US since 2007, according to figures from…
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CRE Insurance
Lloyd’s needs to stand firm in face of tightening margins
Insurers at Lloyd's need to increase efforts to stand firm on price, terms and conditions and accelerate the pace of business process reform if they are to maintain profitability in…
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CRE Insurance
Corporate round-up
Nicolas Aubert named CEO of UK-focused Willis Ltd and MGA European Property Ltd secures capacity agreement with HDI and Swiss Re.
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Asia
Parima secures Olympus whistleblower as keynote speaker
Michael Woodford, former CEO of Olympus, the Japanese manufacturer of precision machineries and instruments, who was dismissed after he blew the whistle on financial irregularities at the group in October…
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Association News
Ferma to push for global programme rule changes
Ferma is formulating a strategy to tackle the issue of global programme compliance in the hope of delivering regulatory rule changes to simplify insurance placement for members.