Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers continue fight to stop payment changes

Kenyan brokers are due back in court on 26 September to continue their fight against changing regulations, which they claim will seriously impact their survival. Nelson Omolo, chair of the Association of Kenyan Brokers, explained that legal changes would ensure premiums are paid directly to insurers without passing through intermediaries. However, he said the change in the law would seriously…

Kenya insurance market slows down

Kenya insurance market slows down

Kenya insurance market slows down

The Kenyan insurance industry’s performance slowed in 2018 but still recorded 3% growth, compared to 6.5% in 2017. The Association of Kenya Insurers’ (AKI) consolidated industry report for the year ending 31 December 2018 shows the industry’s gross written premium (GWP) grew to KSH216.11bn in 2018, from KSH209.70bn in 2017. Overall insurance penetration dropped to 2.43% in 2018, from 2.71…

New deal to help Africa manage pandemic risks

New deal to help Africa manage pandemic risks

New deal to help Africa manage pandemic risks

African Risk Capacity (ARC) and the Africa Centre for Disease Control (Africa CDC) have signed a partnership agreement to establish a collaborative framework to help African Union member states strengthen preparedness and emergency response against infectious diseases. ARC and Africa CDC have been working together, in collaboration with other stakeholders, on establishing the Africa Epidemic Preparedness Index, which is designed…

Coface South Africa scoops gender award

Coface South Africa scoops gender award

Coface South Africa scoops gender award

Credit insurer Coface South Africa has been named overall Gender Mainstreaming Champion at the 2019 Awards. In all, the insurer scooped four awards: The award for a non-Johannesburg Stock Exchange-listed company in the category Women Empowerment in the Workplace The Women on Boards Award and Women on Executive Committees in Multinationals award Third finalist award for Equal Representation and Participation.…

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

The insurance sector in Senegal grew by about 7% in 2018, according to preliminary financial figures. The 29 insurers in the country posted a premium income of CFA174.36bn ($296m), an increase of 7.3% on 2017, according to Reussir, which said this growth is attributable to both non-life and life business, which expanded by 8.6% and 4.96% respectively. At 31 December…

African journalism awards opened for 2020

African journalism awards opened for 2020

African journalism awards opened for 2020

Pan-African reinsurance firm Continental Reinsurance has announced the opening of submissions for its 2020 Pan-African Re/Insurance Journalism Awards. Now in their fifth year, the awards recognise business journalists from Anglophone and Francophone countries in Africa and aim to acknowledge the good work of media on the continent. Interested candidates are invited to submit entries online until 30 November  2019 via:…

Could the US opioid epidemic be contagious?

Could the US opioid epidemic be contagious?

Could the US opioid epidemic be contagious?

The US is in the middle of an opioid epidemic, causing an estimated $504bn of economic damage and resulting in countless deaths. Risk managers in the pharma sector should be watching carefully as remedial action is being taken to address the health effects of this national crisis, and as enforcement and litigation is also beginning to ramp up. While the…

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam General Insurance has launched cyber insurance cover for Kenya, to allow businesses to protect themselves against the increasing trend of cybercrime. The Kenyan insurer said it is responding to the needs of corporates, which are facing increasingly sophisticated and aggressive cyberattacks. The product, which is among the first in the Kenyan insurance market, comes hot on the heels of…

Economic, social and political risks worry African CEOs

Economic, social and political risks worry African CEOs

Economic, social and political risks worry African CEOs

Concerns over policy uncertainty, skills shortage, overregulation and exchange rate volatility lead the long list of risks causing anxiety for CEOs across Africa, according to a new report. However, fewer of the CEOs surveyed cited these risks than in previous years, according to the seventh edition of PwC’s Africa Business Agenda, launched at the World Economic Forum’s Africa conference in…

East Africa leading growth across the continent

East Africa leading growth across the continent

East Africa leading growth across the continent

Africa’s growth remains uneven, with east Africa outpacing the rest of the continent, according to EY. The EY Africa Attractiveness Report 2019 shows that the continent grew 3.8% in 2018, with Sub Saharan Africa rising somewhat slower, at 2.6%; FDI into Africa remains small by global standards, but prominent in relation to GDP; the US and western Europe remain Africa’s…

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