Africa battling economic fallout from Covid-19

Africa battling economic fallout from Covid-19

Africa battling economic fallout from Covid-19

African countries are battling the economic fallout of Covid-19 as much as the disease itself, according to a new report from Control Risks on the political and security risks across the continent. As part of a global sweep of the challenges facing countries post-Covid-19, the report shows that, for example, pockets of the Democratic Republic of Congo have risen to…

Risk managers should show their value as lockdowns ease

Risk managers should show their value as lockdowns ease

Risk managers should show their value as lockdowns ease

Risk managers have been struggling to find their rightful place in many organisations but Covid-19 could prove a game-changer, according to South African risk manager Lindiwe Magobholi. “For many years enterprise risk management has struggled within some organisations, still battling to keep its seat at the roundtable, because although it is not a profit centre function it sometimes behaves as…

Waica Re profits up for 2019

Waica Re profits up for 2019

Waica Re profits up for 2019

West Africa-headquartered Waica Re has reported a 42% rise in pre-tax profit, including an increase in underwriting profit of 64%, with the company hopeful it can weather the economic storm created by Covid-19. Company chairman Kofi Duffuor said: “Waica Re has seen another year of improved financial performance, indicating that we are a much stronger reinsurer today than we were…

Claims process made easier for fruit traders

Claims process made easier for fruit traders

Claims process made easier for fruit traders

Fruit traders will be the first to benefit from a new claims platform, which promises to link traders, their insurers and shippers to make the claims process quicker and smoother. “Cargo claims is an opportunity to demonstrate a promise kept,” said Kingsly Kwalar, founder and CEO of OPTIMIZ. “Nothing says ‘I messed up and I am sorry’ as sincerely as…

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

The die is cast. Consumers are set for greater rights to redress across Europe as the new legal action for the joint enforcement of consumer claims, as announced in the European Union’s New Deal for Consumers, is becoming a reality. The legislative procedure at European level, which started with the presentation of the draft directive on representative actions for the…

Emerging markets set to benefit from new deal between insurers and the World Bank

Emerging markets set to benefit from new deal between insurers and the World Bank

Emerging markets set to benefit from new deal between insurers and the World Bank

The International Finance Corporation (IFC), a sister organisation of the World Bank and member of the World Bank Group, has partnered with six global insurance companies to mobilise $2bn in credit capacity under the Managed Co-lending Portfolio Program (MCPP), which will allow the IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging…

Risk management key to tackling water scarcity

Risk management key to tackling water scarcity

Risk management key to tackling water scarcity

Risk management has a key role to play as the world grapples with water scarcity, according to Dr Caesar Mwangi, chief executive officer at ICEA LION Insurance Holdings. He said the unfortunate reality is that, at a time when Covid-19 demands more hand washing, water has become scarce. He pointed to the Horizon East Africa (2019) research report authored by…

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink has expanded its footprint in Africa, with Tunisian brokerage Karé Kamoun becoming the latest affiliate to join the global broking business. The Tunis-based insurance and reinsurance broker specialises in the core lines of business found in Tunisia, including industrial and commercial cargo, construction, as well as health and life insurance. The firm’s reinsurance expertise in areas including the placing…

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

A company that owns hotels and guesthouses in Cape Town and Stellenbosch, and another that owns several restaurants, are set to file a claim in the Western Cape High Court against Santam, after the insurer refused to pay out on business interruption (BI) claims. Loss adjuster Insurance Claims Africa (ICA) said it was disappointed by Santam’s decision to reject a…

Risk managers have opportunity during Covid-19 crisis

Risk managers have opportunity during Covid-19 crisis

Risk managers have opportunity during Covid-19 crisis

Risk-adjusted strategy, business continuity, crisis management, disaster management and resilience – these have all been buzzwords in today’s media, business and, surprisingly, people’s day-to-day conversations. While this first global pandemic in more than 100 years presents mega challenges for businesses and society at large, it also presents opportunities for a risk manager, according to Mighty Mhlanga. A member of the…

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