Managing tourism risk key to South Africa’s economic success

Managing tourism risk key to South Africa’s economic success

Managing tourism risk key to South Africa’s economic success

The urgent amendment of South Africa’s stifling visa regime could be the quick fix needed to drag the country out of the economic doldrums, especially now that so-called ‘tourism terminator’ Malusi Gigaba has resigned as the minister of home affairs and a member of parliament. Cannon Asset Managers Investment analyst Tlotliso Phakisi suggested: “Introduced under Mr Gigaba’s leadership, the tourism…

Pensions regulation: a tougher approach

Pensions regulation: a tougher approach

Pensions regulation: a tougher approach

Globally, the regulatory burden on corporates is on the increase. This is particularly true in relation to workplace pensions, and anyone who is involved in managing corporate risk will need to understand how this shifting regulatory landscape might impact on their business. In the UK, The Pensions Regulator (TPR) has set out its new approach to pension scheme regulation in…

Insurer launches new-style bank

Insurer launches new-style bank

Insurer launches new-style bank

Financial services company Discovery is to launch what it calls the world’s first “behavioural bank”. The fully digital bank leverages Discovery’s shared-value model and can be joined from March 2019 by anyone with a smartphone. Discovery group chief executive, Adrian Gore, explained: “Discovery Bank presents the latest manifestation of our core purpose of making people healthier and enhancing and protecting…

Political risk continues to impact Cameroon ratings

Political risk continues to impact Cameroon ratings

Political risk continues to impact Cameroon ratings

Fitch Ratings has affirmed Cameroon’s long-term foreign-currency Issuer Default Rating (IDR) at B with a stable outlook, saying political instability remains a weakness. “Political instability is a weakness versus peers and succession to the recently re-elected 85-year-old president, Paul Biya, is a risk,” it warned, adding: “Tensions could rise given the worsening of political instability and violence in the two…

Strong growth at Africa Re hampered by catastrophe and large losses

Strong growth at Africa Re hampered by catastrophe and large losses

Strong growth at Africa Re hampered by catastrophe and large losses

The African Reinsurance Corporation (Africa Re) posted premium income of $577.41m at the end of the third quarter of 2018, representing 11.65% growth compared to $517.15m at the same period of last year. The group said the strong performance was driven by new businesses in west and southern Africa, as well as African currencies that were relatively stable against the…

Rwanda set fair for business growth

Rwanda set fair for business growth

Rwanda set fair for business growth

Strong governance, a conducive business environment and a stable macroeconomic performance have resulted in Fitch Ratings affirming Rwanda’s long-term foreign-currency Issuer Default Rating (IDR) at B+ with a stable outlook. Fitch added that the country is marked by high potential growth and relatively low inflation, against weak income and development indicators, twin deficits and high public external indebtedness. Fitch forecasts…

AfDB acts to manage climate change risk

AfDB acts to manage climate change risk

AfDB acts to manage climate change risk

The African Development Bank has launched a climate risk management programme to boost resilience and response to climate shocks in regional member countries. The Africa Disaster Risks Financing Programme (ADRiFi) is open to regional member countries and will enhance their ability to evaluate climate-related risks and costs, respond to disasters and review adaptation measures at both national and sub-national levels.…

ATI and African Development Bank complete $500m deal to open up African opportunities

ATI and African Development Bank complete $500m deal to open up African opportunities

ATI and African Development Bank complete $500m deal to open up African opportunities

The African Trade Insurance Agency (ATI) and the African Development Bank (AfDB) have completed a $500m credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations in Africa. The transaction is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future, they said. The deal…

Lack of insurance threatens emerging economies

Lack of insurance threatens emerging economies

Lack of insurance threatens emerging economies

Under-insurance of an estimated $163bn of assets worldwide is leaving a gap that poses a significant threat to livelihoods and global prosperity. New research from Lloyd’s and the Centre for Economics and Business Research (CEBR) has found the average insurance penetration rate (total insurance premiums as a percentage of GDP) in developed nations is twice as high as the average…

Corporates face wider risks as court rules on Christmas party assault

Corporates face wider risks as court rules on Christmas party assault

Corporates face wider risks as court rules on Christmas party assault

The concept of vicarious liability continues to expand, with implications for corporates and risk managers. A recent UK Court of Appeal decision (Clive Bellman v Northampton Recruitment Limited) in which a company was found vicariously liable for an assault committed by its managing director on an employee at its Christmas party, provides further guidance on the application of the two-stage…

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