Munich Re extends partnership to stop fraud

Munich Re extends partnership to stop fraud

Munich Re extends partnership to stop fraud

Munich Re has extended its partnership with FRISS, which offers artificial intelligence-powered (AI) fraud and risk solutions, to provide advanced fraud detection solutions to insurance clients throughout Africa. Fraud is a constant problem in global property and casualty insurance markets, with estimates that one in ten claims contains some element of dishonesty. The South African Insurance Crime Bureau (SAICB) estimates…

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…

Integrity key to building a resilient workforce

Integrity key to building a resilient workforce

Integrity key to building a resilient workforce

Employing people with integrity and enthusiasm is key to building a sustainable workforce, agreed risk managers and insurers. Speaking at the Risk Frontiers East Africa conference, held by Commercial Risk Africa in Nairobi recently, risk managers and HR professionals agreed that, if humans are not to be replaced by machines, they ned to display the very human characteristics of enthusiasm…

European Investment Bank to support ATI growth

European Investment Bank to support ATI growth

European Investment Bank to support ATI growth

The European Investment Bank (EIB) has agreed to support membership expansion of the African Trade Insurance Agency (ATI). It is set to provide a concessional financing facility to cover the shareholding of three prospective members – Cameroon, Niger and Togo. It is the first time the EIB has backed ATI’s membership expansion. ATI said unlocking additional investment insurance is expected…

Cross-border business one step easier in Africa as visa restrictions reduce

Cross-border business one step easier in Africa as visa restrictions reduce

Cross-border business one step easier in Africa as visa restrictions reduce

African travellers have access to more than half the continent for the first time, as the move to reduce visa restrictions picks up pace. Open borders are one of the hallmarks of the forthcoming African Continental Free Trade Agreement, which comes into force next year. However, the 2019 Africa Visa Openness Index published by the African Union Commission and African Development Bank…

The changing shape of environmental regulation – a challenge for multinational businesses

The changing shape of environmental regulation – a challenge for multinational businesses

The changing shape of environmental regulation – a challenge for multinational businesses

Environmental regulation is changing at an exponential rate. Around the world there has been a significant strengthening of regulation, consisting not only of tighter new rules but also more rigorous, consistent enforcement. For multinational organisations, the consequences of not being prepared locally and the impact of an environmental incidents can be severe. Traditional risk management techniques may leave companies exposed…

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigeria’s National Insurance Commission (Naicom) has said that policyholders remain a key component of the insurance industry in Nigeria and must be treated fairly and protected. This has to be maintained while the regulator also balances the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country. O.S. Thomas, the acting commissioner for insurance, said: “We…

Smart motorways: in need of improvement?

Smart motorways: in need of improvement?

Smart motorways: in need of improvement?

As the UK government confirms that it will undertake an urgent review of smart motorways following several tragic deaths, what is the future viability of such roads? First of all, what is a smart motorway? Smart motorways, or managed motorways as they were previously called, were first introduced in the UK in 2006. Across Europe, elements of smart motorways have…

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