A prudent time for a corporate political risk assessment

A prudent time for a corporate political risk assessment

A prudent time for a corporate political risk assessment

Increasing internal conflict within the ruling African National Congress in an important election year, as well as broader societal unease, have raised a vital debate within South Africa on how companies should identify and respond to political risk. The Institute of Risk Management South Africa (IRMSA) said that, while the issue has always been on the country’s strategic risk radar,…

Nairobi Declaration on Sustainable Insurance to be launched this week

Nairobi Declaration on Sustainable Insurance to be launched this week

Nairobi Declaration on Sustainable Insurance to be launched this week

African insurance industry leaders have been urged to support the achievement of the UN sustainable development goals (SDGs) by signing up to the Nairobi Declaration on Sustainable Insurance. The declaration will be launched by the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) during the fourth PSI Africa Market Event on 22 April 2021. The event, hosted by ICEA…

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa (Cricket SA) is reported to have lurched into yet another crisis, with the Members’ Council rejecting the interim board’s proposal that the new board be composed of a majority of independent directors, potentially flying in the face of good practice. The move by the Council goes against widely accepted international best practice, including the King IV Code…

South Africa tops global list for business process services

South Africa tops global list for business process services

South Africa tops global list for business process services

In a boost to business confidence, South Africa has won an award as the top global location for business process services. It was named ‘Most Favoured Offshore CX Delivery Location’ for 2021, in the Annual Front Office BPO Omnibus Survey. The South African Department of Trade Industry and Competition (DTIC) said: “This is a welcome achievement for the South African…

Mali improves fraud defences

Mali improves fraud defences

Mali improves fraud defences

Mali is improving its defences against banking fraud, making the west African country safer for businesses. Software security company BS/2, in cooperation with its partner Diebold Nixdorf, has begun installing its ATMeye.iQ solution in financial institutions in Mali. ATMeye.iQ is an all-in-one ATM security, anti-fraud and dispute handling solution that includes a video surveillance tool. It is the first integrated…

Treading carefully – cross-border litigation after Brexit

Treading carefully – cross-border litigation after Brexit

Treading carefully – cross-border litigation after Brexit

The transition period has ended and, in theory at least, Brexit is now complete. This should mean there is clarity where future UK-EU relations are concerned. Why, then, are litigators left scratching their heads? Here, we identify three areas of continuing uncertainty where parties should tread with care. When the Brexit trade deal was unveiled at the end of December,…

African reinsurer launches PVT book

African reinsurer launches PVT book

African reinsurer launches PVT book

Africa Specialty Risks (ASR) has added war, political violence and terrorism (PVT) capacity to its growing portfolio. ASR will provide its clients with a bespoke offering that caters to the specific requirements and challenges of PVT risks in Africa, covering a broad range of perils and extensions. The African reinsurer has also appointed Zouheb Azam as head of political violence…

Three new African country heads named by WTW

Three new African country heads named by WTW

Three new African country heads named by WTW

Willis Towers Watson (WTW) has appointed three new country managers to cover Cameroon, Congo and Ghana. Carole Epée has been named country manager for Cameroon, having joined WTW in 2016. In her new role, Ms Epée will wear a ‘dual hat’ as country head of health and benefits alongside her country management responsibilities. Ms Epée is also chair of the…

Double triggers and risk pools central to innovative pandemic covers

Double triggers and risk pools central to innovative pandemic covers

Double triggers and risk pools central to innovative pandemic covers

South Africa’s experience with non-physical damage business interruption (BI) claims following the 2020/2021 Covid-19 pandemic illustrates the devastating economic impact of this type of risk event and the need for a broader solution, according to Munich Re of Africa (MRoA). “The estimate for loss of profit claims due to non-physical damage BI comes in at ZAR20-30bn; claims from a single…

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The liberalisation of foreign investment in the Indian insurance sector has been a subject of debate for more than a decade. In her Budget speech of 1 February 2021, the minister of finance, Nirmala Sitharaman, announced that the foreign investment limit in the insurance sector is set to be increased from 49% to 74%, with some safeguards in relation to…

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