Five-year view sees risks materialise for South African companies

Five-year view sees risks materialise for South African companies

Five-year view sees risks materialise for South African companies

The Institute of Risk Management South Africa (IRMSA) has warned that looking back over the past five years, many risks have materialised. IRMSA is about to launch its South Africa Risk Report 2020 – the sixth edition – but said it was disappointing because first, South African and industry risk profiles have remained largely the same; and second, most of…

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigeria’s National Insurance Commission (NAICOM) has extended the insurance sector’s recapitalisation deadline by six months to 31 December 2020, from 30 June 2020. The news comes as the regulator also revealed that at least six insurance companies have notified NAICOM of their plans to merge as part of their efforts in meeting up with the regulator’s recapitalisation requirements. There are…

Nigerian risk manager gains digital risk qualification

Nigerian risk manager gains digital risk qualification

Nigerian risk manager gains digital risk qualification

Nigerian risk manager Edmund Otaigbe has been named among the first cohort to pass the Institute of Risk Management’s (IRM) Digital Risk Certificate. This specialist certificate, awarded by the IRM and developed with support from the WMG Cyber Security Centre at the University of Warwick and the University’s Department of Politics and International Studies, has been designed to equip individuals…

Series of pirate attacks worries African marine sector

Series of pirate attacks worries African marine sector

Series of pirate attacks worries African marine sector

Risk managers with marine interests and with supply chains involving transiting African waters should be monitoring a surge in pirate attacks on the west coast of the continent. There has been a spate of attacks in recent weeks, including several deaths in gunfights, along the west coast. There has also been the threat of attacks on the east coast off…

Africa mirrors global concern around cyber risks

Africa mirrors global concern around cyber risks

Africa mirrors global concern around cyber risks

Cyber incidents have risen to be the second-highest regional risk across Africa and the top risk in South Africa, mirroring growing concern globally around cyber threats. African companies are also more worried about changes in legislation and regulation, which remain in third place, according to the ninth edition of the Allianz Risk Barometer. However, risks from macroeconomic developments and climate…

Risk managers have nothing to fear from west African currency reforms

Risk managers have nothing to fear from west African currency reforms

Risk managers have nothing to fear from west African currency reforms

Risk managers and their businesses should not be overly concerned by currency reforms in the West African Economic and Monetary Union (WAEMU) announced by Ivory Coast’s President, Alassane Ouattara, on 21 December 2019. Ratings agency Fitch has concluded the reforms “are mainly symbolic, as the peg to the euro will be maintained and the currency will continue to benefit from…

African risk expert among first to gain IRM’s Digital Risk Certificate

African risk expert among first to gain IRM’s Digital Risk Certificate

African risk expert among first to gain IRM’s Digital Risk Certificate

The first cohort of students to pass the Institute of Risk Management’s (IRM) Digital Risk Certificate have just received their results, including the first African audit manager. This new specialist certificate, awarded by the IRM and developed with support from the WMG Cyber Security Centre at the University of Warwick and the university’s Department of Politics and International Studies, has…

Stokes joins New Dawn Risk

Stokes joins New Dawn Risk

Stokes joins New Dawn Risk

New Dawn Risk has strengthened its senior team with the appointment of Nicky Stokes as head of management liability and financial institutions. Max Carter, CEO of New Dawn Risk, said: “With rates increasing dramatically in all regions for D&O and financial institutions insurance, clients need experienced brokers to ensure that they are getting the best possible results in an extremely…

South African directors to face increased legal scrutiny in 2020

South African directors to face increased legal scrutiny in 2020

South African directors to face increased legal scrutiny in 2020

South African directors are set to face new pressures and legal challenges in 2020, according to legal experts. Lee Astfalck, of Clyde & Co in Johannesburg, warned: “Following months of parliamentary enquiries, investigations and commissions, 2020 will see a significant shift towards active steps being taken by companies, regulators and state authorities in bringing directors to task for alleged misconduct.”…

ATI on track for record results as membership grows

ATI on track for record results as membership grows

ATI on track for record results as membership grows

The African Trade Insurance Agency (ATI) has continued its record eight-year growth run, with projected 2019 results expected to significantly outperform previous records. ATI’s top-line results are projected to outpace previous records by a significant margin, with a projected $30m profit (approximately 150% increase over that of 2018); a projected $100m gross written premium (about a 65% increase); a projected…

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