Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner named as new IUMI president

Richard Turner has been formally appointed as the first British president of the International Union of Marine Insurance (IUMI). Mr Turner was on the executive committee of IUMI from 2011 to 2015 but, in a rare move, is now coming to the presidency from outside the executive group. He replaces Dieter Berg, of Munich Re, who was president for the…

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

Push to insure SMEs launches in Botswana

SMEs across Botswana are seeing rising theft, as well as damage to property and claims from staff. A spokesman for Botswana Insurance Company (BIC) said the top three claims from SMEs are headed by theft, and then followed by loss or damage of items and workers’ compensation. But he warned that many SMEs see insurance as an added expense that…

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Nigeria’s commissioner for insurance, Mohammed Kari, has denied rumours that insurance companies are taking the National Insurance Commission (NAICOM) to court over its plans for a three-tiered capital system. Instead, NAICOM said that investors and consumers of insurance products and services in the country are applauding the tier-based minimum solvency capital (TBMSC) policy introduced recently. Mr Kari stressed that the…

Africa infrastructure deficit costing billions

Africa infrastructure deficit costing billions

Africa infrastructure deficit costing billions

Poor infrastructure across Africa is costing millions of dollars for businesses and their insurers, while governments are being too slow to take action. That was the message from speakers at the International Union of Marine Insurance annual conference in Cape Town. As much as 5.6% of Kenya’s GDP is lost as a result of road accidents, warned Kingsly Kongnyuh Kwalar,…

Insurers will cover autonomous vessel risks but want safety guaranteed

Insurers will cover autonomous vessel risks but want safety guaranteed

Insurers will cover autonomous vessel risks but want safety guaranteed

In a straw-poll of marine insurers, some 54% said they would provide cyber cover for autonomous vessels, but only in the case that safety could be guaranteed. In the same poll, conducted among delegates at the recent International Union of Marine Insurance annual conference in Cape Town, 10% of underwriters said they would provide cover, regardless of concerns about safety.…

Marine insurers urged to manage sanctions risk

Marine insurers urged to manage sanctions risk

Marine insurers urged to manage sanctions risk

Marine insurers have been urged to manage their sanctions exposure as the US reimposes its sanctions against Iran. Speaking at the International Union of Marine Insurance’s annual conference in Cape Town, Nooshin Namazi, partner at Nicoletti Hornig & Sweeney, said insurers must take proactive steps to manage their sanctions risks. “With almost 90% of global trade carried by sea, it…

International speakers lining up for Nairobi

International speakers lining up for Nairobi

International speakers lining up for Nairobi

Mikir Shah, CEO of Axa Africa, will be among a growing list of international speakers taking part in our upcoming Risk Frontiers East Africa seminar. To be held in Nairobi next week at the Southern Sun Mayfair Nairobi, the conference will cover political risks, the insurance gap, the skills gap and other key themes. Mr Shah will be taking part…

IUMI president warns of accumulation of losses around emerging risks

IUMI president warns of accumulation of losses around emerging risks

IUMI president warns of accumulation of losses around emerging risks

Insurers need to be aware of the risk of accumulation of losses around emerging risks, warns Dieter Berg, president of the International Union of Marine Insurance (IUMI). Speaking at the IUMI annual conference being held in Cape Town this week, Mr Berg said there are five main areas of risk to watch: technical, political, economic, social and environmental. The technical…

1 2 3 90