Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya farmers get largest ever payout as weather index insurance kicks in

Kenya pastoralists will receive $2.15m as compensation for loss of livestock in the ongoing drought, from Kenya Livestock Insurance Programme (KLIP), a World Bank- and Kenya government-backed agriculture insurance scheme. The payout comes as the UK government gives more than £230m in aid to drought-stricken South Sudan and Somalia. Aid agencies are also warning of risks of famine in northeast…

Ghana: the latest African country to suffer a negative outlook from rating agencies

Ghana: the latest African country to suffer a negative outlook from rating agencies

Ghana: the latest African country to suffer a negative outlook from rating agencies

Good economic governance will be the key to success after Ghana’s disclosure of unreported expenditure and the resulting failure to hit the 2016 fiscal deficit target highlighted substantial risk to the country’s public finances, said Fitch Ratings, as it gave the country a negative outlook on its B sovereign rating. Earlier this week, Fitch affirmed Zambia’s long-term foreign and local…

RSA expands global network coverage in Africa

RSA expands global network coverage in Africa

RSA expands global network coverage in Africa

International insurer RSA has extended an existing partnership with the Africa-based insurance network, Globus, to service multinational customers in five more African countries. This new arrangement enables RSA Global Network to provide insurance services to customers with operations in Botswana, Congo, Mauritania, Zambia and Zimbabwe. RSA Global Network’s new partners are the Globus members Phoenix of Botswana, Assurances Generales du…

Bryte Insurance emerges out of Zurich SA and Botswana

Bryte Insurance emerges out of Zurich SA and Botswana

Bryte Insurance emerges out of Zurich SA and Botswana

Zurich South Africa and Zurich Botswana have been rebranded as Bryte Insurance, following their acquisition by Canadian Fairfax Financial Holdings (Fairfax) last year. The company is stressing, however, that it will be business as usual. Bryte has identified business risk management as a key growth opportunity and, through its proactive approach to risk management, will focus on driving and diversifying…

Insurers set to benefit from new Francophone Africa fund

Insurers set to benefit from new Francophone Africa fund

Insurers set to benefit from new Francophone Africa fund

Francophone Africa is set to get a boost for its financial sector, as a new financial fund is established. Created under the auspices of the West African Development Bank (BOAD), Yeelen Financial Fund aims to raise the equivalent of €150m in two tranches, with regional and international investors. The fund will invest €2m to €11m in financial institutions (banks, insurance…

Fitch affirms Zambia at ‘B’

Fitch affirms Zambia at ‘B’

Fitch affirms Zambia at ‘B’

Fitch Ratings has affirmed Zambia’s long-term foreign and local currency issuer default ratings (IDRs) at ‘B’ with negative outlook. This follows the country’s “persistent fiscal deficits” and structural constraints. The rating agency said the issue ratings on Zambia’s long-term senior unsecured foreign  and local currency bonds and short-term senior unsecured local currency securities are also affirmed at ‘B’. The Country…

Exchange rates heaping pressure on emerging markets across Africa

Exchange rates heaping pressure on emerging markets across Africa

Exchange rates heaping pressure on emerging markets across Africa

  Exchange rate issues continue to climb the risk management agenda across Africa as countries battle to cope with low oil and commodity prices as well as a strengthening dollar. In its annual risk report, the Irmsa highlights the issue, with exchange rate risk climbing to the second greatest risk among industry leaders. The International Monetary Fund (IMF) has been…

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

Insurers must adapt if they are to meet insureds’ demands for the future

  Insurers across Africa need to be preparing now for massive changes ahead, warns one South African insurance boss. Stuart Wenman, managing director insurance [Africa] at Liberty Holdings, told Commercial Risk Africa: “The risks on the general insurance side of the business are changing. “Motor insurance could be wiped out in the next ten years because the case for owning…

Corruption tops the risk list – yet again – in South Africa

Corruption tops the risk list – yet again – in South Africa

Corruption tops the risk list – yet again – in South Africa

Increasing corruption is the top South African risk for the second time in three years and is the fifth highest industry level risk for 2017, according to the third edition of the Institute of Risk Management South Africa’s [Irmsa] Risk Report. Water crises and structurally high unemployment/underem-ployment are the second and third highest national level risks for 2017, increasing modestly,…

Uganda forms oil and gas syndicate

Uganda forms oil and gas syndicate

Uganda forms oil and gas syndicate

  A syndicate of 16 insurance companies is aiming to collect $100m in annual premium income from the oil and gas sector and to get exclusive rights to underwrite all those risks in the country, officials at the Uganda Insurers Association (UIA) have said. The companies came together to improve their underwriting capacity in an industry that has high value…