Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Chief executives of insurance companies and shareholder groups have condemned Nigeria’s National Insurance Commission (NAICOM) for increasing the capital base of general insurers to NGN10bn for general insurers and NGN18bn for composite firms. The new requirement for life insurance companies is NGN8bn, while for reinsurance firms, the new capital level is NGN20bn. The move follows a similar attempt by the…

Gambia ratifies free trade agreement to take it over line

Gambia ratifies free trade agreement to take it over line

Gambia ratifies free trade agreement to take it over line

The Gambia has become the 22nd nation to ratify the African Continental Free Trade Area (AfCFTA), the number required for the agreement to take effect. AfCFTA is likely to formally become live at the African Union meeting in July but in the meantime, the continent has been told to ready itself to maximise the potential dividends of the agreement. Key…

Risk managers advised to check AML compliance

Risk managers advised to check AML compliance

Risk managers advised to check AML compliance

Risk managers in South Africa have been reminded to check their company anti-money laundering (AML) policies and make sure they comply with the law. In a Risk Chat for the Institute of Risk Management South Africa, the Vodacom Forensic Team under the leadership of Farhad Rahaman warned about reports of crimes such as hijackings, robberies, drug trafficking, fraud and corruption,…

Is it really only June?

Is it really only June?

Is it really only June?

It’s only June but it feels like we have already had a year’s worth of 2019. The worst-ever year for cyclones hitting the east coast was probably not a good way to start. Combine that with elections in two of the continent’s leading economies – Nigeria and South Africa – and with global politics continuing to impact the region, it…

Access to foreign exchange continues to hamper African opportunities

Access to foreign exchange continues to hamper African opportunities

Access to foreign exchange continues to hamper African opportunities

Businesses in some of Sub Saharan Africa’s largest economies have been forced to close or reduce production as they struggle to access the hard currency or working capital needed to keep their import-dependent operations afloat. According to a new report from the Economist Intelligence Unit and commissioned by the CDC Group, the decline of commodities prices in 2014-2016 restricted foreign…

Chubb launches Travel Smart

Chubb launches Travel Smart

Chubb launches Travel Smart

Chubb has launched the Chubb Travel Smart app for business travellers, to help manage risks for employees. The South Africa-based insurer said Chubb Travel Smart is the company’s duty of care solution designed specifically for employees to help manage and mitigate risks as they travel for work. It provides a range of benefits for business travellers, including pre-travel eLearning, direct…

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Zimbabwe insurers call for public inquiry as policyholders struggle with inflation

Insurers in Zimbabwe have warned parliament that it needs to launch a new commission of inquiry to establish the value of insurance policies between 2016 to date, as they have been eroded by inflation. The problems with inflation are affecting both the general insurance market and the life sector. A commission of inquiry had already been launched to determine the…

South Africa: business as usual?

South Africa: business as usual?

South Africa: business as usual?

With political risk again being cited as the number one risk facing business across Africa, according to many risk managers, it was no surprise people were watching the recent elections in South Arica with such interest, as David Kaye reports Risk managers were watching to see the political fallout after Cyril Ramaphosa and the incumbent African National Congress (ANC) party…

Looking to the future

Looking to the future

Looking to the future

Across the world, the issue of sustainability and particularly of how to tackle climate change, has risen up the agenda fast this year. As Liz Booth reports, protests in the developed world have brought the climate change issues to the fore once more but it is in the less developed parts of the world, notably Africa, that the physical effects…

Kenya’s general insurance uptake drags on rising fraud, poor selling

Kenya’s general insurance uptake drags on rising fraud, poor selling

Kenya’s general insurance uptake drags on rising fraud, poor selling

Patrick Alushula takes a look at the state of Kenya’s insurance industry and finds some worrying signs. He discovers some of the problems have existed for some years but are still to be meaningfully addressed The pace of growth in the short-term insurance business in Kenya has slowed, reducing its share of overall gross written premiums. The sector blames the…