Insurance regulation in Africa: CIMA – the benefits and challenges

Insurance regulation in Africa: CIMA – the benefits and challenges

Insurance regulation in Africa: CIMA – the benefits and challenges

Understanding changing insurance markets and regulatory developments is critical to making sure multinational programmes are compliant and competitive, no matter where they are located, and the implications can be challenging. Insurance regulators are increasingly looking to nurture risk capacity, cultivate insurance expertise and retain premiums within their insurance markets – and this can have important consequences for multinational companies, particularly…

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

There has been an uptick in protectionism in the insurance markets of many African countries, with regulators imposing measures such as compulsory domestic cessions to state reinsurers, the introduction of minimum net premium retention levels, market capacity sharing and higher capital requirements for reinsurance cessions overseas. Erich Bentz, network partner relationship manager for EMEA and regional director of global programmes…

Work starts on dry port between DRC and Zambia

Work starts on dry port between DRC and Zambia

Work starts on dry port between DRC and Zambia

The risk of transporting goods between the Democratic Republic of the Congo (DRC) and Zambia is set to reduce as work starts on a dry port at the border crossing between the two countries. Commissioning of construction of a $300m dry port at Kasumbalesa border post, on the DRC and Zambia border, has taken place and construction is expected to…

DRC gets $12m grant to fight latest Ebola outbreak

DRC gets $12m grant to fight latest Ebola outbreak

DRC gets $12m grant to fight latest Ebola outbreak

The World Bank Group’s Pandemic Emergency Financing Facility (PEF) has given its first financial commitment, approving a $12m grant towards the current Ebola response in the Democratic Republic of the Congo (DRC). The grant will support the surge in activities of the DRC government and international responders outlined under the approved three-month $56.8m Ebola response plan, released by the DRC…

Cameroon still facing political instability

Cameroon still facing political instability

Cameroon still facing political instability

Fitch Ratings has affirmed Cameroon’s long-term foreign-currency Issuer Default Rating (IDR) at B with a stable outlook, despite concerns about its political stability. It said Cameroon’s B ratings balance a low GDP per capita of $1,410 and weak business environment and governance indicators, against sustained economic growth and macroeconomic stability provided by membership of the Central African Economic and Monetary…

Congo aims for membership of OPEC to control its oil price risk

Congo aims for membership of OPEC to control its oil price risk

Congo aims for membership of OPEC to control its oil price risk

Republic of the Congo President Denis Nguesso has pledged that the country – which has suffered badly during the oil price collapse – will no longer sit on the sidelines and has applied for membership of the Organization of Petroleum Exporting Countries (OPEC). NJ Ayuk, CEO of Centurion Law Firm, said that in January, officials from Congo announced the country’s…

Fitch Ratings reviews CEMAC’s progress

Fitch Ratings reviews CEMAC’s progress

Fitch Ratings reviews CEMAC’s progress

Looking in more depth at the Central African Economic and Monetary Community (CEMAC), a report from Fitch Ratings suggests there will be no breakup of the currency zone or devaluation of the CFA franc against the euro, thanks to strengthening of its external buffers in 2017. But, Fitch warns, the region remains vulnerable to any renewed decline in oil prices,…

World Bank supports boost for Central African Republic

World Bank supports boost for Central African Republic

World Bank supports boost for Central African Republic

The World Bank has approved a $25m International Development Association grant for the Central African Republic, to support its efforts to re-establish basic fiscal management and transparency and achieve economic recovery in the country. The Second State Consolidation Development Program is structured around two pillars: 1) Re-establishing basic fiscal management and transparency, which will help boost fiscal revenue, improve wage bill management,…

Oil price drop hangs over heads of central African states as major risk

Oil price drop hangs over heads of central African states as major risk

Oil price drop hangs over heads of central African states as major risk

The Central African Economic and Monetary Community (CEMAC) remains vulnerable to a drop in oil prices although it has strengthened its external buffers, according to a new report from Fitch Ratings. It found international reserves appear to have bottomed out in June 2017, supported by International Monetary Fund (IMF) disbursements, fiscal adjustments and import contraction. Fitch adds that the regional…

South Africa and DRC committed to greater trade

South Africa and DRC committed to greater trade

South Africa and DRC committed to greater trade

Risk managers should be aware of strengthening trade links between South Africa and the Democratic Republic of Congo (DRC), after the two states committed to remove hurdles that hinder business interactions. At an Investment and Trade Initiative seminar, organised by the Department of Trade and Industry, South African Consul General in Lubumbashi, Andrew Maswanganye, said it is important for both…

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