DRC liberalises insurance sector

DRC liberalises insurance sector

DRC liberalises insurance sector

After 50 years of state monopoly, the Democratic Republic of Congo (DRC) has liberalised its insurance sector. The country now has three licensed non-life insurers, one life insurer, and two insurance brokers. Rupert Weterings, of AIB Brokers, one of the brokers to win a licence, said: “We do expect that SONAS (the state insurer) will get its licence in the…

Positive election results not necessarily a panacea

Positive election results not necessarily a panacea

Positive election results not necessarily a panacea

Opposition leader Felix Tshisekedi’s victory in the Democratic Republic of Congo’s presidential election appears to be a turning point for many, but risks remain. James Fox, global information analyst at Axco Insurance Information Services, explained: “The UN commended the conduct of the vote and congratulated the long-suffering Congolese people, as the streets of Kinshasa filled with celebrating supporters. Rival opposition leaders and…

Ebola outbreak poses wider risk

Ebola outbreak poses wider risk

Ebola outbreak poses wider risk

The latest Ebola outbreak in the Democratic Republic of the Congo (DRC) could pose a much broader threat as medics struggle to keep it under control, warned an expert at Commercial Risk Europe’s supply chain conference…

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…

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