Jubilee and Allianz announce strategic partnership

Jubilee and Allianz announce strategic partnership

Jubilee and Allianz announce strategic partnership

Jubilee Holdings Limited (JHL), east Africa’s largest insurance group, and Allianz, one of the world’s leading insurers and asset managers, are to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership covers the general insurance business in Kenya, Tanzania and Uganda, as well as the short-term insurance segment in Burundi and Mauritius. JHL…

Data key to African insurers’ sustainability

Data key to African insurers’ sustainability

Data key to African insurers’ sustainability

Data and the use of information will be critical for insurers’ sustainability, delegates at a recent webinar heard. Zep Re held its annual regulators forum virtually this year, attracting regulators from across east Africa. Hope Muera, CEO of Zep Re, said: “Zep Re is a firm believer that there is strength in numbers and the notion that we learn more…

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

The economic fallout from Covid-19 will increase the risk of modern slavery seeping into supply chains, warned Verisk Maplecroft in the 2020 edition of its Modern Slavery Index. The index specifically flags a “surge” in modern slavery within Asian manufacturing hubs as the pandemic bites. Verisk Maplecroft said workers who have lost their jobs in the pandemic could turn to…

Risk management key to tackling water scarcity

Risk management key to tackling water scarcity

Risk management key to tackling water scarcity

Risk management has a key role to play as the world grapples with water scarcity, according to Dr Caesar Mwangi, chief executive officer at ICEA LION Insurance Holdings. He said the unfortunate reality is that, at a time when Covid-19 demands more hand washing, water has become scarce. He pointed to the Horizon East Africa (2019) research report authored by…

Locusts adding to economic risks in east Africa, warns Fitch

Locusts adding to economic risks in east Africa, warns Fitch

Locusts adding to economic risks in east Africa, warns Fitch

Those involved in the agriculture sector could face tough times in east Africa as the peak season looms and now Fitch Ratings has warned the ongoing desert locust invasion presents significant downside risk to east Africa’s macroeconomic stability. It said: “Our current growth outlook in the region is dominated by the impact of Covid-19, which will see growth slowing by…

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Uganda’s insurance sector has posted positive industry results for 2019, with the gross written premium standing at USh973.58bn compared to USh859.8bn the previous year, but the regulator is warning that the Covid-19 pandemic is likely to hit the insurance sector hard. According to the Insurance Regulatory Authority of Uganda’s (IRA) CEO, Alhaji Kaddunabbi Ibrahim Lubega, the growth in 2019 had…

New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

A new reinsurer is set to emerge in the Seychelles to cater for local business and support the islands’ growing insurance market. SEY Re has been incorporated and will apply for a licence from the Financial Services Authority once it has established its shareholders. A call for interest in the new company ends on 20 May. The new company has…

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Stakeholders need to go above and beyond if they are to learn vital lessons from the catastrophic cyclones that swept across southeastern Africa last year A new report shows southern Africa has made progress in resilience-building in recent years and, to further strengthen the region against natural hazard events, recommends more attention to pre-event planning. These efforts should be accompanied…

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajni Varia named as inaugural Vanguard Market Development Award winner

Rajnikant (Rajni) Varia, former managing director of ZEP-RE, has been named as the inaugural winner of the Vanguard Market Development Award by the International Insurance Society (IIS). The award recognises those who have substantially advanced the development of insurance in an undeserved market or emerging economy, as selected by the IIS Honours Committee. The committee said it was inspired by the work Mr Varia has done…

Exchange rate risks could be thing of the past as east Africa moves to single currency

Exchange rate risks could be thing of the past as east Africa moves to single currency

Exchange rate risks could be thing of the past as east Africa moves to single currency

Risk managers operating in east Africa may be able to take exchange rate risks off their radar, if plans to harmonise east African currencies into a single unit work out. The change could come about by 2024 after the region’s governments moved ahead with the proposal, as outlined in the EAC Monetary Union Protocol. EAC secretary general Ambassador Liberat Mfumukeko…

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