East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

The Common Market for Eastern and Southern Africa (COMESA), which includes financial services, is celebrating 25 years. ZEP-RE has been one company celebrating the 25-year milestone, saying: “The common market has had tremendous impact on the lives and people of the region and this milestone is celebrated in recognition of the transformation that the economies across eastern and southern Africa…

GA moves into Ugandan market

GA moves into Ugandan market

GA moves into Ugandan market

Kenyan insurer GA Insurance has completed the purchase of Nova Insurance Company in Uganda, after entering an agreement in March 2019 to acquire 100% of the issued share capital of Nova Insurance. The acquisition was completed on receipt of necessary regulatory approvals from the Insurance Regulatory Authority in Kenya and in Uganda. The company said the deal underpins GA Insurance’s…

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Creating innovation spaces and taking a new approach to how companies are regulated is all part of the agenda for Kenya’s Insurance Regulatory Authority (IRA). Speaking at the Risk Frontiers East Africa seminar hosted by the College of Insurance in Nairobi, Elias Omondi, an actuary at IRA, said the regulator is determined to drive change through the insurance industry, which…

Kenyan risk managers set to help insurers collect cyber loss data

Kenyan risk managers set to help insurers collect cyber loss data

Kenyan risk managers set to help insurers collect cyber loss data

Risk managers in Kenya are set to launch a cyber risk loss data bank to help insurers understand the local risks. Dorothy Maseke, chair of the Institute of Risk Management (IRM) in east Africa, said the local IRM members have been working on a project to develop a cyber risk management tool. But they are going one step further by…

Businesses must innovate to be sustainable in changing world

Businesses must innovate to be sustainable in changing world

Businesses must innovate to be sustainable in changing world

Businesses need to do more to build resilience for the future and to adapt to a fast-changing world if they are to remain sustainable. That was the verdict of a panel of speakers at the recent Risk Frontiers East Africa seminar, organised by Commercial Risk Africa. Looking at sustainability and resilience in the light of climate change, Joyce Ngare, head…

Integrity key to building a resilient workforce

Integrity key to building a resilient workforce

Integrity key to building a resilient workforce

Employing people with integrity and enthusiasm is key to building a sustainable workforce, agreed risk managers and insurers. Speaking at the Risk Frontiers East Africa conference, held by Commercial Risk Africa in Nairobi recently, risk managers and HR professionals agreed that, if humans are not to be replaced by machines, they ned to display the very human characteristics of enthusiasm…

Olea Insurance Solutions strengthens hold in Kenya and adds commercial director

Olea Insurance Solutions strengthens hold in Kenya and adds commercial director

Olea Insurance Solutions strengthens hold in Kenya and adds commercial director

Paris-based Africa-focused brokerage firm, Olea Insurance Solutions, now has a footing in the east African market with the purchase of a 40% stake in Kenya’s Koolridge Insurance Brokers. The partnership has resulted in a name change by Koolridge Kenya Insurance Brokers to OLEA Kenya Insurance Brokers. While declining to disclose the amount paid, Koolridge Kenya founder and chief executive Herbert…

Carol Ouko-Misiko joins WEF risk advisory board

Carol Ouko-Misiko joins WEF risk advisory board

Carol Ouko-Misiko joins WEF risk advisory board

The Institute of Risk Management (IRM) has announced the appointment of Carol Ouko-Misiko CMIRM, to the World Economic Forum’s (WEF) Global Risks Report advisory board. The purpose of the advisory board is to provide advice and guidance on the process and content for the Global Risks Report 2020. Ms Ouko-Misiko is a senior member of the institute and plays a…

Rwandan insurance sector: a work in progress

Rwandan insurance sector: a work in progress

Rwandan insurance sector: a work in progress

The Rwandan insurance sector has a long way to go before it meaningfully contributes to the overall economy, warned the local regulator. Speaking at the opening of the Organisation of Eastern and Southern African Insurers’ conference in Kigali, Dr Monique Nsanzabaganwa, deputy governor of the National Bank of Rwanda said there has been 12% growth in the financial sector, but…

Rwandan insurers lose RWF900m on underwriting

Rwandan insurers lose RWF900m on underwriting

Rwandan insurers lose RWF900m on underwriting

The Rwandan insurance industry has made an underwriting loss of RWF900m in the first half of 2019. Local paper The New Times reported that in the same period of last year, underwriting losses stood at RWF3bn, and RWF4.7bn in the first half of 2017. From January to June 2016, the losses stood at RWF8bn. Insurance penetration is currently less than…

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