New microinsurer for Nigeria

New microinsurer for Nigeria

New microinsurer for Nigeria

Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami  Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…

Insurers must work to remain relevant as climate change rises up the agenda

Insurers must work to remain relevant as climate change rises up the agenda

Insurers must work to remain relevant as climate change rises up the agenda

Insurers could look back in history to find solutions to some of the challenges posed by climate change and the risk to sustainability. John Melville, chief underwriting officer at Santam, which hosted the inaugural PSI African Market Event in 2018, and was the first African insurer to sign the United Nations Environment Programme’s Principles for Sustainable Insurance (PSI). Speaking at…

Insurers could find opportunities in preparing for disasters

Insurers could find opportunities in preparing for disasters

Insurers could find opportunities in preparing for disasters

The protection gap has become a mantra in developing markets, but the conversation needs to be a broader conversation about resilience, suggested Dr Swenja Surminski. She was speaking at the second PSI African Market Event in Lagos this week, hosted by Continental Re, which was the first African reinsurer to sign the United Nations Environment Programme’s Principles for Sustainable Insurance…

Insurers and insureds must work together to combat sustainability risks

Insurers and insureds must work together to combat sustainability risks

Insurers and insureds must work together to combat sustainability risks

Insurers must work together with risk managers, brokers, local authorities, governments and all those with the power to make change, if the industry is to remain sustainable. That was the message from Vanessa Otto-Mentz, head, group strategy unit, Santam, speaking at the second PSI African Market Event in Lagos this week hosted by Continental Re, which was the first African…

Insurers bank on increased regional collaboration to address emerging risks

Insurers bank on increased regional collaboration to address emerging risks

Insurers bank on increased regional collaboration to address emerging risks

Insurers see a stronger case for cross-border collaboration to wade through emerging risks and climatic changes on the continent. Industry players participating in the sixth CEO Summit organised by Continental Reinsurance said it will take deepened regional collaboration to introduce new products to fit changing customer needs as well as address emerging risks. Nigeria Insurance Commission (Naicom) deputy commissioner in…

Regulation must evolve to encourage sustainability

Regulation must evolve to encourage sustainability

Regulation must evolve to encourage sustainability

Climate risk and natural disasters now account for 90%–95% of the risks that are reinsured globally, said Adama Ndiaye, president of FANAF. In Africa, however, many of the insured catastrophes are as a result of human intervention – such as fires or technical failures, among others. He warned that, as a result, climate change risks “are not yet in the…

Africa Re and IFC to develop agricultural insurance market in Nigeria

Africa Re and IFC to develop agricultural insurance market in Nigeria

Africa Re and IFC to develop agricultural insurance market in Nigeria

Thousands of Nigerian farmers could soon have access to insurance thanks to a new deal signed between Africa Re and the International Finance Corporation (IFC), a member of the World Bank Group, to help insurance companies in Nigeria develop innovative agricultural insurance products for smallholder farmers. The scheme which is designed to highlight accessible risk management tools, will be run…

New voucher scheme set to reach millions of potential insureds

New voucher scheme set to reach millions of potential insureds

New voucher scheme set to reach millions of potential insureds

A new voucher system has been launched in Tanzania, potentially extending the reach of insurance to millions more Africans. Mohammed Jaffer, Tan Management group CEO, said the Safari Vocha covers an insured against death and/or permanent disability when travelling. The lowest cover is TZS 200/- (about $0.80) for a period of three days and a sum insured of TZS1m (about…

Islamic finance could support African growth, but needs regulatory reforms

Islamic finance could support African growth, but needs regulatory reforms

Islamic finance could support African growth, but needs regulatory reforms

Islamic finance remains small across the African continent, but real opportunities exist for substantial growth. According to a report from S&P Global Ratings: “Conducive economic and regulatory environments are the first step for the development of Islamic finance in any jurisdiction.” The ratings agency says African countries need stronger reforms to help the development of a local Islamic finance industry.…

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…

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