Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Chief executives of insurance companies and shareholder groups have condemned Nigeria’s National Insurance Commission (NAICOM) for increasing the capital base of general insurers to NGN10bn for general insurers and NGN18bn for composite firms. The new requirement for life insurance companies is NGN8bn, while for reinsurance firms, the new capital level is NGN20bn. The move follows a similar attempt by the…

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

The global spotlight on glyphosate continues, following a third successive US court case finding that the world’s most popular pesticide is carcinogenic. Despite unresolved uncertainties in the scientific evidence, the case resulted in the highest damages award to date, highlighting the burgeoning risk in this developing litigation. Indeed, this may be the beginning of a new toxic tort that has…

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

The Egyptian insurance industry has agreed a pioneering initiative to develop a national sustainable insurance strategy and action plan – described as a “roadmap” – by 2020. This roadmap aims to harness the triple role of the Egyptian insurance industry as risk managers, insurers and investors for economic, social and environmental sustainability. Insurance leaders and financial regulators, UN officials and…

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

A serious academic study on the negative impact of inconsistent and protectionist insurance regulation around the world is likely needed if the international risk and insurance management community is to convince regulators of the need for reform from the top down, according to the chair of the International Federation of Risk & Insurance Management Associations (Ifrima). Mary Roth, who is…

Global corporations in sights of claimant lawyers

Global corporations in sights of claimant lawyers

Global corporations in sights of claimant lawyers

Following the success of claimants fighting for compensation from Vedanta in the UK Supreme Court, lawyers are warning that a series of other corporations could soon be facing court action. The UK Supreme Court has found that the English courts are free to exercise jurisdiction over claims against parent companies for damage caused by their subsidiaries abroad. When the decision…

Mass tort claims and jurisdiction: UK Supreme Court rules on Vedanta

Mass tort claims and jurisdiction: UK Supreme Court rules on Vedanta

Mass tort claims and jurisdiction: UK Supreme Court rules on Vedanta

The UK Supreme Court has found that the English courts are free to exercise jurisdiction over claims against parent companies for damage caused by their subsidiaries abroad. Accordingly, multinational corporations should now be encouraged to review their due diligence, risk control and global insurance programmes to ensure that they have adequate protection against this risk. In this high-profile judgment on…

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…

London Market Group identifies trade priorities post-Brexit

London Market Group identifies trade priorities post-Brexit

London Market Group identifies trade priorities post-Brexit

The London Market Group (LMG) has called on the UK Government to be “proactive in opening up international insurance markets based on mutual market access, home-state supervision and no host-state financial requirements”. The LMG said it has identified a number of priority markets that it will seek to work on with the Treasury and the Department of International Trade. Malcolm…

Sulphur Cap Series: Part 3 – options available to shipping companies and associated funding

Sulphur Cap Series: Part 3 – options available to shipping companies and associated funding

Sulphur Cap Series: Part 3 – options available to shipping companies and associated funding

With less than 18 months before Regulation 14.1.3 of Annex VI of the International Convention for the Prevention of Pollution from Ships comes into effect, there are still numerous challenges surrounding compliance and enforcement, which have cast uncertainty over the effect that the regulation will have on the international maritime industry and on individual shipping companies. This three-part series aims…

Mauritius creating regional centre to strengthen insurers’ collaboration

Mauritius creating regional centre to strengthen insurers’ collaboration

Mauritius creating regional centre to strengthen insurers’ collaboration

The Mauritius Financial Services Commission (FSC) is launching a regional centre of excellence to strengthen insurance regulation and partnership among regulators from southern and eastern Africa. The move comes as Mauritius looks at ways in which it can enjoy an equivalent jurisdiction with South Africa, which has recently adopted the SAM regulations, which in turn demand standards of all those…

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