Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Nigeria’s commissioner for insurance, Mohammed Kari, has denied rumours that insurance companies are taking the National Insurance Commission (NAICOM) to court over its plans for a three-tiered capital system. Instead, NAICOM said that investors and consumers of insurance products and services in the country are applauding the tier-based minimum solvency capital (TBMSC) policy introduced recently. Mr Kari stressed that the…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

Recent developments in the renewable energy sector in Sub-Saharan Africa : where to?

Recent developments in the renewable energy sector in Sub-Saharan Africa : where to?

Recent developments in the renewable energy sector in Sub-Saharan Africa : where to?

It is well documented that the vast majority of people in Sub-Saharan Africa are without reliable access to electricity, and that it is the least electrified region of the world.  Just as this lack of access to electricity is a determinant of poverty in the region, so too it may be argued that it is the high cost of electrification…

East Africa moves one step closer to harmonised insurance regulation

East Africa moves one step closer to harmonised insurance regulation

East Africa moves one step closer to harmonised insurance regulation

East Africa could soon have a harmonised insurance regulatory system as the region’s governments move ever closer to an agreement. Speaking at the Organisation of Eastern and Southern African Insurers’ annual conference in Arusha, Samuel Mwiru, director – licensing and market conduct supervision, at the Tanzania Insurance Regulatory Authority, told insurers the work to harmonise insurance “should be in place…

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian energy insurers dismayed by tripling of capital requirements

Nigerian insurers covering the oil and gas sector have said they are disappointed after the National Insurance Commission (Naicom) fixed NGN7bn as the new capital base for insurance companies involved in oil and gas business. Odunayo Bammeke, a manager at the Nigerian National Petroleum Corporation, was reported to have disclosed the new capital requirements at an insurance stakeholders’ parliament in…

Tanzanian government calls for more regional development

Tanzanian government calls for more regional development

Tanzanian government calls for more regional development

The need to harmonise insurance regulation and to facilitate trade throughout regional blocs in Africa has been highlighted by Dr Ashatu Kijaji, deputy Minister in Tanzania’s Ministry of Finance and Planning. Speaking at the Organisation of Eastern and Southern Africa Insurers association, Dr Kijaji told some 400 delegates that insurance was crucial in sustainable development across Africa. However, she said,…

Glyphosate: Science on trial

Glyphosate: Science on trial

Glyphosate: Science on trial

The world’s most popular weed killer, Glyphosate, is being placed under the microscope by scientists, regulators and plaintiff lawyers. Despite four decades of widespread commercial and domestic use on the assumption it was safe, there has been recent increased worldwide concern about myriad potential health effects from exposure to the substance. A test case in California has hit the headlines…

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

On 21 June 2018, Kuben Naidoo, the chief executive officer of South Africa’s Prudential Authority, published a communication which confirms that the Insurance Act, 2017 will take effect on 1 July 2018, as anticipated. The communication provides that the Minister of Finance has signed the notice of commencement of the Insurance Act, 2017 and that the gazetting thereof is imminent.…

African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

Parametric or index-based insurance can play a significant role in closing the insurance protection gap – the gap between insured and uninsured losses – and fostering global resilience to the impacts of climate change. Parametric insurance Conventional insurance indemnifies the policyholder for the loss it incurs from an insured event. Parametric insurance pays a fixed amount upon the occurrence of…

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