Egyptian insurance market regulatory oversight improving says Fitch

Egyptian insurance market regulatory oversight improving says Fitch

Egyptian insurance market regulatory oversight improving says Fitch

Regulatory oversight in the Egyptian insurance market is developing with both limited transparency and effectiveness of enforcement, but the market lacks technical sophistication, according to Fitch Ratings. The ratings agency noted that the insurance market is regulated under a fairly simplistic Solvency I-type framework: “For an insurer to operate, the value of assets of an insurance or reinsurance company must…

Santam to pay Covid-19 BI commercial claims in South Africa

Santam to pay Covid-19 BI commercial claims in South Africa

Santam to pay Covid-19 BI commercial claims in South Africa

Santam will pay out to commercial policyholders with a contingent business interruption (CBI) extension in South Africa hit by the Covid-19 national lockdown in April, following the country’s Supreme Court ruling in December. But large corporate policies handled by its specialty business will be tackled on “an individual basis” due to their “bespoke and complex nature”. Meanwhile, Old Mutual has…

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

The recent judgment on Covid-19-related business interruption (BI) insurance by the UK’s Supreme Court will affect policies and laws well beyond the UK, and means policyholders from various jurisdictions are more likely to get claims paid, according to legal experts. The 15 January UK Supreme Court judgment found in favour of policyholders that had been denied cover for Covid-19-related BI…

IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not to expect the supervisory body to magically fix problems with global programme regulations anytime soon, but said it is starting to raise awareness of various issues with regulators. This prompted other experts at our latest conference to urge insurance buying…

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam is to appeal against a court ruling that found South Africa’s largest non-life insurer liable to pay a client’s claim relating to a coronavirus lockdown. Insured hotel group Ma-Afrika successfully argued it was wrong to reject claims made under contingent business interruption policies after they were forced to close, following government lockdowns in the eye of the Covid-19 pandemic.…

Congolese risk managers warned not to buy cover abroad

Congolese risk managers warned not to buy cover abroad

Congolese risk managers warned not to buy cover abroad

Congolese risk and insurance managers have been warned not to buy their insurance cover overseas, after the Insurance Regulatory and Control Authority (ARCA) of the Democratic Republic of the Congo (DRC) issued a reminder of a “ban on direct insurance abroad” for anyone living on Congolese soil. The ARCA explained this decision was taken by the government following resolutions made…

The real risks of 5G

The real risks of 5G

The real risks of 5G

Fifth-generation (5G) wireless technology promises to revolutionise communication and data transmission globally, heralding a new age of connectivity. Recently, circulating conspiracy theories regarding 5G and coronavirus have seen masts attacked and a backlash across social media. Although there is no credence to this fake news, there do appear to be some legitimate concerns with this developing technology, driving changes in…

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South Africa’s Financial Sector Conduct Authority (FSCA) is studying the UK court ruling on business interruption (BI) policy wordings, in which the UK decided some 370,000 policyholders were entitled to claim payments. Claims will depend on the precise wording of each policy, but the UK ruling gave clarity as to how BI policies should work in the Covid-19 environment. The…

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

London and International Insurance Brokers Association (LIIBA) CEO Christopher Croft said any government backed pandemic insurance solution will need a series of trade-offs to maintain the involvement of private insurers without making cover too restrictive for buyers. He also said the insurance industry has work to do to repair its reputation that has been hit by its response to Covid-19.…

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