Fitch takes 30% negative actions on global insurers since Covid-19

Fitch takes 30% negative actions on global insurers since Covid-19

Fitch takes 30% negative actions on global insurers since Covid-19

Fitch said the global insurance sector has shown resilience to Covid-19, but noted that the pandemic has resulted in 30% negative rating actions in the form of outlooks, watches or downgrades against the firms it rates. It warned that any positive rating actions are unlikely for the remainder of this year because of uncertainties caused by the pandemic. It added…

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

Hospitality companies take on insurance giant Santam over Covid-19 claims

A company that owns hotels and guesthouses in Cape Town and Stellenbosch, and another that owns several restaurants, are set to file a claim in the Western Cape High Court against Santam, after the insurer refused to pay out on business interruption (BI) claims. Loss adjuster Insurance Claims Africa (ICA) said it was disappointed by Santam’s decision to reject a…

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Covid-19 in South Africa: Temporary moratorium on the issuance of new insurance licences

Insurers will not be able to apply for new licences in South Africa as the regulator suspends granting new licences as the Covid-19 pandemic unfolds. On 10 June 2020, the Prudential Authority published Communication 1 of 2020, wherein the Prudential Authority has stated it is imposing a temporary moratorium on the issuance of new licences for a period of six…

Zurich names new legal panel for large and complex EMEA claims

Zurich names new legal panel for large and complex EMEA claims

Zurich names new legal panel for large and complex EMEA claims

Zurich Insurance has named its new legal panel to help to manage large and complex claims across the Europe, Middle East and Africa (EMEA) region. While some risk managers may end up in dispute with the panel, Zurich said it will offer clients greater transparency and consistency when it comes to claims and provide global customers with a more joined-up…

Nigeria delays insurance recapitalisation plans

Nigeria delays insurance recapitalisation plans

Nigeria delays insurance recapitalisation plans

The Covid-19 pandemic has forced the Nigerian insurance regulator, Naicom, to delay plans to raise minimum capital requirements for all insurance entities. Naicom said the pandemic “has made it difficult to proceed with the 31 December 2020 recapitalisation deadline”, adding: “A review of the recapitalisation deadline therefore became imperative to mitigate likely negative consequences of the pandemic on the exercise.”…

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Ugandan insurance market hit hard by Covid-19 despite growth in 2019

Uganda’s insurance sector has posted positive industry results for 2019, with the gross written premium standing at USh973.58bn compared to USh859.8bn the previous year, but the regulator is warning that the Covid-19 pandemic is likely to hit the insurance sector hard. According to the Insurance Regulatory Authority of Uganda’s (IRA) CEO, Alhaji Kaddunabbi Ibrahim Lubega, the growth in 2019 had…

Covid-19 provides African insurers with rare opportunity to build reputations

Covid-19 provides African insurers with rare opportunity to build reputations

Covid-19 provides African insurers with rare opportunity to build reputations

African insurers have a real opportunity to build their reputation and deliver products fit for purpose as the Covid-19 lockdowns ease, two leading African regulators agreed during a roundtable debate. Hosted by Continental Re as part of its virtual CEO Summit, OS Thomas, insurance commissioner at Naicom in Nigeria and Dr Grace Muradzikwa, insurance commissioner at the Insurance and Pension…

African regulators diverge on approach to Covid-19 payouts

African regulators diverge on approach to Covid-19 payouts

African regulators diverge on approach to Covid-19 payouts

South African insurers will not be forced to pay out Covid-19 claims on business interruption (BI) policies where non-physical damage was not written into the policy, after the South African regulator took a stance that is in contrast with the view of the Kenyan regulator. The move comes as the regulator reported most South African insurers look set to withdraw…

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

The International Association of Insurance Supervisors (IAIS) has warned legislators across the world that any efforts to retroactively open up business interruption (BI) policies to excluded Covid-19 losses would create “material” solvency risks for insurers and significantly undermine their ability to pay other types of claims. The association said that if such efforts were allowed to proceed, it would threaten…

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Fraud is a major issue in the Kenyan insurance market and is thought to be one of the main reasons why insurance penetrations levels remain so low. Patrick Alushula reports on a new initiative from the insurance regulator to discover the true scale of the problem Kenya’s insurance industry regulator wants to measure the extent of fraud in the sector…

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