Using reinsurance to free up capital to meet insurance regulator demands for increased capitalisation is likely to become a useful tool for insurers operating across the continent.
After months of negative stories, insurers and reinsurers in Mozambique say the country is getting back on its feet and is set to resume its growth pattern.
The customer is king was the overriding message from the 21st African Reinsurance Forum, held in Dakar by the African Insurance Organisation, which welcomed some 350 delegates from around 20 countries.
For a service-oriented industry, insurance customers can feel that they are far too low on the list of considerations. Delegates at the Organisation of Eastern and Southern Africa Insurers annual conference in Swakopmund heard that there needs to be a sea-change in approach if the insurance industry is to keep pace with looming challenges.
Becoming more consumer-centric will be critical if insurers and brokers are to remain compliant with the impending changes in regulation for South Africa.
Insurance buyers and their risk transfer partners face a battle to keep on top of rapid changes to regulations affecting the placement of their programmes in Africa.
ACE launches European casualty and fire risk solution for fashion retail sector, Swiss Re Corporate Solutions names new South African head, CMS launches Insurance Act resource and Charles Taylor appoints new head of insurance tech team.
The inability of international companies to dodge environmental and social responsibilities as they seek to tap opportunities in emerging markets was seemingly underlined this week as oil giant Shell agreed to pay a Nigerian fishing community some £55m to compensate inhabitants for the worst oil spill ever suffered in the west African country.
ACE unveils improved D&O cover for continental Europe businesses, Marsh names new head of placement in UK and Ireland, Clyde & Co to open South African practice and Novae makes European property appointment.
The potential for a regional trade agreement on insurance to cover southern and eastern Africa and make life a lot easier for risk managers with global programmes is increasingly unlikely according to risk managers, brokers and insurers in South Africa.