New commissioner for South Africa

New commissioner for South Africa

New commissioner for South Africa

South Africa’s Financial Services Conduct Authority (FSCA) has confirmed that Dube Tshidi has been appointed by Tito Mboweni, the minister of finance, to perform the functions of the commissioner. The designation is effective from 6 August 2020 for a three-month period until 5 November 2020, or until a commissioner is appointed and assumes office – whichever occurs sooner.

New deputy commissioners appointed for Naicom

New deputy commissioners appointed for Naicom

New deputy commissioners appointed for Naicom

Nigerian President Muhammadu Buhari has approved the appointments of Alhaji Sabiu Bello Abubakar and Oba Olufemi Oluniyi as deputy commissioners for insurance at the National Insurance Commission (Naicom). Mr Bello Abubakar will function as deputy commissioner, technical, while Mr Oluniyi will serve as deputy commissioner in charge of finance and administration. Both appointments are effective from 17 July 2020, for an initial…

UK court issues warning on human rights violations in Sierra Leone

UK court issues warning on human rights violations in Sierra Leone

UK court issues warning on human rights violations in Sierra Leone

Risk managers are advised to take a cautious approach as the UK Court of Appeal decision in the African Minerals case serves as a warning to companies engaging third parties when operating abroad, particularly in countries with poor human rights records. It also highlights the trend (on which we have reported before) for such cases to be brought before the…

Bayer settlement is not the end of glyphosate litigation

Bayer settlement is not the end of glyphosate litigation

Bayer settlement is not the end of glyphosate litigation

In a bold move that is hoped to bring some finality to mounting claim numbers, Bayer recently announced it will pay up to $10.9bn to settle the majority of the estimated 125,000 claims alleging Roundup caused their non-Hodgkin’s lymphoma. However, this may not be the end of a story with plenty of lessons for risk managers. Since litigation began a…

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…