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…

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

The Washington-based Institute of International Finance (IIF) has called on international policymakers to maintain a united and coordinated response to the financial and economic threat posed by coronavirus and warned against regulatory arbitrage if some financial centres fail to fall into line. Dr Axel Weber, IIF chairman and chairman of the board of directors at UBS Group, and Tim Adams,…

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Chinese liquid natural gas (LNG) importer, CNOOC Group, has invoked force majeure to cancel contracts without liability meaning it won’t take delivery of some LNG cargoes as a result of the coronavirus epidemic, according to Rob Patterson and Myles Mantle, London partners at law firm Haynes and Boone. They said: “This is among the first known cases of this rare…

Evolving regulatory landscape in Africa demands insurance market reaction

Evolving regulatory landscape in Africa demands insurance market reaction

Evolving regulatory landscape in Africa demands insurance market reaction

Raising standards and finding ways to do business in a compliant manner are key for the new-look Gras Savoye across Africa, and after three years of integration with Willis Towers Watson, the new group has ambitious plans for the continent. But Arnaud de Moulins-Beaufort, head of Africa solutions at Gras Savoye, said a lot has changed in the past three…

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

The recent outbreak of a novel coronavirus in Wuhan, China has received worldwide attention and is increasingly putting a strain on businesses. On 30 January 2020, the World Health Organization declared the outbreak a Public Health Emergency of International Concern. The outbreak of any virulent disease presents the trading and shipping industries with various challenges, as was the case with…

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

In 1996, a 32-year-old woman died of a drug-resistant strain of tuberculosis after flying with a US carrier from Chicago to Hawaii. The Centre for Disease Control traced all 249 passengers and found that six of them, some as far as 13 rows behind the woman, had caught the pathogenic bacterium that causes tuberculosis. As a result of this incident,…

French risk managers still facing problems with African claims

French risk managers still facing problems with African claims

French risk managers still facing problems with African claims

The non-payment of claims in French-speaking African countries continues to be a problem for French risk managers, according to a discussion at the Club FrancoRisk meeting during the opening day of AMRAE’s conference in Deauville, Normandy. As regulators across Africa continue to try and drive up standards, French risk managers report they are still having problems with claims payments from…