Growing African insurance markets remains a challenge

Growing African insurance markets remains a challenge

Growing African insurance markets remains a challenge

One of the perennial questions for African insurers is how to drive up insurance penetration rates across the continent and how to deepen the levels of insurance bought. At the African Insurance Organisation’s annual general assembly, held in Johannesburg, a group of senior insurance leaders and insurance regulators sought to address these issues Pride in the profession of insurance could…

Asia engineering insurance experience brought to Mauritius

Asia engineering insurance experience brought to Mauritius

Asia engineering insurance experience brought to Mauritius

The Insurance Institute of Mauritius (IIM) recently organised an engineering training week together with Talent Asia Training and Consulting. Staff from insurance companies, brokers, reinsurance brokers, reinsurers and loss adjusters attended the five-day event. The five days included a look at topics related to engineering insurance, including: CAR/EAR insurances IAR/MB insurances CECR insurance and how it works. IIM president Jean-Yves Violette…

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Allianz Africa COO appointed president of the AIO

Allianz Africa COO appointed president of the AIO

Allianz Africa COO appointed president of the AIO

The African Insurance Organisation (AIO) has named Delphine Traoré as its new president. Ms Traoré is Allianz Africa’s chief operations officer (COO) and has served as vice-president of the AIO since 2018. She takes over from managing director of Ghana Union Assurance, Arethu Duku. The announcement was made at the AIO’s 46th conference and annual general assembly, held at Emperors…

George Otieno suspended by ATI

George Otieno suspended by ATI

George Otieno suspended by ATI

George Otieno, former CEO of Africa Trade Insurance Agency (ATI), has been suspended with immediate effect by the board of directors of the ATI. John Lentaigne, ATI’s chief underwriting officer, has been appointed acting CEO. The ATI explained: “This [follows] Mr Otieno starting court proceedings against ATI in relation to his employment contract, which makes his position untenable as the…

Mozambique cyclones hit hard

Mozambique cyclones hit hard

Mozambique cyclones hit hard

Few countries in Africa have encountered and withstood such difficult weather-related and destabilising events as Cyclone Idai and Kenneth. Officials said they were unable to respond to the challenging circumstances that resulted from unprecedented damage caused by back-to-back cyclones. Institutional weaknesses further magnified these problems: lack of an advance evacuation plan, low insurance coverage for properties, lack of resources, poorly…

Insurance winners named at AIO

Insurance winners named at AIO

Insurance winners named at AIO

Yared Mola, of Nyala Insurance in Ethiopia, has been named CEO of the Year in the Africa Re Insurance Awards. Presented at the African Insurance Association general assembly in Johannesburg this week, Mr Mola is CEO of Nyala Insurance, a company incorporated in 1995 as the Ethiopia insurance market was liberalised. Insurance Company of the Year went to Mohandes Insurance,…

New leadership programme for Africa

New leadership programme for Africa

New leadership programme for Africa

Reinsurer Munich Re of Africa (MRoA) has launched an innovative leadership development programme for Africa. The move comes just as the Risk Frontiers Africa 2019 survey reveals that skills and talent risk is once again seen as an increasing risk across the continent. At a dinner to coincide with the 46th African Insurance Organisation Conference and Annual General Assembly, taking place…

Need to drive insurance into new African markets

Need to drive insurance into new African markets

Need to drive insurance into new African markets

Insurers have recognised the need to spread insurance into new African markets, delegates at the African Insurance Organisation (AIO) annual conference heard. Thusang Mahlangu, Allianz Global Corporate & Specialty Africa CEO, said: “The majority of individuals and businesses in Africa are not insured or are underinsured. That’s why we have partnered with the AIO for this conference, to explore ways…

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Insurers condemn Nigerian regulator move to raise capital requirements

Chief executives of insurance companies and shareholder groups have condemned Nigeria’s National Insurance Commission (NAICOM) for increasing the capital base of general insurers to NGN10bn for general insurers and NGN18bn for composite firms. The new requirement for life insurance companies is NGN8bn, while for reinsurance firms, the new capital level is NGN20bn. The move follows a similar attempt by the…

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