Africa escapes major catastrophes in 2018 but under-insurance remains major issue

Africa escapes major catastrophes in 2018 but under-insurance remains major issue

Africa escapes major catastrophes in 2018 but under-insurance remains major issue

Africa experienced a low number of natural catastrophes in 2018, compared to an eventful second half of the year, which contributed to a high overall loss figure of $160bn. According to Munich Re, half of these global losses were insured and, as a result, the loss burden for insurers was substantially higher than the long-term average. Notably, there were clear…

Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

The African Development Bank Group has approved a $14.12m facility to support Nigeria’s membership of the African Trade Insurance Agency (ATI). The deal, organised through its trade finance operations, is a critical and mandatory step to enable ATI to commence its operations in Nigeria, according to the bank. Nigeria, as Africa’s largest economy, joins 14 other African countries that have…

Axa XL closes Mauritius office

Axa XL closes Mauritius office

Axa XL closes Mauritius office

Following the merger of Axa and XL, and the integration of Axa Africa Speciality Risks within the new group, the group has closed its Mauritius operation. The Mauritius office had been a base from which Axa Africa Speciality Risks planned to springboard across Africa. The Mauritian office closed as of 1 January 2019. Any business will now be handled from…

Africa Re sets up new foundation to boost insurance and risk management

Africa Re sets up new foundation to boost insurance and risk management

Africa Re sets up new foundation to boost insurance and risk management

Africa Re has launched a foundation to mobilise funds to develop the insurance and risk management industries across Africa. The foundation stems from the launch of a trust fund in 2014 as part of Africa Re’s corporate social responsibility. The Africa Re Foundation will become operational in January 2019 and will be headquartered in Mauritius. It has a governing council,…

Cape Verde ratings affirmed

Cape Verde ratings affirmed

Cape Verde ratings affirmed

Fitch Ratings has affirmed Cape Verde’s long-term foreign-currency issuer default rating (IDR) at B with a stable outlook. The agency said the B IDR balances Cape Verde’s high levels of public and external indebtedness, large sovereign contingent liabilities and high reliance on tourism activity, against strong governance indicators and a high degree of concessionality in the sovereign’s public and external…

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

There will be little time for multinationals to mourn the end of the post-war liberal consensus that brought about globalisation, as the developing US-China trade war, and the story it foretells about a new world order, becomes the defining geopolitical risk in 2019, according to Control Risks…

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers should study the Cape Town drought: SCOR

Risk managers are being urged to study the recent Cape Town drought, to learn about the water-related risks facing large cities globally. In a new case study, Water Security: The Case of Cape Town’s Severe Water Shortage, reinsurer SCOR says Cape Town’s experience presents some key insights about water security and the vulnerability of cities. It suggests: “Risk officers in large or…

Tax relief promised for Zimbabwe insurers

Tax relief promised for Zimbabwe insurers

Tax relief promised for Zimbabwe insurers

Zimbabwe’s insurance industry has welcomed a decision to end a 2% transaction tax on insurance deals. The Zimbabwe finance minister promised further exemptions to the 2% transaction tax in the country’s budget announcement last week. The 170 insurers attending the Insurance Institute of Zimbabwe’s (IIZ) annual conference in Victoria Falls last month had urged the government to do away with…

Be prepared for climate change impact

Be prepared for climate change impact

Be prepared for climate change impact

The impact of climate change on Africa is set to be among the most severe, but people are quickly forgetting the terrible weather events of 2017 and are in danger of not preparing for the risks ahead, warned Sory Diomande at a recent conference in Zimbabwe Africa faces some of the worst impacts of global climate change, despite having been…

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