African insurers waiting to see if BI claims arise

African insurers waiting to see if BI claims arise

African insurers waiting to see if BI claims arise

The impact of Covid-19 is yet to be fully assessed for many African insurers, both in terms of resulting claims and in terms of future business, as a group of insurers discussed at a recent roundtable. Liz Booth reports… Insurers across Africa are reporting few business interruption (BI) claims as yet – but are keeping a close eye on notifications…

OPEC moves likely to hit Nigerian economy hard, warns Fitch

OPEC moves likely to hit Nigerian economy hard, warns Fitch

OPEC moves likely to hit Nigerian economy hard, warns Fitch

Nigeria’s adherence to oil production cuts under the OPEC+ agreement will lead to deeper economic contraction and fiscal deficits and compound pressures on external finances from the slump in oil prices, Fitch Ratings has warned. It said increased recourse to concessional multilateral loans will ease near-term liquidity pressures, but the risk of a disruptive macroeconomic adjustment will persist, adding: “We…

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…

Will Covid-19 change our ways of working for ever?

Will Covid-19 change our ways of working for ever?

Will Covid-19 change our ways of working for ever?

Corneille Karekezi, CEO of Africa Re, talks to Liz Booth about riding out the Covid-19 storm and whether we will ever return to pre-coronavirus ways of working Being prepared before the Covid-19 pandemic hit has been key to riding out the storm, however the insurance industry can only wait and watch to see the ultimate impact on its business. That…

New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

New reinsurer set for the Seychelles

A new reinsurer is set to emerge in the Seychelles to cater for local business and support the islands’ growing insurance market. SEY Re has been incorporated and will apply for a licence from the Financial Services Authority once it has established its shareholders. A call for interest in the new company ends on 20 May. The new company has…

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…

Continental Reinsurance reports 29% increase in Q1 gross premium income

Continental Reinsurance reports 29% increase in Q1 gross premium income

Continental Reinsurance reports 29% increase in Q1 gross premium income

Despite unprecedented challenges across Africa resulting from the Covid-19 pandemic, Continental Reinsurance has posted a 29% increase in gross premium income for the first quarter of 2020. However, Dr Femi Oyetunji, group managing director, cautioned: “The pandemic has alerted us to expect variations in key performance metrics, which are highly likely to impact our annual objectives. “Covid-19 has caused extreme…

Chubb promotes Peter Bremner to head of management liability

Chubb promotes Peter Bremner to head of management liability

Chubb promotes Peter Bremner to head of management liability

Chubb has appointed Peter Bremner as head of management liability for Chubb Global Markets (CGM) and regional head of financial lines, Eurasia and Africa. In his new role for CGM, which comprises Chubb’s London market wholesale and specialty arm including the company’s Lloyd’s platform, Mr Bremner will be responsible for the growth and development of its management liability business. He…

Chubb appoints powergen leader for Africa

Chubb appoints powergen leader for Africa

Chubb appoints powergen leader for Africa

Chubb has appointed Mark Quinn as regional head of powergen for Eurasia and Africa. Mr Quinn will have overall responsibility for underwriting and business development activity for this line of business across its Eurasia and Africa region, where he will be supported by local underwriting teams. Previously head of powergen in the Middle East and north Africa (MENA), Mr Quinn…

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Sunday Thomas confirmed as Nigeria’s insurance commissioner

Nigeria’s President Muhammadu Buhari has approved the appointment of Sunday Thomas as commissioner for insurance and chief executive officer of the National Insurance Commission. Mr Thomas replaces the immediate past acting commissioner for insurance Mohammed Kari. Formerly director general of the Nigerian Insurers Association, Mr Thomas has more than 30 years’ experience in the industry as an operator and regulator.…

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