AGCS report lays out key loss trends in engineering and construction sector

AGCS report lays out key loss trends in engineering and construction sector

AGCS report lays out key loss trends in engineering and construction sector

Allianz Global Corporate & Specialty (AGCS) has published a new report that lists key claims and insurance trends in engineering and construction projects, which it says are becoming bigger and more costly than ever. The report lays out engineering loss trends between mid-2013 to mid-2018, based on more than 13,000 claims around the world with an approximate value of €7.9bn.…

Nigerian regulator says tougher capital requirements could end premium flight

Nigerian regulator says tougher capital requirements could end premium flight

Nigerian regulator says tougher capital requirements could end premium flight

The Nigerian regulator Naicom has been justifying its position on higher capital requirements, by highlighting the amount of premium leaving the country. Naicom’s director of policy and regulation, Pius Agboola, said the ongoing recapitalisation (which will require some insurers to triple their capital) is ultimately to position the sector to be able to handle large transactions in Nigeria as well…

South African short-term insurance sector grew 8% in 2018

South African short-term insurance sector grew 8% in 2018

South African short-term insurance sector grew 8% in 2018

The South African insurance industry reported gross written premiums (GWP) of ZAR108.6bn in 2018, an increase of 8% when compared to the ZAR100.4bn written in 2017. However, it is no longer rated a low catastrophe risk after huge losses in 2017. Uncharted: The South African Insurance Industry Survey 2019 from KPMG shows that the strong growth suggested in GWP did…

Change in law could aid Gabon’s oil sector

Change in law could aid Gabon’s oil sector

Change in law could aid Gabon’s oil sector

Gabon’s new hydrocarbon law removes barriers to investment in the sector and could help arrest the declining trend in oil production as existing fields mature. Fitch Ratings said this would support Gabon’s sovereign credit profile, given its high dependence on the oil sector for fiscal revenues and export earnings, but the full extent of the potential benefits and of the…

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…

Patrick Peters to head Sedgwick business development for Africa

Patrick Peters to head Sedgwick business development for Africa

Patrick Peters to head Sedgwick business development for Africa

Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has appointed Patrick Peters as its head of business development for Africa and the Middle East. Mr Peters has been managing accounts across many territories including Egypt and South Africa as the head of international partnerships. He led the facilitation of business placement in territories such as the Ivory…

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

Insurers across the 14 countries of the CIMA (Francophone Africa) region are promising to use credit insurance products to help SMEs cope with insolvency risks. The International Insurance Institute has urged African companies to use credit insurance-surety products to help their customers deal with insolvent customers. CIMA has been searching for an insurance-led solution to the problem that small businesses…

Swiss Re opens office in Ivory Coast

Swiss Re opens office in Ivory Coast

Swiss Re opens office in Ivory Coast

Reinsurer Swiss Re is to open an office in Abidjan, Ivory Coast, after being granted approval by the Inter-African Conference of Insurance Markets (CIMA) regulator. Having CIMA approval allows the company to operate in any one of the 13 CIMA-regulated countries in west Africa. Swiss Re said the new office would allow it to expand its services in the region.…

Nigerian Stock Exchange lifts suspension from Universal

Nigerian Stock Exchange lifts suspension from Universal

Nigerian Stock Exchange lifts suspension from Universal

The Nigerian Stock Exchange has lifted its suspension on Universal Insurance, after the insurer filed the necessary paperwork. Universal had been one of 11 companies that were suspended on 2 July. The stock exchange issued a statement, saying: “In view of the company’s submission of its audited financial statements, the exchange is satisfied that the accounts comply with all applicable…

Sanlam names new CEO for emerging market business

Sanlam names new CEO for emerging market business

Sanlam names new CEO for emerging market business

Sanlam has announced that the group’s financial director, Heinie Werth, has taken over as chief executive officer of Sanlam Emerging Markets, the business cluster that is responsible for Sanlam’s businesses across 33 countries in Africa – Sanlam Pan-Africa (SPA) – as well as the company’s other emerging markets business in India, Lebanon and Malaysia. Junior Ngulube, formerly CEO, has become…

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