To tap the potential offered by Sub Saharan Africa the insurance market needs to recognise the local peculiarities and be prepared to invest on the ground for the long run, according to Anton Roux, CEO of Aon South Africa. But the broker told Adrian Ladbury that the signs are positive and that risk management is definitely improving on the ground.
Allianz Global Corporate & Specialty (AGCS) has appointed Patrick Thiels to lead its new Mediterranean operation where he will take overall responsibility for the insurer’s business in France, Spain, Italy, the Netherlands, Belgium, Luxembourg and Northwest African Maghreb states. Mr Thiels will join AGCS on April 1, 2013 from HDI Gerling where he is currently CEO of its Belgian and Luxembourg business.
Competition and demand for PI cover in Australia and Canada strong but South Africa remains niche market
While there is high penetration of professional indemnity insurance in Australia and Canada and strong competition among insurers for the business, South Africa remains a niche market with penetration low, according to new research by Finaccord.
Allianz Global Corporate & Specialty (AGCS) announced late last week that it has ‘signalled its intention’ to establish a significant local presence in Sub-Saharan Africa with the appointment of Delphine Maidou as CEO of its regional subsidiary, AGCS of Africa Pty.
Risk managers in the South African market have enjoyed soft markets for some time now on the back of excellent market results and a low incidence of catastrophes.
The potential for a regional trade agreement on insurance to cover southern and eastern Africa and make life a lot easier for risk managers with global programmes is increasingly unlikely according to risk managers, brokers and insurers in South Africa.
The riots in South Africa last week that accompanied a strike at the Lonmin platinum mine are indicative of wider economic and political tensions across Africa and represent a ‘significant’ challenge for mining companies that operate in the resource-rich continent, according to a political risk expert in London.
Fitch Ratings said in a special report published late last week that, although the operating environment in South Africa remains ‘challenging’, the performance of non-life insurers has been ‘resilient’.
Broker Marsh has completed its previously agreed acquisition of the brokerage business of Alexander Forbes (AF) which includes its South African insurance broking operations, Alexander Forbes Risk Services (AFRS) and related ancillary operations, as well as AF’s insurance broking operations in Botswana and Namibia.
Risk audits are needed across many international industries to dodge fines and reputational damage as US regulator targets the many companies that use minerals from Congo region. Adrian Ladbury reports from the IRMSA conference in Johannesburg on the latest transparency and governance squeeze carried out on an international basis.