AM Best affirms rating for Continental Re

AM Best affirms rating for Continental Re

AM Best affirms rating for Continental Re

Continental Re’s balance sheet strength, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management, have contributed to AM Best affirming its ratings. AM Best said the Nigeria-headquartered reinsurer has a financial strength rating of B+ (Good) and a long-term issuer credit rating of bbb-. The outlook of these credit ratings is stable. Best stated:…

Banking the change – how insurers in banking will change insurance too

Banking the change – how insurers in banking will change insurance too

Banking the change – how insurers in banking will change insurance too

Discovery launching a bank has profound implications, not just for banking but for the insurance industry and for the way that consumers view money as a whole “Discovery will be launching the world’s first behavioural bank,” enthused Adrian Gore from his podium at the landmark Discovery building in Sandton on 14 November. “Our ambition is to create a new category…

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Global mining conglomerates and their insurance and reinsurance partners will have to improve their risk management outcomes to ensure the long-term sustainability of mining insurance, and must follow the advice of their insurers when it comes to loss prevention. “It does not matter what premium you charge for cover nor what terms and conditions you attach to the insurance policy…

New voucher scheme set to reach millions of potential insureds

New voucher scheme set to reach millions of potential insureds

New voucher scheme set to reach millions of potential insureds

A new voucher system has been launched in Tanzania, potentially extending the reach of insurance to millions more Africans. Mohammed Jaffer, Tan Management group CEO, said the Safari Vocha covers an insured against death and/or permanent disability when travelling. The lowest cover is TZS 200/- (about $0.80) for a period of three days and a sum insured of TZS1m (about…

Insurer launches new-style bank

Insurer launches new-style bank

Insurer launches new-style bank

Financial services company Discovery is to launch what it calls the world’s first “behavioural bank”. The fully digital bank leverages Discovery’s shared-value model and can be joined from March 2019 by anyone with a smartphone. Discovery group chief executive, Adrian Gore, explained: “Discovery Bank presents the latest manifestation of our core purpose of making people healthier and enhancing and protecting…

Lion of Africa to be wound down

Lion of Africa to be wound down

Lion of Africa to be wound down

The Johannesburg-based short-term insurer, Lion of Africa Insurance Company, a wholly owned subsidiary of Brimstone, has decided to voluntarily and systematically wind down operations with immediate effect. According to a statement from Brimstone: “In the past few years, Lion has experienced a lack of profitability and a tough operating climate in its chosen markets, which combined with an onerous regulatory…

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…

Political risk continues to impact Cameroon ratings

Political risk continues to impact Cameroon ratings

Political risk continues to impact Cameroon ratings

Fitch Ratings has affirmed Cameroon’s long-term foreign-currency Issuer Default Rating (IDR) at B with a stable outlook, saying political instability remains a weakness. “Political instability is a weakness versus peers and succession to the recently re-elected 85-year-old president, Paul Biya, is a risk,” it warned, adding: “Tensions could rise given the worsening of political instability and violence in the two…

Nigerian insurer denies problems after parliamentary allegations

Nigerian insurer denies problems after parliamentary allegations

Nigerian insurer denies problems after parliamentary allegations

Great Nigeria Insurance (GNI) has denied allegations made in the country’s parliament and stressed that it has never received any warning, query or sanctions regarding insider trading from the Securities and Exchange Commission (SEC) or National Insurance Commission. The managing director and CEO of the underwriting firm, Cecilia Osipitan, said it had come to the notice of the board of…

Strong growth at Africa Re hampered by catastrophe and large losses

Strong growth at Africa Re hampered by catastrophe and large losses

Strong growth at Africa Re hampered by catastrophe and large losses

The African Reinsurance Corporation (Africa Re) posted premium income of $577.41m at the end of the third quarter of 2018, representing 11.65% growth compared to $517.15m at the same period of last year. The group said the strong performance was driven by new businesses in west and southern Africa, as well as African currencies that were relatively stable against the…