Insurers welcome move to simplify policy language in Namibia

Insurers welcome move to simplify policy language in Namibia

Insurers welcome move to simplify policy language in Namibia

Insurers have welcomed the news that the Namibian finance minister has tabled a Financial Institutions and Markets (FIM) bill, which will require insurance policies, certificates of coverage and any other relevant documents to be written in plain and simple language. It aims to ensure that consumers understand what they sign up for when they are buying insurance. The goal is…

ATI opens west Africa office

ATI opens west Africa office

ATI opens west Africa office

African Trade Insurance Agency (ATI) has opened a west Africa regional office, in Benin. The office launch caps a six-year relationship between ATI and Benin, the first west African country to become a shareholder, which has evolved into a valuable partnership. In 2018, the partnership culminated in ATI’s insurance support helping the government of Benin attract €610m of financing to…

Nigeria’s insurance commissioner steps down

Nigeria’s insurance commissioner steps down

Nigeria’s insurance commissioner steps down

Alhaji Mohammed Kari has retired as commissioner of insurance in Nigeria, after the government failed to renew his contract. After four years at the helm of Nigerian regulator Naicom, Mr Kari was due for retirement but had told Commercial Risk Africa last month he was waiting to see what would happen. Sunday Thomas, the former deputy commissioner of insurance at…

Willis buys Risk Capital Advisors in South Africa

Willis buys Risk Capital Advisors in South Africa

Willis buys Risk Capital Advisors in South Africa

Willis Towers Watson has bought Risk Capital Advisors (RCA), a specialist merger and acquisition (M&A) broker in South Africa, Australia and New Zealand, for an undisclosed sum. RCA will become a fully integrated part of the company’s FINEX global line of business, which has a team of financial, executive and professional risks experts that provide clients with specialist advice and…

Kenya Re’s profits fall after increase in claims

Kenya Re’s profits fall after increase in claims

Kenya Re’s profits fall after increase in claims

The Ethiopian Airlines plane crash  and the Dusit terror attack resulted in a 48.57% spike in claims has resulted in a 12.2% fall in net profit for Kenya Re in the half year ended on 30 June. Kenya Re blamed the rise in claims on the Ethiopian Airlines plane crash in March and the Dusit terror attack in January, for…

Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania is considering introducing livestock insurance to promote local leather industries. The news emerged as the Tanzania Insurance Brokers Association (TIBA) held its annual conference. Tanzania ranks third in livestock population behind Ethiopia and Sudan. TIBA’s president Amir Kiwanda said the association would convince members to introduce livestock insurance, to not only promote small-scale livestock keepers but also national economic…

Zep Re names new board and makes internal changes

Zep Re names new board and makes internal changes

Zep Re names new board and makes internal changes

Nairobi-headquartered Zep Re has named a new board and made some internal senior management changes, in a bid to drive its strengthened development mandate. The reinsurer said: “The new board is diverse, including individuals with backgrounds in development banking, representatives from founding governments, insurance and brokerage, which reflects the broad shareholding of Zep Re. The diversity and experience of our…

S&P upgrades Munich Re of Africa

S&P upgrades Munich Re of Africa

S&P upgrades Munich Re of Africa

Reacting to the negative ratings watch on South Africa’s issuer default rating, S&P Global Ratings has raised the rating of Johannesburg-headquartered Munich Re of Africa (MRoA), removing it from any possible contagion as a result of the South African rating. It has aligned MRoA with other Munich Re subsidiaries, which have just had their ratings affirmed. S&P raised the long-term…

Munich Re puts first-half nat cat losses at $15bn

Munich Re puts first-half nat cat losses at $15bn

Munich Re puts first-half nat cat losses at $15bn

Insured nat cat losses totalled $15bn in the first half of this year and were below the long-term average of $18m, according to Munich Re figures. The reinsurer said a total of 370 events delivered economic losses of $42bn in H1, excluding severe floods in southeast China that began in June and have reportedly caused billions of dollars in damage.…

Ethiopia finally relaxes rules on foreign ownership of insurers

Ethiopia finally relaxes rules on foreign ownership of insurers

Ethiopia finally relaxes rules on foreign ownership of insurers

After years of waiting and hoping for change, insurers have welcomed the first sign of a shift from the Ethiopian authorities. For the first time, foreign nationals, albeit only those of Ethiopian origin, will be allowed to operate in the insurance sector. Ethiopia is home to more than 105 million people and has been one of the fastest-growing economies on…