Bringing innovation and entrepreneurship to the insurance market

Bringing innovation and entrepreneurship to the insurance market

Bringing innovation and entrepreneurship to the insurance market

In South Africa, new insurance industry regulations requiring onerous capital adequacy limits for cell captives have been introduced, as well as delineating the types of businesses that may own a cell captive. As a result, Genric Insurance Company is focusing on providing insurtech startups, underwriting management agencies and entrepreneurs with more financially viable and practical alternatives to bring new insurance…

Cash usage providing headaches for African insurers

Cash usage providing headaches for African insurers

Cash usage providing headaches for African insurers

Insurers are facing a number of risks from the continued use of cash across Africa. According to Assaf Reches from broker Knapton, the use of cash is still very popular in Africa and makes up a significant proportion of the transactions made throughout the continent. He said: “Governments don’t like this level of cash payments, as it has potential to…

A practical overview of the IMO 2020 Sulphur Cap

A practical overview of the IMO 2020 Sulphur Cap

A practical overview of the IMO 2020 Sulphur Cap

With less than 18 months before Regulation 14.1.3 of Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) comes into effect, there are still numerous challenges surrounding compliance and enforcement, which have cast uncertainty over the effect that the regulation will have on the international maritime industry and on individual shipping companies. This three-part series…

Result of imminent election key to capitalise on Nigeria’s potential

Result of imminent election key to capitalise on Nigeria’s potential

Result of imminent election key to capitalise on Nigeria’s potential

With just days to go until Nigeria goes to the polls and with business nervous of the ensuing political risks, Africa’s largest economy is still facing myriad issues. Anna Brattstrom, global head of statistics and analytics at Axco Insurance Information Services, warned: “Violent clashes between farmers and herders, undefeated terrorist group Boko Haram, poverty, and slow economic recovery from the worst recession…

2019 African Insurance Organisation Conference set for Johannesburg

2019 African Insurance Organisation Conference set for Johannesburg

2019 African Insurance Organisation Conference set for Johannesburg

The African Insurance Organisation will hold its 46th conference and annual general assembly in Johannesburg, South Africa, from 8 to 13 June 2019. Each year the event attracts delegates from across Africa and the rest of the world to discuss and workshop the most pressing issues facing the insurance industry on the continent at the time. To be held at…

Political risks and economic downturn threaten emerging markets

Political risks and economic downturn threaten emerging markets

Political risks and economic downturn threaten emerging markets

Businesses face two major pitfalls in 2019: the economic downturn and political risks, according to credit insurer Coface. In a new report, it states: “This global environment has contrasting effects on emerging economies. The slowdown in growth in the eurozone (+1.6 % forecast for 2019) and the US (+2.3 %) exposes emerging markets to contagion effects, primarily through trade flows.…

Chair of SCG-Ré dies

Chair of SCG-Ré dies

Chair of SCG-Ré dies

Edouard-Pierre Valentin, chairman of the board of directors of Société Commerciale Gabonaise de Réassurance (SCG-Ré), has died peacefully in France, aged 80. Mr Valentin, a well-known insurance figure in Gabon, was the chairman of SCG-Ré since its creation in 2012. He also founded insurance company OGAR in the 1970s, where he held the position of general manager. Mr Valentin was…

Nigerian insurers act to curb motor fraudsters

Nigerian insurers act to curb motor fraudsters

Nigerian insurers act to curb motor fraudsters

The Nigeria Insurance Association (NIA) has launched the *565*11# service, accessible from any mobile phone, in a bid to cut out motor insurance fraud. It allows policyholders to check whether a policy is genuine against the Nigerian Insurance Industry Database (NIID). Tope Smart, president of NIA, said the objective is to combat insurance fraud by limiting the circulation of fake…

Challenging market conditions in MENA but rated insurers well capitalised, says Best

Challenging market conditions in MENA but rated insurers well capitalised, says Best

Challenging market conditions in MENA but rated insurers well capitalised, says Best

Re/insurers rated by AM Best in the Middle East and Africa generally remain well capitalised, despite political instability and the economies of countries in the region being impacted by suppressed oil prices. The ratings agency said that despite the economic and political challenges, the majority of rating actions (75%) in the Middle East and Africa during 2018 were affirmations, with…