African businesses were ahead of the game as Covid-19 hit

African businesses were ahead of the game as Covid-19 hit

African businesses were ahead of the game as Covid-19 hit

A series of disease outbreaks have prepared many in west Africa for the current Covid-19 pandemic, but African insurers and reinsurers are still evaluating the likely impact of the pandemic on the economy. With lassa fever and ebola still rife in parts of sub-Saharan Africa, many African insurers and reinsurers were well prepared to cope with the Covid-19 pandemic as…

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

There will be no economic “snap back” from Covid-19 until late 2021 as the pandemic causes civil unrest and splits open geopolitical tensions, a Risk Advisory webinar has warned. The global economy will not see a sudden uptick in growth post-Covid-19 and is most likely to be depressed into next year, followed by a slow and gradual pickup towards the…

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Research from R&D tax credit specialists, RIFT Research and Development, has found that funding to fight the Covid-19 virus already eclipses the average annual funding dedicated to all diseases other than HIV and tuberculosis. The World Health Organization calculates that some £283.9m has already been donated to help fund the fight against Covid-19, with a further £48.5m pledged, to give…

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and International Bank Reconstruction and Development (IBRD), will be triggered and paid out – but only if reported cases of coronavirus continue to escalate rapidly in the developing world, as cases in China and Europe show welcome signs of plateauing. Credit…

Covid-19 contributes to rating downgrades for two of Africa’s largest economies

Covid-19 contributes to rating downgrades for two of Africa’s largest economies

Covid-19 contributes to rating downgrades for two of Africa’s largest economies

Ratings agencies have cited Covid-19 among the factors causing them to downgrade South Africa and Nigeria. Last week, Moody’s cut South Africa’s credit rating to sub-investment grade, meaning the country now has a junk rating from all three major international ratings agencies. The move came on the day that the country went into Covid-19 lockdown, with Moody’s saying the “unprecedented…

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

The International Federation of Risk and Insurance Management Associations (IFRIMA) has warned risk managers they will face belligerent claims staff and unscrupulous insurers as the Covid-19 crisis unfolds. The stark warning came from IFRIMA president Gert Cruywagen, writing to risk managers in his native South Africa. “There will be many new risks after Covid-19,” he stressed. “Those of us who…

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis Towers Watson (WTW) has developed a pandemic tracker that will allow P&C clients to measure Covid-19 exposures. Launched by WTW’s risk and analytics team and integrated into its Global Peril Diagnostics tool, the new feature gives up-to-date information on confirmed Covid-19 cases around the world alongside clients’ property total insured values. WTW said it will also track any business…

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Fraud is a major issue in the Kenyan insurance market and is thought to be one of the main reasons why insurance penetrations levels remain so low. Patrick Alushula reports on a new initiative from the insurance regulator to discover the true scale of the problem Kenya’s insurance industry regulator wants to measure the extent of fraud in the sector…

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Learning lessons from the 2019 cyclones

Stakeholders need to go above and beyond if they are to learn vital lessons from the catastrophic cyclones that swept across southeastern Africa last year A new report shows southern Africa has made progress in resilience-building in recent years and, to further strengthen the region against natural hazard events, recommends more attention to pre-event planning. These efforts should be accompanied…

Africa still expected to shine in tough political environment

Africa still expected to shine in tough political environment

Africa still expected to shine in tough political environment

Amid a challenging global outlook, Africa is expected to be an economic out performer in 2020, according to a new political risk report from Marsh. Political risk continually tops the risk list for most risk managers operating on the continent, so the new report should come as welcome news. Added to that, the International Monetary Fund forecasts growth in sub-Saharan…