ATI secures A3 IFS rating from Moody’s

ATI secures A3 IFS rating from Moody’s

ATI secures A3 IFS rating from Moody’s

The African Trade Insurance Agency (ATI) has secured an A3/stable insurance financial strength (IFS) rating from Moody’s, based on its strong capitalisation and liquidity, among other criteria. The rating stands alongside S&P’s A/stable rating, which ATI has maintained for more than a decade. Securing a second rating is part of ATI’s medium-term strategy to further strengthen its governance and oversight…

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Anchor Insurance sees income improve 72%

Nigerian insurer Anchor Insurance Company has seen premium income rise to NGN3.5bn in 2018, from NGN2.2bn in 2017. Augustine Ebose, managing director/chief executive officer of Anchor, said the company has also improved its ICT applications, helping to improve service delivery especially in the motor insurance business. He said: “We have been able to improve our premium income in the last…

New microinsurer for Nigeria

New microinsurer for Nigeria

New microinsurer for Nigeria

Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami  Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…

Time for strong leadership as insurance sector transforms

Time for strong leadership as insurance sector transforms

Time for strong leadership as insurance sector transforms

Amanda Blanc was recently appointed CEO for Europe, Middle East and Africa (EMEA) at Zurich Insurance Group. She is also chair of the Association of British Insurers (ABI). Commercial Risk Europe Editor Adrian Ladbury interviewed Ms Blanc about her career, as well as the many challenges and opportunities facing the insurance sector and its customers. Adrian Ladbury [AL]: How and…

Kenya’s medical insurers blame ill-equipped hospitals for losses

Kenya’s medical insurers blame ill-equipped hospitals for losses

Kenya’s medical insurers blame ill-equipped hospitals for losses

Medical insurance firms in Kenya are blaming the rising number of poorly equipped hospitals using unregistered staff, for increased claims that have sunk more than half of the insurers into losses. The largest health insurer in Kenya, Jubilee Insurance, said many registered institutions are not hiring approved doctors, leading to higher costs and the increased likelihood of a wrong diagnosis…

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich is on track to meet turnaround targets for its P&C business this year, as it delivered a 4% boost to gross written premiums during Q1 to $9.2bn on like-for-like sales, and average rate increases of 2%. Zurich said it is ahead of targets set for the 2017-2019 period as part of a three-year plan to pull the insurer out…

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

The Egyptian insurance industry has agreed a pioneering initiative to develop a national sustainable insurance strategy and action plan – described as a “roadmap” – by 2020. This roadmap aims to harness the triple role of the Egyptian insurance industry as risk managers, insurers and investors for economic, social and environmental sustainability. Insurance leaders and financial regulators, UN officials and…

Afro-Asian Insurance Services hires Ahmad from GIC Re

Afro-Asian Insurance Services hires Ahmad from GIC Re

Afro-Asian Insurance Services hires Ahmad from GIC Re

Afro-Asian Insurance Services has appointed Zeeshan Ahmad as senior reinsurance officer. He joins from GIC Re Group, where he was chief underwriting officer of its South African subsidiary, before moving into his most recent role of treaty underwriter for international business at GIC Re’s head office in Mumbai. Mr Ahmad was responsible for the establishment of GIC Re’s operations on…

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

A serious academic study on the negative impact of inconsistent and protectionist insurance regulation around the world is likely needed if the international risk and insurance management community is to convince regulators of the need for reform from the top down, according to the chair of the International Federation of Risk & Insurance Management Associations (Ifrima). Mary Roth, who is…