Solid growth to continue for Maghreb insurance markets despite challenges, says Best

Solid growth to continue for Maghreb insurance markets despite challenges, says Best

Solid growth to continue for Maghreb insurance markets despite challenges, says Best

The insurance markets of the Maghreb region – Morocco, Algeria and Tunisia – have seen solid growth in the last five years, above global market averages, and that trend is expected to persist, despite the challenges of Covid-19 and the associated economic downtown, according to AM Best. However, there are numerous challenges in the short- to medium-term, which have the…

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink has expanded its footprint in Africa, with Tunisian brokerage Karé Kamoun becoming the latest affiliate to join the global broking business. The Tunis-based insurance and reinsurance broker specialises in the core lines of business found in Tunisia, including industrial and commercial cargo, construction, as well as health and life insurance. The firm’s reinsurance expertise in areas including the placing…

Africa sees first coronavirus case

Africa sees first coronavirus case

Africa sees first coronavirus case

The first case of coronavirus (Covid-19) has been found in Egypt, as a Chinese man returned to the north African country from his New Year break. The 17 contacts of the patient have tested negative, and all of them are under home isolation for 14 days. They are being followed up by the Egyptian Ministry of Health and Population. Meanwhile,…

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Tunisian insurer joins MAXIS Global Benefits Network

Tunisian insurer joins MAXIS Global Benefits Network

Tunisian insurer joins MAXIS Global Benefits Network

MAXIS Global Benefits Network (MAXIS GBN) has added a Tunisian insurer to the network. COMAR Tunisia has become the latest local insurance provider to become a member of MAXIS GBN, providing medical, life, accident and disability coverage to multinational clients in Tunisia. MAXIS GBN said the policies provided by COMAR to MAXIS GBN clients can be reinsured and included in…

MENA insurance market to see ‘flood of M&As’ in 2020

MENA insurance market to see ‘flood of M&As’ in 2020

MENA insurance market to see ‘flood of M&As’ in 2020

The MENA insurance market is expected to see a flood of mergers and acquisitions (M&As) in 2020, according to wholesale insurance and reinsurance broker New Dawn Risk. It said it is generally accepted that insurance markets in the Gulf Cooperation Council have long been ripe for consolidation but despite an excess of insurance businesses (there are 65 in the UAE…

Africa flies in face of globalisation with more protectionist measures

Africa flies in face of globalisation with more protectionist measures

Africa flies in face of globalisation with more protectionist measures

The rise of protectionism topped the agenda at the recent Federation of Afro-Asian Insurers & Reinsurers (FAIR) conference in Morocco. According to Dermot Dick, head of treaty production at New Dawn Risk: “Despite the seemingly unstoppable rise of globalisation, we have seen increased signs of protectionist policies being implemented in Africa and Asia, and some major countries that wish to…

Political risks still threaten trade in north Africa

Political risks still threaten trade in north Africa

Political risks still threaten trade in north Africa

Political unrest and the risks around forthcoming elections top the risk list in a new report on north Africa by credit insurer Atradius. Darren Power, northern regional manager for Atradius, said: “In a global economy where uncertainty seems to have become the norm, knowledge is critical. Trading briefs and insights into the performance and intricacies of overseas markets are essential…

European flights to Cairo suspended as terror risks escalate

European flights to Cairo suspended as terror risks escalate

European flights to Cairo suspended as terror risks escalate

British Airways (BA) and Lufthansa suspended flights to Cairo, after warnings of escalated terror threats to the Egyptian capital, particularly for aviation. Lufthansa has now resumed flights but BA has said it will reconsider flights after a further week of suspension. BA said it made the move as a security “precaution” but gave no details. A BA spokesperson said: “We…

Moroccan companies still behind on payments

Moroccan companies still behind on payments

Moroccan companies still behind on payments

Companies in Morocco are still late on payments, creating added risks for business in the north African country. According to credit insurer Coface, payment terms in Morocco show a situation that remains worrying despite a slight improvement. In its fourth survey on the payment behaviour of companies in Morocco, carried out at the beginning of 2019, it reveals that contractual…

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