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…

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains that operate through the world’s major hubs are making little or no progress in stamping out child labour, finds new research from Verisk Maplecroft. In its Child Labour Index, the risk analytics firm said manufacturing hubs most entwined in global supply chains – including China, India, Bangladesh, Vietnam and Cambodia – have “not recorded any improvement”…

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…

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