Africa
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UK regulator fines Ghana International Bank £5.8m for poor AML controls
The UK’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GIB) £5.8m for failing financial crime controls. The FCA…
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MNK Re appoints chief executive of new Kenyan subsidiary
Lloyd’s broker MNK Re Group has appointed Steven Oluoch as chief executive of its new Kenya and east Africa office.…
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Allianz and Swiss Re back new parametric risk transfer scheme for Ghana floods
A new public-private partnership has been formed to develop flood insurance in Ghana based on parametric risk transfer, led by…
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Netherlands calls for action on stranded Yemeni supertanker
The Dutch government has called for more urgent action to deal with the environmental threats posed by a decaying supertanker…
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Businesses face widespread security risk in world’s biggest cities, Verisk index shows
Some 22% of the world’s largest cities are running high or extreme security threats to businesses, according to risk intelligence…
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Swedish thinktank warns of ‘critical’ risks from confluence of climate change and war
The world is in danger of stumbling into a risk management crisis because of the worrying increase in both armed…
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Marsh named as broker of controversial East African oil pipeline
Marsh is set to broker cover for the controversial East African Crude Oil Pipeline (EACOP), which is expected to generate…
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Allianz completes majority stake acquisition of Tanzanian insurer
Allianz has completed its acquisition of a majority stake in Jubilee General Insurance Company of Tanzania. The insurer will change…
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Cost-of-living crisis driving rise in civil unrest risk, finds Verisk Maplecroft index
Middle-income emerging markets are most at risk of spikes in civil unrest, driven by the cost-of-living crisis, during the next…
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Sanlam and Allianz team up to form pan-African insurance powerhouse
Sanlam, the largest non-banking financial services company in Africa, and German insurance giant Allianz have agreed to combine their current…
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Marsh McLennan reports higher revenue as rates rise again
Marsh & McLennan reported a double-digit rise in underlying revenue in the first quarter as rates continued to climb, and…
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New chief executive of MNK Re’s South Africa branch
Specialist Lloyd’s broker MNK Re Group has appointed Vanida Pillay as the new chief executive of its South Africa branch.…
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Allianz the latest carrier to rule out east Africa pipeline
Allianz has become the seventh insurer to publicly state that it will not insure the huge East African Crude Oil…
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Munich Re confirms no cover for huge east African oil project
Munich Re today publicly confirmed that it has rejected the East African Crude Oil Pipeline (EACOP), as pressure from the…
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Resilience bonds uncertain but rising corporate interest in cat bonds likely: Sidley
Resilience bonds, which are catastrophe bonds with an incentive to invest in infrastructure by offering premium rebates, are being promoted…
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Hannover Re fifth firm to pull cover for East African Crude Oil Pipeline
Hannover Re has become the fifth (re)insurer to announce it won’t cover the East African Crude Oil Pipeline (EACOP), as…
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Atradius reveals most promising emerging markets for 2022
The most promising emerging markets for international trade this year are Uruguay, Ivory Coast, Israel, Qatar and Taiwan, according to…
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Major increase in use and scope of transactional risk insurance, says Marsh
The record-breaking merger and acquisition (M&A) environment in 2021 resulted in substantial increases in aggregate limits placed and the number…
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South Africa’s risk management association warns country is ‘on edge of becoming a failed state’
Weak leadership, cyber and climate change have been named as the top risks facing South Africa during the next year,…
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Germany commits further €21m to help vulnerable countries boost climate change risk management
The German government said today it will spend an extra €21m to better protect poor and vulnerable countries from the adverse…
