Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

The world will be more unstable, less cooperative and more prone to crises this year, with the risk of interstate conflicts higher than it has been for decades, warns Risk Advisory’s Strategic Outlook 2021. The risks consultancy’s report says that the global security and geopolitical outlook is broadly worsening this year in North America, west and central Africa, south Asia…

Oil workers evacuating Mozambique project after nearby terror attacks

Oil workers evacuating Mozambique project after nearby terror attacks

Oil workers evacuating Mozambique project after nearby terror attacks

Total SE has asked some staff to vacate its $20bn Mozambique liquefied natural gas (LNG) project, as Islamist militants are staging attacks increasingly closer to the site. According to reports, fighters linked to Islamic State this week raided a town less than 5km from the construction camp of what is Africa’s largest private investment, ratcheting up risks for the planned LNG…

Brokerslink adds Eswatini broker to network

Brokerslink adds Eswatini broker to network

Brokerslink adds Eswatini broker to network

Intermediary network Brokerslink has announced the addition of Eswatini-based Ensure Insurance Brokers (Ensure) to its international network, bringing its presence in Africa to 33 countries. Ensure has built up a strong reputation, trading on almost 30 years of expertise in commercial, industrial, corporate and personal lines. Its addition to the network is a further demonstration of Brokerslink’s commitment to building…

Zimbabwe organisations must raise their game on risk management

Zimbabwe organisations must raise their game on risk management

Zimbabwe organisations must raise their game on risk management

Companies in Zimbabwe must invest more in enterprise risk management (ERM), according to a new survey from the Institute of Risk Management (IRM). A baseline risk management survey in Zimbabwe, initiated by the regional group of risk professionals and conducted by Smarntha Shonhiwa and David Chimsitu from the National University of Science and Technology (NUST) Zimbabwe, revealed that organisations need…

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…

Zep-Re opens business park in Lusaka

Zep-Re opens business park in Lusaka

Zep-Re opens business park in Lusaka

Zambia’s President, Dr Edgar Chagwa Lungu, has officially opened a Zep-Re business park in Lusaka and pledged his continuing support for the insurance sector. President Lungu stressed the importance of insurance in sustaining a healthy and growing economy, and commended the company for making its largest investment in Zambia. “Zep-Re has actively participated in mitigating losses suffered in the market…

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwe’s insurers face massive hike in capital requirements

Zimbabwean insurers are facing a massive hike in capital requirements after the country’s finance minister Mthuli Ncube increased the minimum capital requirements to 15 times their previous level. The move follows similar changes announced in Nigeria and Ghana, as the continent’s regulators move to ensure that insurers are well capitalised to protect value for policyholders and pension members. The new…

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

East and southern Africa states celebrate 25 years of COMESA

The Common Market for Eastern and Southern Africa (COMESA), which includes financial services, is celebrating 25 years. ZEP-RE has been one company celebrating the 25-year milestone, saying: “The common market has had tremendous impact on the lives and people of the region and this milestone is celebrated in recognition of the transformation that the economies across eastern and southern Africa…

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwe to tighten money-laundering rules for insurers

Zimbabwean insurers will face tougher anti-money-laundering (AML) rules after the country was placed on the Financial Action Taskforce (FATF) watch list. The Insurance and Pensions Commission (IPEC) said it will review licensing mechanisms for local insurers to ensure they comply with international AML regulations. This followed lack of progress in addressing deficiencies that were first flagged in 2016. IPEC commissioner…

Zambia budget creates risks for debt sustainability

Zambia budget creates risks for debt sustainability

Zambia budget creates risks for debt sustainability

Zambia’s 2020 budget could increase risks to the sovereign’s external debt sustainability unless new sources of grant funding or concessionary lending are found, Fitch Ratings has warned. The ratings agency said the budget envisages a significant increase in such funding but does not identify the likely sources. “The budget forecasts a revenue increase to 22% of GDP, driven by expected…

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