World unlikely to step in to stop west African piracy

World unlikely to step in to stop west African piracy

World unlikely to step in to stop west African piracy

Global trade swayed the decision-making in favour of taking a stand against the Somali pirates operating off the east coast of Africa but, as Liz Booth reports, it is unlikely the west coast will see the same support despite becoming the global hot spot for pirate attacks Risk managers with any involvement in marine transport on the west coast of…

Market developments and macroeconomics head Ghana’s risk list

Market developments and macroeconomics head Ghana’s risk list

Market developments and macroeconomics head Ghana’s risk list

Macroeconomics and market developments rank as the most important business risks in Ghana, being named by 41% of respondents in a new study from Allianz. According to the ninth Allianz Risk Barometer, macroeconomic developments also rank first in Nigeria, fourth across Africa and the Middle East as a whole, and seventh in Cameroon, South Africa and Tanzania. This was the…

ICS calls for global response to Nigerian marine kidnappings

ICS calls for global response to Nigerian marine kidnappings

ICS calls for global response to Nigerian marine kidnappings

The International Chamber of Shipping (ICS) has called for a global response and support for the Nigerian authorities battling to combat a surge in piracy and kidnappings off the coast. The ICS said: “The number of ships’ crewmembers being kidnapped in the Gulf of Guinea increased by more than 50% in 2019, and this year has begun with a further…

Political risk rises up agenda in Africa

Political risk rises up agenda in Africa

Political risk rises up agenda in Africa

Political risks top the list for some African Francophone countries, in contrast to cyber risks which were cited as the number one global risk, according to the recent Allianz Risk Barometer 2020. As Francophone risk managers prepared for a special African session at the AMRAE Congress in Deauville this week Cameroon, for example, which was surveyed for the first time…

AMRAE continues drive for more consistent insurance regulation across CIMA region

AMRAE continues drive for more consistent insurance regulation across CIMA region

AMRAE continues drive for more consistent insurance regulation across CIMA region

French risk and insurance management association AMRAE is using its annual meeting of Club FrancoRisk at the start of its annual conference to seek further consistency and clarity about the treatment of global programmes across French-speaking Africa. Club FrancoRisk was launched in 2014 by AMRAE in partnership with AGRAQ, its counterpart in the Canadian province of Québec. The group’s goal…

Insurers overcharging for Indian Ocean crossings but world ignoring west Africa crisis

Insurers overcharging for Indian Ocean crossings but world ignoring west Africa crisis

Insurers overcharging for Indian Ocean crossings but world ignoring west Africa crisis

The world needs to wake up to the shipping crisis in west African waters, warns security expert Dryad Global. In its annual report, it suggests that the “significant security costs for transits in the Indian Ocean and through the Red Sea are no longer justified”. It adds: “There is little incentive for the insurance industry to remove its premiums that…

Political risks rise in Ivory Coast as election looms

Political risks rise in Ivory Coast as election looms

Political risks rise in Ivory Coast as election looms

Risk managers are being warned of rising political risks in Ivory Coast, as the west African country heads towards a presidential election in October. Fitch Ratings said: “Our baseline remains for the election to pass peacefully but with a significant risk of a disruptive political crisis. Following a decade during which tensions were contained, political polarisation is mounting again, fostered…

Series of pirate attacks worries African marine sector

Series of pirate attacks worries African marine sector

Series of pirate attacks worries African marine sector

Risk managers with marine interests and with supply chains involving transiting African waters should be monitoring a surge in pirate attacks on the west coast of the continent. There has been a spate of attacks in recent weeks, including several deaths in gunfights, along the west coast. There has also been the threat of attacks on the east coast off…

Risk managers have nothing to fear from west African currency reforms

Risk managers have nothing to fear from west African currency reforms

Risk managers have nothing to fear from west African currency reforms

Risk managers and their businesses should not be overly concerned by currency reforms in the West African Economic and Monetary Union (WAEMU) announced by Ivory Coast’s President, Alassane Ouattara, on 21 December 2019. Ratings agency Fitch has concluded the reforms “are mainly symbolic, as the peg to the euro will be maintained and the currency will continue to benefit from…

Morocco’s Wafa buys Cameroon’s Pro Assur

Morocco’s Wafa buys Cameroon’s Pro Assur

Morocco’s Wafa buys Cameroon’s Pro Assur

Moroccan insurance firm Wafa Assurance has finalised its acquisition of the non-life and life divisions of Cameroonian insurer Pro Assur for an undisclosed sum. A statement on the deal said: “Wafa Assurance acquires 65% of voting rights shares of Pro Assur SA and a controlling interest representing 89.4% of the shares and voting rights of Pro Assur Vie.” The deal,…

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