West African insurers moving toward risk-based capital requirements

West African insurers moving toward risk-based capital requirements

West African insurers moving toward risk-based capital requirements

Insurers across west Africa have been working towards compliance with tough new risk-based capital requirements being imposed by their regulators. In Nigeria, new rules announced in June by the Nigerian Insurance Commission (Naicom) and set to be enforced in 2020 could mean the number of insurers halves in the next year. According to reports from Coronation Merchant bank, the number…

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

The insurance sector in Senegal grew by about 7% in 2018, according to preliminary financial figures. The 29 insurers in the country posted a premium income of CFA174.36bn ($296m), an increase of 7.3% on 2017, according to Reussir, which said this growth is attributable to both non-life and life business, which expanded by 8.6% and 4.96% respectively. At 31 December…

Piracy attack off Cameroon coast heightens risk

Piracy attack off Cameroon coast heightens risk

Piracy attack off Cameroon coast heightens risk

Risk managers with shipping interests have been warned of the piracy risk off the west African coast. In the latest attack, pirates kidnapped eight crew members of general cargo ship MarMalaita during a raid off the coast of Cameroon, Hamburg-based manager MarConsult Schiffahrt reported. The company said: “It is with deep regret and great concern [that we] inform that our vessel…

Change in law could aid Gabon’s oil sector

Change in law could aid Gabon’s oil sector

Change in law could aid Gabon’s oil sector

Gabon’s new hydrocarbon law removes barriers to investment in the sector and could help arrest the declining trend in oil production as existing fields mature. Fitch Ratings said this would support Gabon’s sovereign credit profile, given its high dependence on the oil sector for fiscal revenues and export earnings, but the full extent of the potential benefits and of the…

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

Insurers across the 14 countries of the CIMA (Francophone Africa) region are promising to use credit insurance products to help SMEs cope with insolvency risks. The International Insurance Institute has urged African companies to use credit insurance-surety products to help their customers deal with insolvent customers. CIMA has been searching for an insurance-led solution to the problem that small businesses…

Swiss Re opens office in Ivory Coast

Swiss Re opens office in Ivory Coast

Swiss Re opens office in Ivory Coast

Reinsurer Swiss Re is to open an office in Abidjan, Ivory Coast, after being granted approval by the Inter-African Conference of Insurance Markets (CIMA) regulator. Having CIMA approval allows the company to operate in any one of the 13 CIMA-regulated countries in west Africa. Swiss Re said the new office would allow it to expand its services in the region.…

ATI opens west Africa office

ATI opens west Africa office

ATI opens west Africa office

African Trade Insurance Agency (ATI) has opened a west Africa regional office, in Benin. The office launch caps a six-year relationship between ATI and Benin, the first west African country to become a shareholder, which has evolved into a valuable partnership. In 2018, the partnership culminated in ATI’s insurance support helping the government of Benin attract €610m of financing to…

New initiative set to boost Senegal-UK trade

New initiative set to boost Senegal-UK trade

New initiative set to boost Senegal-UK trade

A new initiative has been launched to boost trade between Senegal and the UK and reduce the risks for investors into the west African country. Serigne Mansour Gaye, president of the newly formed Senegal-UK Chamber of Commerce/UK Senegal Business Council, said: “Businesses are missing out on the growth in Senegal due to the fact  that most of them misunderstand that Africa…

Ghana to impose tough new capital requirement on insurers

Ghana to impose tough new capital requirement on insurers

Ghana to impose tough new capital requirement on insurers

The Ghanaian insurance commissioner is to impose a massive hike in capital requirements for the 142 regulated entities in the west African state. Minimum capital requirements (MCR) are set to rise by more than 300% for insurers and reinsurers, while brokers will see a 60% increase in capital requirements. Only reinsurance brokers will enjoy a freeze in existing capital requirements.…

Accra flood risk to be managed

Accra flood risk to be managed

Accra flood risk to be managed

More than 2.5 million people and thousands of businesses in the Odaw River Basin of the Greater Accra Region (GAR) are set to benefit from improved flood risk management, solid waste management and improved access to basic infrastructure and services. The Greater Accra Resilient and Integrated Development (GARID) project is to receive $200m from the World Bank. The project focuses…

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