Insurance regulation in Africa: CIMA – the benefits and challenges

Insurance regulation in Africa: CIMA – the benefits and challenges

Insurance regulation in Africa: CIMA – the benefits and challenges

Understanding changing insurance markets and regulatory developments is critical to making sure multinational programmes are compliant and competitive, no matter where they are located, and the implications can be challenging. Insurance regulators are increasingly looking to nurture risk capacity, cultivate insurance expertise and retain premiums within their insurance markets – and this can have important consequences for multinational companies, particularly…

Reducing the risk of climate change key to Ivory Coast success

Reducing the risk of climate change key to Ivory Coast success

Reducing the risk of climate change key to Ivory Coast success

Ivory Coast must urgently implement climate change measures if it is to secure long-term growth and reduce its risks, according to the World Bank. In a new economic update, So Tomorrow Never Dies: Côte d’Ivoire and Climate Change, the short- and medium-term outlook for the Ivorian economy remains positive. The economy is expected to maintain a steady trajectory, with GDP…

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

There has been an uptick in protectionism in the insurance markets of many African countries, with regulators imposing measures such as compulsory domestic cessions to state reinsurers, the introduction of minimum net premium retention levels, market capacity sharing and higher capital requirements for reinsurance cessions overseas. Erich Bentz, network partner relationship manager for EMEA and regional director of global programmes…

Equatorial Guinea plans business boost after joining Afreximbank

Equatorial Guinea plans business boost after joining Afreximbank

Equatorial Guinea plans business boost after joining Afreximbank

Equatorial Guinea has become the 50th member state of the African Export-Import Bank (Afreximbank). Bank president Dr Benedict Oramah noted that, with its many natural resources, Equatorial Guinea offered great prospects for regional trade, the development of industrial capacity and value-added exports, and said that Afreximbank would support the country’s drive for sustainable economic growth by providing it with financing…

UK boosts business links with Ghana

UK boosts business links with Ghana

UK boosts business links with Ghana

Ghana has become the first west African country to have a representative of the UK Export Finance (UKEF) stationed in-country. Steve Gray, who will be taking up office at the British High Commission in Accra as the UKEF country manager, will work closely with the Department for International Trade team to strengthen trading relations between Ghana and the UK, reaffirming…

Disease risks never far from the surface

Disease risks never far from the surface

Disease risks never far from the surface

The Ebola outbreak, which ended in 2016, caused worldwide panic, raising fears of a global pandemic. It wiped millions off the economies of the affected west African countries and since then governments have continued to struggle to rebuild. At the time, risk managers had to make hard decisions around whether or not to leave staff in situ and how to…

Battling business challenges on the road to recovery

Battling business challenges on the road to recovery

Battling business challenges on the road to recovery

West Africa is enjoying a renaissance as its biggest economy comes out of recession, as Prince Cookey reports The countries of west Africa are crawling out of the recession that enveloped the region’s biggest economy, Nigeria. With Nigeria out of recession, the ripple effect is positively impacting on the region, even as challenges persist. However, across the region and Africa,…

Risks hang over insurance market in French Africa

Risks hang over insurance market in French Africa

Risks hang over insurance market in French Africa

With the appearance of new risks, the emergence of an African middle class presents opportunities for the insurance sector in French-speaking Africa. However, the risks linked to the political and institutional instability in certain states, the digital breakthrough and the weak insurance culture of the population threaten the insurance industry, reports Abdou Diaw Today, Africa’s insurance sector is in a…

Growth likely for CIMA markets

Growth likely for CIMA markets

Growth likely for CIMA markets

Changes in the rules among the francophone countries signed up to the CIMA Code are bearing fruit, according to ratings agency AM Best. Below, we discuss its latest report on the region Insurers and reinsurers have some excellent opportunities for growth in the CIMA countries of francophone Africa. According to an AM Best insurance market report on the 14 countries…

Ghana on upward trajectory

Ghana on upward trajectory

Ghana on upward trajectory

The Ghanaian economy is showing healthy signs of growth but challenges remain, particularly in the balancing act between the drive for mineral extraction and agriculture, as David Kaye reports Ghana’s macroeconomic performance has improved in 2017 after a difficult 2016, according to the World Bank, making it an increasingly attractive foreign investment destination. In fact, according to a recent World…

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