Waica Re profits up for 2019

Waica Re profits up for 2019

Waica Re profits up for 2019

West Africa-headquartered Waica Re has reported a 42% rise in pre-tax profit, including an increase in underwriting profit of 64%, with the company hopeful it can weather the economic storm created by Covid-19. Company chairman Kofi Duffuor said: “Waica Re has seen another year of improved financial performance, indicating that we are a much stronger reinsurer today than we were…

Togo becomes latest country to join ATI

Togo becomes latest country to join ATI

Togo becomes latest country to join ATI

Togo has become the latest member of the African Trade Insurance Agency (ATI), as African countries look to protect themselves against the expected trade and investment insurance capacity impact from Covid-19. Togo is the 18th African sovereign shareholder. Togo’s membership, backed by the European Investment Bank, reflects a trend that has seen a record number of west African countries join…

Ghana launches Covid-19 tracker

Ghana launches Covid-19 tracker

Ghana launches Covid-19 tracker

Ghana has launched a Covid-19 tracker app in its bid to fight the coronavirus. The country’s vice-president, Dr Mahamadu Bawumia, who is also chairman of Ghana’s Covid-19 daily monitoring team, said the government’s reliance on data of cases has become Ghana’s biggest weapon in the fight against the coronavirus. “Data is our most powerful weapon in the fight against Covid-19.…

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…

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