African Reinsurance Corporation African Reinsurance Corporation (Africa Re) Group Managing Director and Chief Executive Officer Corneille Karekezi. FILE PHOTO | NMG BY BRIAN NGUGI Global ratings agency Standard & Poor’s has affirmed the African Reinsurance Corporation (Africa Re) financial strength rating at A-, with a stable outlook. The Lagos-based Pan-African […]
Insurance
Africa’s insurance giant sales decline due to COVID-19
The financial services company Old Mutual said on Monday that their sales volumes took a nosedive because of the difficult macroeconomic environment and COVID-19 in the first six months. “Although lockdown restrictions have been eased and economic activity has somewhat resumed, sales levels remain lower than last year’s levels. Although […]
South African Insurers Agree to Pay for COVID-19 Losses
Over the past couple of months, we have written on decisions by various European insurers to pay policyholders for their COVID-19 related losses. That positive trend is now moving across continents. In response to COVID-19, South Africa’s government imposed restrictions allowing only essential services to operate under a lockdown imposed […]
Guinea Insurance grows investment income by 50.5% in 2019
Leave a comment and share Chuks Udo Okonta Guinea Insurance Plc., recently held its 62nd Annual General Meeting (AGM) virtually in strict compliance with guidelines and directives issued by the Federal Government of Nigeria, State Government, Health Authorities and Regulatory Agencies, as part of efforts aimed at stemming the spread […]
S. Africa’s Sanlam strikes money management deal
South African insurance group Sanlam has agreed to establish one of the largest Black-owned money management firms in the country through a deal with African Rainbow Capital Financial Services. The deal will see ARC FS take a 25% stake in Sanlam’s South African third-party money management business, Sanlam Investments. The […]
FBNInsurance boosts customers service with robust payment channels
Ojumah Leave a comment and share Chuks Udo Okonta FBNInsurance Limited, a foremost insurance company in Nigeria and a member of the Sanlam Group, said it is adequately positioned for the new norm as it has upgraded her digital capabilities and platforms to effectively serve customers, through various payment channels. […]
NAICOM underscores impacts of COVID-19 on insurance regulation
Thomas Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has said it is adjusting to the challenges and opportunities which the COVID-19 pandemic has imposed on the socio-economic and business environment. The Commissioner for Insurance, Sunday Thomas, who disclosed this today at the Nigerian Council […]
Macroeconomic uncertainty poses risk to insurers’ balance sheets
By Ranamita Chakraborty With corporate bonds constituting a majority of the insurance industry’s assets, the balance sheets of insurers are now at risk due to recent coronavirus-induced macroeconomic uncertainty. This finding was revealed in a new AM Best special report titled ‘Corporate bond holdings pose risk to insurers’ balance sheets’. […]
Virtual reinsurance renewal season supports insurers during pandemic
By Ranamita Chakraborty In the absence of usual face-to-face industry conferences and meetings during the COVID-19 pandemic, Aon has launched its virtual reinsurance renewal season for insurers. On this occasion, the broker has also called upon the (re)insurance industry to collaborate in order to bring capital closer to clients’ needs […]
Egypt:Hit-and-Run Accident Fund pays lower compensation due to COVID-19 lockdown
By MEIR team The government-run Hit-and-Run Accident Fund, which covers damage caused in hit-and-run accidents, has paid EGP136.1m ($8.5m) during the last fiscal year which ended on 30 June 2020 (FY2020). This was 2% lower compared to compensation of EGP139m paid the previous fiscal year. Mr Mohsen Ismail, chairman of […]
