*107,000 fraudulent insurance claims were uncovered by insurers in 2019 *A police officer and a trainee GP found to be among the cheats exposed *The rise was mainly due to increases in motor and property scams By GRACE GAUSDEN FOR THIS IS MONEY Some 107,000 fraudulent insurance claims, worth a […]
Spotlight
Insurer Lloyd’s to pay out £5bn in pandemic claims
The insurance giant’s payout tops the cost of 2017’s three most devastating hurricanes. Lloyd’s of London paid out about £3.6 billion for the 9/11 attacks in New York in 2001 (Stefan Rousseau/PA) Lloyd’s of London paid out about £3.6 billion for the 9/11 attacks in New York in 2001 (Stefan […]
Reinsurance prices will rise 5% because of pandemic:Survey
By Ranamita Chakraborty Moody’s recent annual survey of P&C reinsurance buyers saw most respondents (48%) regarding the COVID-19 pandemic as one of the major factors behind increasing reinsurance prices in 2021 These respondents expect reinsurance prices to rise by at least 5% next year as the fallout from COVID-19, more […]
Online retailer Jumia to sell insurance in deal with Lami Technologies
Africa’s biggest online retailer Jumia is set to offer digital insurance products following a partnership with Lami Insuretech, an insurance technology company. Our goal is to onboard products from more than 30 underwriters on Jumia before the end of 2020,” Jihan Abass, Founder and CEO of Lami said. “This partnership […]
Continental Reinsurance leverages Agritask’s risk management platform to enhance agricultural reinsurance operations across Africa
Continental Reinsurance Plc, the largest private pan-African reinsurer, has selected the Agritask risk management platform to enhance its agricultural reinsurance operations. Agritask is a leading developer of an agronomic operations platform with clients in 5 continents ranging from food & beverage to financial services businesses. It will support Continental Re […]
Nigeria’s new fintech Sparkle plans to distribute general insurance products
Uzoma Dozie By David Whitehouse Nigerian start-up Sparkle, which this month partnered with Visa, is planning to move into digital distribution of general insurance products in the next 12 months, Sparkle CEO Uzoma Dozie tells The Africa Report. Sparkle, founded in 2019 and based in Lagos, has an in-country insurance […]
Retiree Life Annuity providers barred from investing in firms not paying dividends, bonuses
Leave a comment and share Chuks Udo Okonta Retiree Life Annuity (RLA) Providers have been charged to invest annuitants funds in only public limited companies that made taxable profits, paid dividends and issued bonus shares for a period of three years. The directive was given in the Revised Regulation on […]
British entertainment, left in dark, seeks government insurance help
By Carolyn Cohn, Barbara Lewis British theatres and live music venues say the show will only go on if the government provides a financial backstop, as the COVID-19 pandemic means they can no longer get commercial insurance. While venues for indoor live performances are not yet open in all of […]
Foreign banks, insurers set up nearly 100 institutions in China since 2018
Chinese authorities have given approval to foreign banks and insurers to set up nearly 100 institutions in China since 2018, an official said Sunday. “This shows that foreign financial institutions have full confidence in China’s economy and its financial development,” Zhou Liang, vice-chairman of the China Banking and Insurance Regulatory […]
Don’t stop us paying dividends, European insurers tell regulators
By Guy Faulconbridge and Elizabeth Piper Global regulators should not ban insurers from paying dividends as a result of COVID-19 and should give firms more time to report their capital positions, European insurers said on Monday. The pandemic will likely lead to between $50 and $100 billion in losses for […]
