By David Whitehouse Businesses in Cape Town brought to their knees by COVID-19 are taking Santam, South Africa’s leading general insurer, to court in what they hope will lead to a landmark judgement for liability. Ma-Afrika Hotels and restaurant company Stellenbosch Kitchen have brought the case against Santam which is […]
Spotlight
Reinsurers post weak half-year earnings amidst surging COVID-19 claims
By Ranamita Chakraborty A new report from Moody’s Investors Service noted that while investment returns rebounded, global reinsurers reported anaemic earnings during the first half of 2020 as COVID-19 claims increased. Nevertheless, one positive aspect of 1H2020 results was strong pricing momentum and capital levels remaining healthy even though a […]
AIICO Insurance to float N3.5bn rights issue
Leave a comment and share Chuks Udo Okonta AIICO Insurance Plc, is taking another giant leap forward in its recapitalisation journey with the launch of its N3.5 billion rights issue, which will open tomorrow, Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020. A statement by […]
PenCom, NAICOM move to tackle de-marketing by pension, insurance operators, sign MoU
From left: Acting Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar and Commissioner for Insurance, Sunday Thomas at the event. Leave a comment and share Chuks Udo Okonta The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) in an epoch-making ceremony today in Abuja, signed off the Revised Regulation […]
China mulls adding coronavirus-related medicines to insurance list
Chinese authorities are planning to officially include medicines used in the treatment of diseases related to the novel coronavirus in the country’s medical insurance programs. The National Healthcare Security Administration said Friday that one priority of this year’s adjustment to the medicine reimbursement list is providing coverage for medicines for […]
Insurance sector contracts by 28.15% in Q2 2020
Leave a comment and share Chuks Udo Okonta The insurance sector contracted by 28.15 per cent in the second quarter of this year, the National Bureau of Statistics (NBS), has said. The NBS disclosed this in its Gross Domestic Product (GDP) report for the second quarter of 2020. The bureau […]
Life insurers register 2357 annuitants in three months
Leave a comment and share Chuks Udo Okonta Life insurance companies registered 2,357 annuity subscribers in three months the National Pension Commission (PenCom), has said. PenCom stated this in a recent report, stressing that it approved a total of 2,357 applications for retirement under life annuity between July to September […]
Kenya farmers receive SH117.5m insurance payout
On Wednesday, the Kenyan government in partnership with six underwriters in the Crop insurance programme (CIP) released Sh117.5 million in compensation to 25,000 smallholder farmers in 28 countries for climate-related crop losses. The programme is aimed at revolutionizing how Kenyans practice farming. It involves local underwriters such as APA, Amaco, […]
Reinsurers’ COVID-19 bill triples as claims start to emerge
By Anoop Khanna Europe’s four biggest reinsurers racked up an additional EUR3.46bn ($4.1bn) of coronavirus claims and reserves between them in the second quarter, taking the total for the first half of the year to EUR4.9bn, according to S&P Global Market Intelligence. More claims are likely to come in amid […]
More US consumers shop for motor insurance despite COVID-19 challenges
By Ridwan Abbas Even with the ongoing economic impact of the COVID-19 pandemic, overall personal auto insurance shopping rates in the first half of 2020 surpassed 2019 levels. The 2020 Insurance Shopping Annual Report by TransUnion found overall shopping rates were higher year over year in the first few months […]
