IFC, a member of the World Bank Group, and insurance company Leadway Vie Côte d'Ivoire announced a partnership to increase access to life insurance for women in Côte d'Ivoire and create jobs for women as insurance brokers in the country.
[Column] Reynhardt Uys: Inclusive design is transforming the customer journey as digital accelerates and expectations skyrocket
Inclusive design has evolved from simply optimising a product or service for a specific user with specific needs, to creating a customer journey that considers all customers, and potential customers, of the business.
Kenya’s ICT sector has seen a 10.8% average annual growth since 2016, making it one of the fastest-growing tech environments on the continent.
Knowing the context of different countries in the region, we can see that the continent is still full of asymmetries, and the same occurs looking at the at the companies operating in the market.
AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Ghana Reinsurance Company Limited (Ghana Re).
The African Risk Capacity (ARC) Group is proposing a new insurance mechanism to African countries in the South West Indian Ocean (SWIO) region to cope with the devastating effects of the tropical cyclones.
FDH Bank signed a partnership agreement with health insurance provider Medical Aid Society of Malawi (MASM) to simplify digital payment processes.
Global credit rating agency AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Continental Reinsurance Plc Nigeria.
Lima Salama is a hybrid crop insurance product developed by ACRE Africa with support from funding through the FISFAP program under Alliance for a Green Revolution in Africa (AGRA).
Moody’s Analytics has announced that Standard Insurance Limited, the insurance arm of Johannesburg-based Standard Bank Group and one of South Africa’s insurance providers, has selected the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution.
Global broking business Brokerslink has launched its dedicated iinternational insurance programme management platform to drive the continued growth and digitalisation of its international portfolio.
GCR Ratings (GCR) has affirmed UAP Insurance (UAP Kenya) national scale financial strength rating of A+(KE), with the rating placed on Negative Rating Watch as property risks bring down group credit profile.
In sub-Saharan Africa, electricity access stands at just 43%, or roughly half the global access rate. While challenges remain, COVID-19 is also revealing the importance of increasing more affordable renewables within the energy mix.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of ZEP-RE (PTA Reinsurance Company) (ZEP-RE) (Kenya).
East Africa’s Jubilee Insurance and world's insurer and asset manager Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates.
M-TIBA and Britam have announced the signing of a new partnership to develop digital products to increase health insurance market penetration in Kenya.
Moody’s Analytics has announced that MUA, a composite insurer operating across Mauritius and East Africa, will be using the Moody’s Analytics RiskIntegrity™ for IFRS 17 solution and the Moody’s Analytics Scenario Generator to meet the reporting requirements.
Ethiopian Airlines Group, Largest Aviation Group in Africa announced it will cover the medical insurance including repatriation, evacuation and quarantine costs related to COVID-19 as of 1st of October 2020 until 31st of March 2021.
Jubilee Holdings (Jubilee Insurance), East Africa’s insurance group, and Allianz, world's insurers and asset managers, signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates.
Insurers must explore new ways to build capabilities to meet the digital needs of customers as BigTechs and non-traditional players enter the insurance space, according to the World InsurTech Report 2020.
Helios Investment Partners announced the launch of Africa Specialty Risk Group in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.
The African Development Bank approved a grant of $2.1 million to boost the country’s resilience against climate related shocks and food insecurity.
Pan-African reinsurer, Continental Reinsurance announced a change in the ownership structure of Continental Reinsurance Botswana, after its recent acquisition of a minority 40% stake in the company.
Continental Reinsurance leverages Agritask's risk management platform to enhance agricultural reinsurance across Africa
Continental Reinsurance, the largest private pan-African reinsurer, has selected the Agritask risk management platform to enhance its agricultural reinsurance operations.
Adeolu Adewumi-Zer, currently the Regional Head of Mergers, Acquisitions and Transformation for Allianz Africa, has been nominated as the MD/CEO of Allianz Nigeria.
Listed non-bank financial service provider Sanlam Kenya has announced the commencement of a strategic business recovery strategy following the release of its half year trading results.
Global credit rating agency AM Best has affirmed the Financial Strength Rating of B++, Good, and the Long-Term Issuer Credit Rating of “bbb+” of gig Insurance - Egypt S.A.E.
UAP Old Mutual General Business and Gertrude’s Children’s Hospital have partnered to provide a comprehensive medical cover for children, ranging from birth to 21 years old of age.
In the Sahel and the Horn of Africa, livestock provide a source of livelihood for millions of pastoralists and contribute significantly to national economies.
Santam, South Africa’s largest short-term insurer, has paid out, R870 million, nearly all of its R1 billion interim relief funds, in just over three weeks to the hospitality, leisure and non-essential retail services industries.
[Kenya] ZEP-RE urges insurers to rethink price undercutting as industry’s underwriting revenue tumbles
Players in the insurance sector have been urged to rethink their predatory pricing strategies as it is hampering the growth of the insurance sector, according to ZEP-RE Chief Executive Officer Hope Murera.
Mr. Manuel Moses, a veteran of the World Bank’s IFC, has been appointed the new Chief Executive Officer of The African Trade Insurance Agency, ATI.
The Board of Directors of UAC Nigeria announced a binding agreement has been signed with Custodian Investment to purchase a 51 percent equity interest in UACN Property Development Company (UPDC) from UAC.
Total Ghana and Star Assurance have collaborated in putting together an enhanced loyalty scheme aimed at rewarding mutual clients in the transport sector.
Most people have heard stories about inefficiencies, unexpected costs or redundant re-testing while visiting medical facilities across the globe. I have a few, such as having to re-run tests because my regular specialist couldn't be reached.
In an effort to cover the informal sector in Zambia, Workers’ Compensation Fund Control Board (WCFCB) has embarked on a programme to extend social protection to the informal economy and domestic workers will be given priority this year.
Nigeria has become a full member of the African Trade Insurance Agency (ATI), joining ahead of others that are fast-tracking membership given the trade and investment insurance challenges during the COVID-19 pandemic.
AXA Mansard Insurance has announced the divestment from its subsidiary, AXA Mansard Pensions Limited, according to a notice of sale of pensions subsidiary forwarded to the Nigerian Stock Exchange.
Our latest findings on State of Cyber Resilience shows that cyberattacks on insurers have more than doubled.
PayAngel Money Transfer has partnered with Allianz Life Insurance Ghana to introduce a new revolutionary remittance product, the RemitCare Plan, to the Ghanaian market.
Telkom South Africa recently launched Telkom Financial Services, which includes a life insurance business that will initially sell funeral insurance, written out of a Guardrisk Life cell captive.
Santam will pay up to R1 billion in urgent relief to policyholders in the hospitality, leisure and non-essential retail services industries who have the Contingent Business Interruption (CBI) extension in their policy cover with the company.
The South African Reserve Bank (SARB) has imposed administrative sanctions on three life insurers and directed them to take remedial actions.
When government first announced a national lockdown back in March, countless businesses were left scrambling to make working from home, work.
Agritask and Hollard Mozambique have partnered to provide digital solutions to local stakeholders offering crop insurance for farmers in their respective value chains.
The Government of Madagascar received a cheque of $2.13 million from the African Risk Capacity Insurance to cover anticipated losses to livelihoods of its vulnerable population from the crop failure in the just concluded farming season.
The government of Madagascar received a check of $2.13 million from the Insurance Company of the Pan African Risk Management Mutual (ARC) to cover the loss of livelihoods of its population caused by climatic disasters.
Financial services holding company Cititrust has launched its culture transformation journey aimed at delivering excellent service and world-class customer experience in Nigeria.
The German Ministry for Economic Cooperation and Development (BMZ) has provided $5.9 million for the UN World Food Programme (WFP) to continue protecting 1.2 million vulnerable African farmers with climate risk insurance.
Sanlam reported solid results in the four months to 30 April despite challenging investment market conditions caused by the global impact of the Coronavirus.
Sanlam has acquired the remaining stake in the Nigerian insurance business FBN Insurance from its partner, FBN Holdings Plc (FBNH), giving the Group 100% ownership of FBN Insurance Limited (FBNI) and its subsidiary, FBN General Insurance.
Guaranty Trust Bank Plc has announced the launch of Beta Health, a low-cost health financing product that offers instant access to health insurance for every Nigerian.
The South African Department of Employment and Labour says the Unemployment Insurance Fund (UIF) has to date paid in excess of R15 billion to beneficiaries.
Kenyan insurer APA Insurance has launched an app that will enable Kenyans to make fast and safe motor insurance purchases, renewals and report claims easily on their mobile devices anywhere and anytime.
Standard Bank Insurance announced it will continue its 25% cashback relief on car insurance premiums for a second month to the end of May 2020, with clients so far having received cash back amounting to more than R15 million.
The Kenya Revenue Authority (KRA) is set to collect Kshs. 35 Million in taxes from BTB Insurance Brokers following a decision in its favor by the High Court.
[South Africa] Employers of domestic workers, farm labourers called upon to apply for UIF lockdown benefits
The Department of Employment and Labour is making all efforts to reach domestic workers and farm labourers so that they can benefit from the COVID-19 relief scheme.
MIGA has issued guarantees in support of the construction, ownership and operation of two solar photovoltaic power plants in South Africa’s Northern Cape, and two wind power plants in the Eastern and Western Capes.
The Djibouti insurance sector is expected to grow at a considerable pace in coming years owing to the improving socio-economic growth of the country.
The Unemployment Insurance Fund (UIF) has disbursed almost R9.5 billion through the COVID-19 Temporary Employer/Employee Relief Scheme (TERS).
The Government of Togo has announced completion of the country’s membership in the African Trade Insurance Agency (ATI), becoming the 18th African sovereign shareholder.
Agritask and Royal Exchange have announced the launch of a unique joint initiative digitizing crop and livestock insurance with a social KPI to underwrite one million small holder farmers by 2025.
AM Best has revised the Kenya Re's outlook of the Long-Term Issuer Credit Rating to negative from stable.
Global broking business, Brokerslink, has announced the addition of African broker Gramon to its international network.
South Africans have been generally more observant of lockdown rules than their peers in countries such as the US and UK, car-usage data from Standard Bank Insurance suggests.
Vodacom has partnered with the Unemployment Insurance Fund (UIF) to zero-rate its uFiling website.
The Standard Bank Insurance is implementing a 25% cash back relief on its car insurance premiums.
Vodacom and Discovery have partnered to deliver a simple but powerful online healthcare platform for the benefit of all South Africans during the COVID-19 pandemic.
The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees to support the operation and maintenance of six additional solar power plants at the Benban Solar Park in the Aswan Governorate in Upper Egypt.
SA Taxi has introduced FICO's cloud-based decision management solution to drive lending growth of 25 percent.
Santam has reported solid operational results for 2019, notching a 7% Gross Written Premium (GWP) growth and 7.7% underwriting margin (2018: 9.2%) for the conventional insurance business.
Sapiens International Corporation has announced that SA Taxi Protect, an independent financier for the minibus industry in South Africa, has gone live with Sapiens IDITSuite for Property & Casualty.
Andersen Global is strengthening its presence in West Africa with a Collaboration Agreement with Freetown-based legal firm Fornah-Sesay, Cummings, Showers & Co., FCS Legal, in Sierra Leone.
GetSavvi Health is one of the leading medical cover plans providers in South Africa.
South Africa’s on-demand insurance technology (Insurtech) startup JaSure has raised funding from the country’s leading short-term insurer Santam.
In an effort to facilitate easy access for claimants particularly the injured workers, the Department of Employment and Labour Compensation Funds' (CF) has replaced the old system, UMEHLUKO, and introduced COMPEASY.
The Travel Insurance Consultants (TIC) has reinstated the travel supplier insolvency cover on the South African Airways.
The Board of the African Development Fund (ADF) approved a $685,000 grant to strengthen Zimbabwe’s capacity to manage disaster risks.
AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Kenya Reinsurance Corporation Limited (Kenya Re) (Kenya). The outlook of these Credit Ratings (ratings) is stable.
The World Bank approved a US$275 million Disaster Risk Management Development Policy Loan for Morocco that contains a Deferred Drawdown Option for Catastrophe Risks (Cat DDO).
Kenya’s APA Insurance is this year’s winner of the European Microfinance Award. It was feted for providing index based agriculture insurance to cover yields and livestock.
Santam has been officially recognised by the Top Employers Institute as a Top Employer 2020 for excellence in employee conditions.
The CEO of the U.S. International Development Finance Corporation (DFC), announced a commitment to provide $430 million in insurance to advance energy security in Egypt.
Fertilizer Producers and Suppliers Association of Nigeria targets four million farmers with an insurance package
An innovative insurance package for small-holder farmers has been unveiled by Fertilizer Producers and Suppliers Association of Nigeria and a pan-African agricultural insurance advisory firm, Pula.
A study by Santam has revealed the majority of corporates and consumers polled in a landmark survey on insurance trends see the challenging economy as the biggest risk in South Africa over the next two years.
Infrastructure solutions provider in Africa, Africa Finance Corporation, today announces that the African Development Bank Group has invested US$50 million in the equity of AFC.
GC Rieber Shipping ASA reports to have had a fire onboard its managed vessel Polar Marquis, offshore Senegal yesterday Monday November 11th 2019.
The EIB has formally agreed to support membership expansion of the African Trade Insurance Agency with a concessional financing facility to cover the shareholding of three prospective members - Cameroon, Niger and Togo.
Following a successful 18-month pilot, the BoE Stockbrokers will continue a programme of training and technical co-operation first agreed on 17 April 2018 with the SARB (South African Reserve Bank) until March 2022.
The Unemployment Insurance Fund's (UIF) has started processing claims for the new Parental Benefits to contributing and qualifying UIF beneficiaries.
With over 25% of Kenya’s insurance industry income fraudulently claimed, Kenindia Assurance has taken steps to curb the fraud by incorporating artificial intelligence in its motor insurance claim processes.
It's no secret that the insurance sector is conservative by nature and has largely been slow to embrace technology.
The Secretariat of SADC and the Africa Risk Capacity signed a MoU which lays the foundation for collaboration on matters of common interest related to disaster risk and financing for disaster management.
Insurance company Fortaleza has launched the sale of travel insurance via the Internet, through a platform available on the company's website, which operates 24 hours a day.
Insurance markets across sub-Saharan Africa provide an opportunity for diversification and an avenue for growth, and so remain attractive to international reinsurers taking a longer-term view.
Verod Capital Management has received regulatory approvals for its acquisition of 100 per cent of the shareholding of Metropolitan Life Insurance Nigeria from South African-based Momentum Metropolitan Holdings.
Kenindia Assurance plans to develop innovative digital distribution means to reach the uninsured and youthful populations to boost profits by 20 percent in 2019.
With more than two decades’ experience in the insurance market, SilverBridge has continually evolved to deliver on market requirements.
Britam General Insurance Ltd has launched an innovative Cyber Insurance cover which will enable businesses to protect themselves against the increasing trend of cyber-crime.
Santam, South Africa’s largest short-term insurer has reported solid operational results for the six-month period ended 30 June 2019, in an environment characterised by tough trading conditions for short-term insurers.