Oil and Gas has been a pillar supporting the Nigerian economy for a very long time. Rich in this natural resource, Nigeria may be guilty of neglecting other promising sectors, like Agriculture and even Insurance.
Figtech Limited has built an innovative Customer First Life Insurance APP (MYFIG) by integrating innovative technology with traditional methods within the sector.
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.
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.
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.
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.
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.
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.
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.
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.
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.
This week, lawyers across Africa commented on the continent’s urgent need for data privacy and security laws among other top stories of the week.
Sanlam and Allianz have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent.
Fintech startup Power Financial Wellness has joined forces with insurtech firm Turaco to offer affordable health insurance products to its customers.
[Nigeria] Insurtech startup ETAP secures $1.5 million pre-seed funding to drive car insurance penetration in Africa
ETAP, an insurtech startup that makes it easier to buy and claim insurance, has secured $1.5 million in pre-seed funding to grow its team and drive the adoption of much-needed car insurance across Africa.
Only 21% of the 12 million registered vehicles on Nigerian roads have genuine motor insurance, as the rest either have fake certificates - with the owners mostly unaware - or are not covered at all.
Nigerian telco giant, Airtel Nigeria has unveiled its state-of-the-art Tier 3 data centre in Lagos State for commercial use.
Following over a month of debates, Egypt's Senate approved on Monday a new government-drafted unified insurance law, which one MP described as necessary to cover a host of professions and services recently introduced into the insurance industry.
Microsoft has been all over the news in Africa over the last few weeks. The tech giant continues to make massive investments in the continent and last week.
Safaricom-owned mobile health platform M-TIBA has announced a new partnership with Jubilee Health Insurance to provide health insurance to over 3,000 lives via their Group Micro Health Product.
While disagreements amongst channel stakeholders remain, it will be difficult for the industry to significantly increase the very low penetration of insurance in the region.
Curacel, a YC-backed African insurance infrastructure startup, has launched an embedded insurance product that will enable tech companies to offer insurance as part of their existing products and services
Insurance group Jubilee Holdings Limited (JHL), announced it has purchased an additional 10% stake in submarine fibre optic cable project SEACOM, increasing its shareholding in SEACOM from 8.8% to 18.8%.
Over 204,000 vulnerable people in drought-affected regions of Mali will benefit from a $7.1 million climate risk insurance pay-out by African Risk Capacity (ARC) through the United Nations World Food Programme (WFP).
The ARC Replica pay-out is the first of its kind in Mali, aimed at providing emergency and resilience-building support to populations vulnerable to the impacts of climate-change-induced disasters.
Ethiopian telecommunication company Ethio Telecom partnered with Subex for a new business assurance solution using the enterprise AI platform, HyperSense.
IFC and Zimbabwe's insurance regulator, the Insurance and Pensions Commission (IPEC), announced a partnership to create a market for agricultural insurance products in Zimbabwe to protect smallholder farmers.
APA Insurance is the lead insurer, Apollo Agriculture is the client, and Pula is the service provider and did risk assessment to determine the claims for the smallholder farmers.
When digitalised, basic and repetitive insurance tasks can be left to technology, freeing up staff to focus on more complex activities and improve customer experience.
There’s an ongoing comparison in Nigeria's status quo that is causing some rift – the national statistics and reports are showing a promising and stable economy, but the situation on-ground reflects a different reality.
Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency, another Kenyan-based insurtech startup for an undisclosed amount.
Casava, Nigeria's digital insurance company has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians.
Catalyst Partners Holding has announced the acquisition of a 25% stake in Public Partners Insurance Brokerage (PPIB).
Fraud and analytics and AI leader SAS. The State of Insurance Fraud Technology study reveals that 80% of insurers use predictive modelling to detect fraud, up from 55% in 2018.
The Arab Africa Trade Bridges (AATB) Program and Republic of Tunisia signed the 2022-2023 Country Program with the aim of developing a cooperation framework.
Deem finance and Mastercard introduce limited edition world credit card to celebrate UAE’s year of the 50th
Deem Finance and Mastercard have announced the launch of a one-of-its-kind Golden Jubilee Limited Edition World Cashback Credit Card.
General Reinsurance Africa (Gen Re), the reinsurance solutions provider to Life/Health and Property/Casualty insurance industries, announced the appointment of Cindy Blanchard and Jason Cooper-Williams as the new joint Managing Directors.
AXA Egypt announced signing a five-year bancassurance agreement with the Arab African International Bank (AAIB), offering new, outstanding insurance services to customers.
[Nigeria Business Week] Andrea Ayemoba: Nigeria sets course to unify industry benefits, lead Africa's 5G
Following a turbulent year of stock market fluctuations, restrictions related to an ongoing pandemic and varying economic instabilities, predictions on Nigeria’s performance last year ranged from inferior to mediocre to excellent.
Ababacar Diaw has been nominated as CEO of Allianz Ghana Non-Life, effective January 17th 2022, subject to necessary approvals.
Allianz Africa announced the appointment of Abderrahim Dbich as CEO of Allianz Maroc, effective January 1st, 2022. He succeeds Joerg Weber, who will take on new responsibilities in the Allianz group.
A life insurance license has been issued to Equity Life Assurance (Kenya) Ltd which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group.
Hollard Ghana has partnered with Ghana Enterprises Agency to launch Asomdwee, a tailored insurance product for MSMEs in Ghana aimed at providing security for their business.
The suspension placed in the trading of equities of NEM Insurance has been lifted by the Nigerian Exchange, a circular from the bourse has confirmed.
The outlook of these Credit Ratings is stable.
[Kenya] MFS, Heritage Insurance launch digital insurance platform with motor insurance installment plan
Kenyan fintech firm Mobile Financial Solutions (MFS) Technologies has launched a digital insurance booking platform to meet the growing demand for insurance policies purchase and claims processes.
Cornerstone Insurance and NEM Insurance have announced an agreement to provide a group personal accident social welfare scheme known as ‘Eagle Social Welfare Scheme’ to all Nigerians across the country.
The Government of Burkina Faso signed the Participation Agreement with the African Trade Insurance Agency (ATI), a condition precedent to the disbursement of €15 million by the European Investment Bank for Burkina Faso’s Membership in ATI.
Telkom Kenya, and the financial services group Britam Holding, have partnered to launch a mobile-based insurance product.
Le Groupe Ecobank s’associe à des compagnies d’assurance pour proposer des solutions de bancassurance aux PME
La Banque Commerciale du Groupe Ecobank, le premier groupe bancaire panafricain, s'est associée à cinq compagnies d'assurance pour proposer une gamme de solutions de bancassurance aux Petites et Moyennes Entreprises (PME) clientes de Ecobank à travers son réseau panafricain.
Ecobank Group’s Commercial Banking business has partnered with Old Mutual, Allianz, SUNU, Sanlam & NSIA, to offer a range of Bancassurance solutions to Ecobank’s Small and Medium-sized Enterprise (SME) customers.
A climate-smart crop insurance scheme introduced in Kenya has come to their rescue by combining satellite data and smartphone imagery to provide farmers with much needed protection.
[Nigeria Business Week] Andrea Ayemoba: Come dry season, food production and supply chain gain emphasis
As we have established time and again, fertile lands and an able, skilled workforce are a vital combination for a thriving agricultural sector.
The Republic of Senegal has joined the African Trade Insurance Agency (ATI) as its 20th Member State with a subscribed capital contribution of €15 million, following financial support from the European Investment Bank (EIB).
By incorporating financial stress monitoring into risk management processes, EWS enables an early assessment of and response to borrowers experiencing financial stress to help reduce the risk of over-indebtedness.
Insurpass, an insurance technology company has partnered with AXA Mansard, a leading player in the insurance and asset management sector to provide access to affordable insurance coverage for emerging customers in Nigeria.
Insurance and asset managers Allianz has launched its Allianz Technology's activities (AZTA) in Africa to provide IT services exclusively to Allianz Africa Operational Entities.
German government announces €18 million support to subsidize climate insurance for African Risk Capacity member states
ARC, an African Union initiative that is led by 35 AU Member States, provides insurance for droughts and tropical cyclones. The standard approach to pay for climate disasters is slow and unpredictable, using humanitarian appeals or loans arranged after a disaster strikes.
[Kenya] Fintech Startup Kwara and Lami Technologies partner to provide insurance products for SACCO members
Kenyan fintech startup Kwara has today partnered with insurtech company, Lami Technologies, to provide Savings and Credit Co-operative Society (SACCO) members in Kenya with insurance products.
After drought and pests destroyed crops during the 2020-2021 farming season, nearly 65,000 farming households in Malawi have received cash payouts from an agricultural insurance programme of the United Nations World Food Programme (WFP).
Prudential announced the opening of its Africa Regional Headquarters in Nairobi, Kenya. The life insurer moved its Africa Regional Headquarters from London to Nairobi to provide its businesses across Africa with greater support.
Crop insurance is one of the major risk management strategies used by farmers to financially safeguard themselves from the potential failure of crops, due to climate risk or other uncontrollable natural hazards.
Malware attacks that encrypt company data and systems and demand a ransom payment for release are surging globally.
Sanlam, Africa’s non-banking financial services group, and Absa, one of Africa’s diversified financial services groups, announced they have reached an agreement to combine their investment management businesses.
AfricInvest, a Pan-African asset management platform covering Private Equity, Venture Capital, and Private Credit, announced the acquisition of a minority stake in the Nigerian insurance company Royal Exchange General Insurance Company (REGIC).
Global innovation platform Plug and Play is partnering with the Egyptian Information Technology Industry Development Agency (ITIDA), to launch an Open Innovation Hub in Cairo.
The COMESA Regional Third-Party Motor Vehicle Insurance (Yellow Card) Scheme has launched a Digital Yellow Card Helpdesk System designed to track all queries reported by users.
As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the digital transformation of the insurance sector, and thus benefit from the rapid development of the digital economy. on the continent.
JBA Flood Risk Management announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modelling capability to provide flood risk analytics.
The Central Bank of Liberia (CBL) has unveiled a chatbot that empowers consumers to instantly file complaints against their financial institutions and insurance providers for misconduct and poor service.
[South Africa] Old Mutual Insure selects Sapiens to automate and streamline its reinsurance processes
Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced the integration of Sapiens ReinsuranceMaster for Old Mutual Insure, the oldest insurer in South Africa.
Prudential plc has partnered with Invest Africa, a trade and investment platform for African markets, to support the development Environmental, Societal and Governance standards.
The Board of Directors of Sanlam announced the conclusion of agreements between its wholly owned subsidiary, Sanlam UK and Chesnara, for the disposal by Sanlam UK of its 100% shareholding in Sanlam Life & Pensions UK Limited.
L'AfDB dote l’hôpital de Juba de la toute première unité de production d’oxygène pour combattre le Covid-19
L’installation d’équipements pour la production d’oxygène renforcera substantiellement la fourniture de soins intensifs aux patients gravement touchés par le Covid-19.
WANdisco, the LiveData company, has won a contract with South African financial services group, Sanlam, to migrate hundreds of terabytes of business-critical unstructured data to a new environment, which will serve as its disaster recovery infrastructure.
CIC Life Assurance Limited Managing Director Mr. Meshack Miyogo says that the insurance industry is critical for effective risk mitigation and it is therefore vital that the industry evolves with the times.
Tata Consultancy Services (TCS), a global IT services, consulting and business solutions organization, announced that Standard Bank’s short-term insurance business in South Africa has selected TCS BaNCS™ Cloud for Insurance to power its digital claims transformation and reaffirm its leadership in the region.
Sapiens International Corporation has announced that one of South Africa's top five financial institutions with nearly 10 million customers, has selected it as their transformation partner
The global drone insurance market is expected to grow from $1.06 billion in 2020 to $1.13 billion in 2021 at a compound annual growth rate, CAGR, of 6.1% according to a new report by Research and Markets.
Sanlam and MTN Group have announced that they are joining forces in an exclusive strategic alliance (the Alliance) to distribute Sanlam Group insurance and investment products across Africa, further developing MTN’s mobile financial services business.
As a partner in Africa's response to the pandemic, The African Trade Insurance Agency (ATI) has provided financial support of $250,000 to the Africa Centre for Disease Control and Prevention (Africa CDC).
Moody's Corporation and RMS announced they have entered into a definitive agreement for Moody’s to acquire RMS, a global provider of climate and natural disaster risk modeling and analytics, for approximately $2.0 billion.
Naspers, through its early-stage tech investment vehicle Naspers Foundry, invested $8.3 million (R120 million) in Naked, the artificial intelligence (AI)-driven insurtech startup that offers full digital insurance to cars, homes, and valuables.
The first phase focuses on providing insurance coverage for televisions purchased from B.TECH. Insurance will apply to all purchase methods, both online and in-stores.
TheCityUK signed a Memorandum of Understanding (MoU) with the Nairobi International Financial Centre Authority, establishing a formal partnership, including closer collaboration with the London Stock Exchange.
Challenging economic factors in 2020 made it a difficult year for Kenyan insurers and reinsurers.
[Africa Tech Review] Duncan Mochama: African fintechs are diversifying to offer a wide range of complementary services
Kenyan-based fintech startup Cellulant this week also received approval from Bank of Tanzania to Become a Payment Solution Service Provider.
[Column] Mthokozisi Maphumulo: Business insurance policies to rescue business amid the recent unrest and looting in South Africa
The recent events of unrest and looting of shops in South Africa, particularly in KZN and Gauteng have certainly been worrying for business owners.
Nigerian-based AfriGlobal Insurance Brokers launched AfriCover247, a round-the-clock digital insurance transaction platform that will assist businesses, individuals and technology providers access and redistribute insurance products with ease.
Standard Bank Group (SBG), is proposing to buy 100% of Liberty Holdings and to integrate Liberty more closely into the greater group.
CIC Group has launched a claim’s self-service provider portal for Garages and Assessors to increase efficiency in the claims’ reconciliation process.
IFC and Holmarcom, a Moroccan business group, have partnered to boost access to insurance products in Morocco and select countries in sub-Saharan Africa, with IFC investing in Holmarcom Insurance Activities.
[Africa Cloud Review] Simon Ngunjiri: Cloud is empowering African businesses with the certainty of a quicker time-to-value
With cloud-enabled intelligent enterprise capabilities, organisations can achieve the speed needed to stay ahead of competitors and other disruptors while maintaining the certainty of measured, data-driven decision-making.
AAR Insurance has inked a deal with telecommunications provider Safaricom to roll out new technology infrastructure based on the Amazon Web Services (AWS) as part of its goal to be a full digital insurance company.