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How to expand health insurance coverage in Africa?
In many regions of Africa, access to affordable, high-quality healthcare is still a problem.
[Nigeria Business Week] Andrea Ayemoba: Local fintech spreads to East Africa, oil and gas find major milestone
Nigeria, like other countries of the world, is going through some economically turbulent times. Inflation is on the rise (recently pegged at 21.9%) and local startups are directly impacted by financial crises on the other side of the world.
[East Africa Business Week] Bob Koigi: Banking on innovations, partnerships to grow financial services sector
These developments have led to improved services and a robust sector that is shaping the region’s financial services industry dynamics.
[East Africa Business Week] Bob Koigi: South Sudan remains a strategic player in the region’s petroleum industry
Owing to its strategic position at the heart of a wider Nile Basin-East Africa hydrocarbons-rich area, South Sudan is emerging as the hub for petroleum industry services and exploration in the region.
[Nigeria Business Week] Andrea Ayemoba: Banks rally behind women-led SMEs
The NNPC has an approximated value of 50 trillion naira. With oil and gas infrastructure in Nigeria constantly plagued by mischief and vandalism, an ECOWAS expert has profferred a very interesting solution to this persisting problem
[Nigeria Business Week] Andrea Ayemoba: Telecoms slide into banking, Central Bank ups interest rates
The last few days have shown us developments and setbacks, statistics that show growth on the one hand and room for improvement on the other.
[Nigeria Business Week] Andrea Ayemoba: Clean energy gets funding amid inflation and trade deficits
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.
[Nigeria Business Week] Andrea Ayemoba: Government, Central Bank turn focus to the startup movement
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.
[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.
[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.
[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.
[Column] Kumar Utpal: What is needed to streamline South Africa healthcare
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.
[Column] Travys Wilkins: Is this the insurance industry’s new normal?
When government first announced a national lockdown back in March, countless businesses were left scrambling to make working from home, work.
[Interview] Adan Abbey, President, Horn of Africa Insurance, Somalia
Adan Abbey is the President of Horn of Africa Insurance that serves the Somaliland and Somalia market.
[Nigeria Business Week] Industries partner to reach common goals
The sectors are revving up to keep up momentum as the 2019 opens new doors for Nigeria’s stride toward economic balance.
[Nigeria Business Week] Calling for free-trade, efficient energy
The possibility of free trade within Africa is an ongoing one, to which several African countries have pledged their support and signed their agreements. Though Nigeria has shown caution in joining The Agreement, its one champion is Aliko Dangote, Nigerian industrialist and wealthiest African.
[South Africa Business Week] JSE grows listing portfolio
This week, the ever aggressive South African business world has seen two major companies, Vivo energy and Naspers all set to list on Johannesburg Stock Exchange (JSE).
[South Africa Business Week] Monash South Africa is now AdvTech owned
ADvTECH has announced the acquisition of Monash South Africa (MSA), a leading South African private tertiary education institution with students from more than 50 countries.
[Nigeria Business Week] Towards self-dependence, reduced importation
As industries grow, so does the job market, consumer satisfation and investor confidence. Nigeria is gaining a reputation as fertile ground for both business expansion and takeoff point for startups.
[Nigeria Business Week] Ensuring co-operation and diligence in trade
There is no shortage of opinions with regards to what needs to be done to improve economies of Africa. Experts from diverse fields advocate for different solutions, some tailored to fit their field interests, others seeming to stem from a place of general betterment.
[Kenya Business Week] Towards affordable housing
As Kenya aims for mid- level economic status it has set targets it hopes will propel it to this dream.
[Nigeria Business Week] Collaborations birth opportunities
The forming and maintaining of strategic, mutually beneficial partnerships is pertinent to the development of any economy, especially a growing one like Nigeria.
[Kenya Business Week] Towards sustainable businesses, public private partnerships and courts to the rescue
Kenya’s business landscape has this week continued to register mixed fortunes with key sectors, including banking, agribusiness, horticulture and insurance featuring prominently.
[Column] Christian Mahncke: South Africa continues to tippy-toe into the cloud
Research shows that 93% of South African companies are developing a cloud strategy, and are either in the implementation stage, or in the planning stage, of their cloud journey.
[Column] Ashok Shah: Digital trends driving insurance in Africa
The past few months have seen digital becoming more integrated with industry sectors across Africa. But it is the data-rich environment of insurance that has especially benefitted from this with several trends emerging that impact on the effectiveness of its delivery in the continent.
[Column] Ashok Shah: Capitalising on new insurance opportunities in East Africa
Consolidation is taking place in the East African insurance market due to rising capital requirements and mergers with international firms that want to gain a foothold in the region. Ashok Shah, Group CEO of APA Apollo examines the opportunities this brings.
Why Does Your Business Need Commercial Auto Insurance?
If you are a business owner, small or large, the importance of having auto insurance should be paramount.
Global travel insurance market to reach $119 billion by 2030, report
The growth of the global travel insurance market is driven by factors such as rising tourism demands post the pandemic are boosting the growth of the travel insurance market.
[Nigeria] Insurance startup Etap gets $1.5m pre-seed
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.
[Egypt] Senate gives final approval for new insurance law
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.
[Egypt] Catalyst Partners acquires 25% of Public Partners Insurance Brokerage
Catalyst Partners Holding has announced the acquisition of a 25% stake in Public Partners Insurance Brokerage (PPIB).
2022 InsurTech Trends: Anti-fraud analytics booms as cyber war rages
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.
AATB Program inks 2022-2023 Country Program with Tunisia to deepen cooperation framework
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.
[Kenya] Equity Group diversifies into the insurance business
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.
[Ghana] Hollard and GEA partner to launch Asomdwee insurance policy for MSMEs
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.
Nigerian Exchange lifts NEM Insurance suspension
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.
[Nigeria] Cornerstone Insurance, NEM partner on new scheme
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.
Insurpass partners AXA Mansard for easier access to health insurance for Nigerians
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.
African Trade Insurance Agency supports $67 million solar plant in Malawi to fill energy gap
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.
East Africa insurer MUA picks Moody’s solutions to meet global reporting standards
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.
Santam pays out R870m in relief to hospitality and retail services in South Africa
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.
Manuel Moses appointed CEO of The African Trade Insurance Agency
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.
[Nigeria] Custodian signs agreement with UAC to purchase 51% of UPDC
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 partners with Star Assurance to boost motor insurance uptake
Total Ghana and Star Assurance have collaborated in putting together an enhanced loyalty scheme aimed at rewarding mutual clients in the transport sector.
WCFCB prepares to cover domestic workers in Zambia
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 becomes a full member of the African Trade Insurance Agency
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.
[Nigeria] AXA Mansard sells 100% equity in pension subsidiary to Eustacia
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.
PayAngel partners with Allianz Life Insurance Ghana to launch new remittance product
PayAngel Money Transfer has partnered with Allianz Life Insurance Ghana to introduce a new revolutionary remittance product, the RemitCare Plan, to the Ghanaian market.
[South Africa] Santam commits R1 billion in relief to contingent business interruption clients
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.
South African Reserve Bank imposes administrative sanctions on three life insurers
The South African Reserve Bank (SARB) has imposed administrative sanctions on three life insurers and directed them to take remedial actions.
Cititrust launches culture transformation journey in Nigeria
Financial services holding company Cititrust has launched its culture transformation journey aimed at delivering excellent service and world-class customer experience in Nigeria.
[South Africa] Sanlam achieves solid results despite volatile investment markets, report
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 acquires FBN Insurance Nigeria
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.
[South Africa] Unemployment Insurance Fund pays out R15bn
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.
[South Africa] Standard Bank continues insurance cashback offering
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.
[Kenya] BTB Insurance to pay KRA Kshs.35 million in taxes
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 insures Actis Energy investment in South Africa’s renewable energy sector
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.
Government, international players drive Djibouti’s insurance market
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.
[South Africa] UIF pays R9.5 billion to workers
The Unemployment Insurance Fund (UIF) has disbursed almost R9.5 billion through the COVID-19 Temporary Employer/Employee Relief Scheme (TERS).
Togo joins African Trade Insurance Agency
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.
AM Best downgrades Kenya Re Issuer Credit Rating Outlook to negative
AM Best has revised the Kenya Re's outlook of the Long-Term Issuer Credit Rating to negative from stable.
Brokerslink strengthens African presence with new broker in Republic of Congo
Global broking business, Brokerslink, has announced the addition of African broker Gramon to its international network.
[South Africa] Driving data shows people are staying in lockdown more than US, UK
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.
[South Africa] Standard Bank Insurance clients to receive 25% cashback
The Standard Bank Insurance is implementing a 25% cash back relief on its car insurance premiums.
MIGA, Scatec Solar partner to insures six additional solar power plants in Egypt
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.
[South Africa] Santam maintains solid performance in low growth environment, report
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.
Andersen Global premieres in Sierra Leone
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 introduces affordable and quality medical care services in South Africa
GetSavvi Health is one of the leading medical cover plans providers in South Africa.
[South Africa] Travel Insurance Consultants reinstates SAA insolvency cover
The Travel Insurance Consultants (TIC) has reinstated the travel supplier insolvency cover on the South African Airways.
ADF approves grant for disaster risk management training in Zimbabwe
The Board of the African Development Fund (ADF) approved a $685,000 grant to strengthen Zimbabwe’s capacity to manage disaster risks.
AM Best affirms credit ratings of Kenya Reinsurance Corporation Limited
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.
World Bank approves $275m to upgrade Morocco’s disaster risk management strategy
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).
[South Africa] Santam recognised top employer for 4th year running
Santam has been officially recognised by the Top Employers Institute as a Top Employer 2020 for excellence in employee conditions.
U.S. commits $430 million in insurance to natural gas project in Egypt
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.
[South Africa] Santam launches first short-term insurance barometer study
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.
African Development Bank Group becomes shareholder in Africa Finance Corporation
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.
Fire onboard Polar Marquis offshore Senegal
GC Rieber Shipping ASA reports to have had a fire onboard its managed vessel Polar Marquis, offshore Senegal yesterday Monday November 11th 2019.
EIB expands trade & investment insurance benefits to West Africa
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.
British High Commission maintains and develops relations between the UK and South Africa
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.
[South Africa] Unemployment Insurance Fund to process claims for new parental benefits
The Unemployment Insurance Fund's (UIF) has started processing claims for the new Parental Benefits to contributing and qualifying UIF beneficiaries.
SADC, Africa Risk Capacity sign MoU on disaster risk management and finacing
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.
Sub-Saharan Africa remains a long-term opportunity for reinsurers, AM Best report
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.
[Nigeria] Verod to acquire Metropolitan Life Insurance
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.
[South Africa] Santam posts solid operational half-year results
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.
[South Africa] OUTvest and OUTsurance Life partner to build tax efficient endowment
OUTvest, the pioneering digital investment service that sits within OUTsurance Holdings, is enabling South Africans to go beyond goals-based saving and to invest in a five-year endowment through a fixed deposit at a fixed rate, underwritten by OUTsurance Life.
Innovative insurance cover to help drought-hit communities in Africa
Humanitarian agencies are setting up innovative climate risk insurance policies to protect up to 1.3 million people in West Africa from catastrophic drought.
[Kenya] CIC Insurance partners with Little Cab to launch free rides service
Kenya’s CIC Insurance Group has partnered with taxi-hailing app Little Cab to launch a product that will offer free rides to clients while their vehicles are undergoing repair.
African Trade Insurance Agency launches regional West Africa's office in Cotonou
Dignitaries from the Ministries of Finance along with the Head of the country’s Banking Association have officially launched the African Trade Insurance Agency’s (ATI) West Africa regional office.
African Trade Insurance Agency signs agreement with MUFG to deepen information sharing
MUFG Bank, Ltd. and the African Trade Insurance Agency (ATI), have signed an agreement that will allow for increased cooperation and information sharing.
Sompo Holdings enters agreement with Sanlam Kenya, expanding East African foothold
Financial services group Sanlam Kenya has sealed an agreement with Sompo Holdings, one of the largest insurance groups in Japan.
Engineering insurance to grow with Kenya’s infrastructure projects under Agenda 4, Kenindia
Growth is expected to be seen in the engineering insurance as Kenya embarks on completing its construction and infrastructure projects under the Agenda 4, says Kenindia.
[Kenya] Middle Income Driving Motor Insurance in the Country
According to the Insurance Regulatory Authority Q4 industry report, the general insurance business in Kenya grew by 3.5 per cent, a factor that mostly driven by compulsory motor insurance.
[South Africa] Sanlam reports satisfactory performance in four-month operational update
Sanlam reported a satisfactory operational performance in the four months to 30 April 2019, despite persisting headwinds in South Africa.
Bedrock Insurance launches operations in Ghana
Bedrock Insurance Company Limited, a wholly owned Ghanaian insurance firm has officially launched with the aim of being the most people-centred risk solutions provider in Ghana.
[South Africa] Sanlam paid out close to R4 billion in claims in 2018, report
In 2018, Sanlam paid out R3,9b in claims, with R3,2b being for life cover, R329m for income cover and R323,5m for trauma and injury.
[Kenya] Kenindia raises interest on retirement funds as investment income rise
Kenindia Assurance has increased interest payable on retirement funds under its management to 11.5% for the year December 2018. This is a rise from the 11.25% it posted in 2017.
[South Africa] uKheshe launches uKeshe Life card
uKheshe, South Africa’s economic and convenient QR cash card has announced the launch of uKheshe Life, a hospital, disability and life benefits card.
Moody’s assigns A3 IFS rating to The African Trade Insurance Agency with a stable outlook
Moody's Investors Service has assigned an A3 insurance financial strength (IFS) rating to The African Trade Insurance Agency (ATI), with a stable outlook.
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COLUMNS.
[Column] Louis Avenant: Trends for African telcos in 2024
Africa’s vibrant telco sector is set for a bumper year in 2024 as it expands operations and broadens service offerings ...read full column here
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[Column] Virodh Sunderlall: What to expect from South Africa’s cybersecurity landscape in 2024
As widely reported last year, South Africa received the most cybersecurity threats on the continent by far ...read full column here
[Column] Stephen Bottger: The power of data analytics to revolutionise public safety
The use of applications, technology and data analytics can play a significant role in public safety globally ...read full column here
INTERVIEWS.
[Interview] Chester Wisniewski, Director of Global Field CTO, Sophos
Chester Wisniewski, the Director of Global Field CTO at Sophos, emphasizes several key trends and predictions for the cybersecurity realm in the coming year … read full interview here
[Interview]: Daniel Otu, Koa’s Production and Operations Director & the factory project lead
Daniel Otu, Koa’s Production and Operations Director & the factory project lead, touched on the challenges faced, the importance of sustainability, the role of local culture, and the lessons that shaped Koa’s future vision … read full interview here
[Interview] Oluwole Eweje, CEO-WATT Renewables Corporation
We provide sustainability for communities, especially communities that have very few businesses … read full interview here