Wednesday, 26 October 2016
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Fit for purpose: ongoing skills gap challenge rises up the risk agenda

The skills risk cannot be underestimated, according to the east African risk management community, as businesses face challenges in finding the right people for the right jobs.

Major BI claim in Ghana could be the excuse to turn the market

A major claim related to a leak at an oil installation in Ghana is set to send shockwaves through the local market and raise questions about the sustainability of local carriers.

International interest in Africa persists despite challenging 2015

Overall, 2015 proved to be a challenging year for Africa’s reinsurance markets, according to a new report from AM Best, which says the challenges come at a time when the regulators across the continent are looking to move towards a Solvency II approach of risk-based supervision.

    Reinsurance solution to regulatory changes promises sustainability

    Using reinsurance to free up capital to meet insurance regulator demands for increased capitalisation is likely to become a useful tool for insurers operating across the continent.

      African passport rollout paves way for easy access to markets

      Rollout of the new Africa passport has continued as more African leaders start to receive the new document, designed to give all Africans free movement across the continent.

        Mozambique market ready to get back to business as country turns a corner

        After months of negative stories, insurers and reinsurers in Mozambique say the country is getting back on its feet and is set to resume its growth pattern.

          News in brief

          Mobiles driving change, Mauritius in London promotion, Microinsurance challenges, Solution expansion and New face at Chubb.

            Two steps forward, one step back

            More good news this month comes from McKinsey in a new report summing up the state of Africa, in which it remains optimistic about the future. The World Economic Forum, however, is not quite so bullish in its new competitive index.

              $5bn for emerging markets infrastructure investments

              International Finance Corporation (IFC), a member of the World Bank, has launched a programme to raise $5bn from global institutional investors to modernise infrastructure in emerging markets for the next five years, opening up a new stream of capital flows to improve power, water, transportation and telecommunications systems in developing countries.

                Risk management key to tackling debt across Africa

                Sovereign debt levels and debt servicing costs have risen in Sub Saharan Africa (SSA) in recent years and will continue to do so in 2016 and 2017, Fitch Ratings has warned.

                  Africa slightly less competitive than in 2015

                  Sub Saharan Africa’s competitiveness has slightly weakened year on year, mainly as a consequence of deteriorating macroeconomic environments across the region, according to the Global Competitiveness Report 2016-2017 from the World Economic Forum (WEF).

                    AfDB promises $10bn funding to Nigeria

                    Up to $10bn of investment by 2019 could be made by the African Development Bank to Nigeria, after the bank’s president Dr Akinwumi Adesina met with Nigerian vice president Yemi Osinbajo.

                      Keeping the faith in Africa: business opportunities abound

                      Doom-mongers may have written Africa off because of the slowdown in China, but not everyone is pessimistic. A new report from McKinsey Global Institute reveals Africa has plenty of potential ripe for the picking.

                        And the award goes to…

                        Earlier this year, the Risk Managers Association of Nigeria (Riman) launched the first locally-based exams for risk managers – building on best practices from internationally set exams, while adding a uniquely Nigerian flavour to ensure the exams were fit for the local market. After a number of candidates successfully completed that first exam, Riman awarded a prize for Outstanding Performance in Stage 1 of its Certified Risk Manager Certification Exam to risk manager Adebayo Famakinwa, who works in banking supervision for the Central Bank of Nigeria. Liz Booth had a chat with him.

                          West Africa: Will $50 oil optimism drive sector?

                          The global slump in oil prices has had negative effects on oil producers, including those in west Africa where Nigeria, the region’s oil leader, has slipped into recession as revenue slumps. But the recent crude rally to $50 per barrel has given the regional market a dose of optimism. Prince Cookey asks: will it last?

                            Infrastructure holds key to EAC oil production

                            Steve Mbogo looks at the oil and gas picture across east Africa.

                              Insuring cyber risk is an unlikely contender to drive premium growth in Botswana

                              Botswana is among five Sub Saharan African (SSA) economies that improved their Global Competitiveness Index rankings by three to six positions and their scores by 2% or more, according to the World Economic Forum’s Global Competitiveness Report (GCR) 2015/2016. The country climbed five places to 64th (out of 138 global participants), thanks to year-on-year improvements in infrastructure, higher education and goods market efficiency.

                                East Africa increases risk management capacity

                                Risk Frontiers – East Africa returned to Nairobi for its third annual event and, as Steve Mbogo reports, discovered risk management on the rise.

                                  Risk management has key part to play in shaping economic development

                                  A fast changing world is keeping risk managers on their toes, as those attending the Institute of Risk Management South Africa’s annual conference in Johannesburg heard from many of the speakers.

                                    Maintaining sustainable businesses critical in building customer trust

                                    The customer is king was the overriding message from the 21st African Reinsurance Forum, held in Dakar by the African Insurance Organisation, which welcomed some 350 delegates from around 20 countries.

                                      Africa’s reinsurers bullish about the future of $8.3bn market

                                      The continent’s reinsurance markets are expected to benefit from strong underlying growth, driven by an expansion of its primary markets with insurance premiums of $64bn, according to the first Africa Reinsurance Pulse, launched at the 21st African Reinsurance Forum in Dakar, Senegal.

                                        Technology making the difference

                                        Many African reinsurers see technology as the way to open up previously untapped insurance markets across Africa.

                                          Protection gap movement to launch in Kenya

                                          In many emerging markets insurance can play a vital role in supporting a fledging economy but, even in 2016, many people simply have yet to discover insurance, let alone understand its benefits. However, an ambitious project aims to change that.

                                            Tanzanian insurance market set for major change to protect policyholders

                                            The Tanzanian government is preparing a new insurance act that should come into force next year, spelling major change for the whole sector. Liz Booth reports from the second annual Tanzania Insurance Brokers Association conference.

                                              Tanzania promises much for investors and insurance market

                                              East Africa stands on the brink of massive change and offers some unique opportunities for investors, both local and foreign, but the insurance market must take a leap into the future if it is to benefit from the opportunities ahead, delegates were told at the Tanzania Insurance Brokers Association’s second annual conference.