Sunday, 28 August 2016
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African countries face waiting game as UK votes for Brexit

Investors and governments across Africa appear to be pausing in the wake of the UK’s decision to leave the European Union (EU).

Customers and shareholders rattled by Skye Bank takeover

Shareholders and those with deposits at Skye Bank are jittery after the decision by the Central Bank of Nigeria (CBN) to sack the board and management in early July.

Sub Saharan Africa slowdown set to continue during 2016

The slowdown in Sub Saharan African activity is likely to continue this year – dropping to 3% according to the International Monetary Fund, and 2.6% according to trade credit insurer Coface.

    Multinational brands snap up Zurich Insurance Group’s African assets

    In February 2016, Switzerland-based insurer Zurich Insurance Group confirmed that it was undertaking a strategic review to reshape its geographical footprint and improve profitability. The result of this review rippled through the African insurance market in June and July, with confirmation that Zurich Assurances Maroc (ZAM) and Zurich Insurance Company South Africa (Zurich SA) had been sold.

      Ironshore and Old Mutual strike deal to deliver specialty lines in Africa

      Insurance buyers in Africa will be able to enjoy more risk transfer options and extra capacity following news that Ironshore’s Pembroke Managing Agency has entered into a management agreement with Old Mutual Group to underwrite select specialty lines on the continent.

        New deal to push for economic growth

        The African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA) have signed a five-year Memorandum of Understanding (MoU) to “amplify the impact of their strategically aligned joint efforts to promote resources mobilisation to fund Africa’s economic growth”.

          News in brief

          Rating actions, New kidnap and cyber products, Angolan risk grows, Shariah move, Risk management partners and Ace now Chubb in SA.

            Interesting times, we live in

            Well, it’s happened – against the expectations of many and clearly a surprise to the UK’s politicians, the general public has voted for the UK to leave the European Union.

              Microinsurance figures across Africa surge

              More than 61 million people in Africa are now covered by a microinsurance policy – a 63% increase in premium income compared to 2011 figures.

                Terrorist attacks on the rise across African continent

                The number of militant Islamist attacks in Africa rose dramatically between 2009 and 2015, according to new research released by IHS.

                  Violence flares across Africa

                  Renewed civil war is likely in north and central Mali and in South Sudan, while the US government has voiced concern around escalating violence in Central African Republic.

                    Planning reduces kidnap cost

                    The total number of kidnaps for ransom during 2016 in the Gulf of Guinea has already surpassed the total number of incidents recorded by the International Maritime Bureau for 2015. The UK P&I Club has issued a warning to all those involved in the shipping sector to have access to experienced and professional advice regarding kidnap response management.

                      Risk management and the bank crisis in Nigeria: the Skye Bank question

                      The recent takeover of Skye Bank by the Central Bank of Nigeria to protect depositors’ funds as the bank floundered on liquidity and capital adequacy ratios has raised, once again, the contentious issue of risk management in Nigerian banks.

                        New opportunities for growth across Africa as the latest specialty venture gets underway

                        Commercial Risk Africa caught up with Chaucer CEO, Johan Slabbert, to get further details on his firm’s new tie-up with Axa, to launch Axa Africa Specialty Risks.

                          Growth subdued but African markets still have massive potential

                          A new report from Swiss Re reveals that non-life premium growth in Africa was subdued at 1.3% in 2015 (2014: 1.2%). Commercial Risk Africa takes a look at the report and speaks to Lukas Mueller, head of north and Sub Saharan Africa at Swiss Re, about the findings.

                            Opportunities abound in Africa despite tougher conditions

                            Following on from the publication of Swiss Re’s global insurance report, AM Best has taken a deeper look at Sub Saharan Africa. In this, as Commercial Risk Africa reports, there is a clear warning about the future of risk management across the continent.

                              Risk management reaching new heights as mining sector faces tough challenges

                              The past few years have been torrid for much of the mining sector globally, with commodity prices falling, labour costs rising, environmental issues coming to the fore and myriad other threats. David Kaye reports on the African picture.

                                Challenging environments adding to cost for mining businesses

                                David Kaye takes a look at a new report from brokers Willis Towers Watson, which looks more closely at the threats facing risk managers on the ground in the mining and minerals sector.

                                  Dealing in uncertainty

                                  Politics, currency volatility and spotting the next tech disruptor dominate South Africa’s risk outlook.

                                    Risk management needs young blood as threats evolve

                                    South African information risk practitioner and immediate past president of ISACA South Africa, Ken Chikwanha, talks to Commercial Risk Africa about  the growing risks around cybercrime and the way in which it increasingly figures in boardroom thinking.

                                      Crying out in the wilderness

                                      Risk managers must continue to speak up at board level, even if it sometimes makes them unpopular – that is one of the central messages to emerge from the recent Risk Managers Association of Nigeria annual national conference.

                                        Africa: Leading the world?

                                        Africa Re celebrated its first 40 years in business with a symposium in Kigali, attracting 300 insurers and other key market players. The message was on learning from the experience of the past but also looking forward to success in the future. As Africa Re CEO Corneille Karekezi told delegates, the organisation is determined to do more than just make profits – it wants to provide a firm platform for education and training to encourage greater takeup of insurance continent-wide.

                                          Insurance agents promise to set the pace in east Africa

                                          The insurance sector still has a long way to go in building public confidence, as Steve Mbogo reports from the 2016 edition of the annual Africa Insurance & Reinsurance Conference in Nairobi.