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Moody’s assigns Africa Specialty Risks’ ASR Re a Baa1 credit rating
13th October 2023
ASR Re, a wholly owned subsidiary of ASR Holdings Limited (Mauritius), the non-operating holding company of the Africa Specialty Risks (ASR) group, has been assigned a Baa1 long-term insurance financial strength rating (IFSR) by Moody’s Investors Service. The rating is based on ASR Re’s growing relevance and client base in Africa's ... Read the full article
SanlamAllianz to provide insurance & financial services in 27 African markets
6th October 2023
African non-banking financial services provider, Sanlam, and global insurer Allianz have announced the receipt of regulatory approvals for a joint venture called SanlamAllianz, a Pan-African non-banking financial services company with a presence in 27 countries across the continent. The joint venture's ambition is to be among the top three players, in ... Read the full article
African reinsurance markets witness growth and stability in 2021/2022
5th October 2023
The African reinsurance landscape in 2021/2022 demonstrated a mix of notable growth and stability across both life and non-life sectors, as revealed by recent market data. Among the top 14 markets, the African life reinsurance market experienced significant growth, with a year-on-year increase of USD 193 million, reaching a total of ... Read the full article
Re/insurance challenges amid turbulent landscape in African & emerging markets: Am Best
27th September 2023
(Re)insurance companies operating in Africa and various emerging markets continue to face significant challenges amidst a turbulent economic and geopolitical landscape, according to AM Best. These challenges have been further amplified by external shocks, making resilience a critical trait for industry players. The declining creditworthiness of many African debt issuers has emerged ... Read the full article
African Risk Capacity assists Malawi in scaling up World Bank’s SSRLP
19th September 2023
The African Risk Capacity (ARC) will assist the Malawi Government to scale up the World Bank’s Social Support for Resilient Livelihoods Project (SSRLP) through innovative insurance, which reinforces Malawi’s Social Cash Transfer Programme. Malawi’s flagship safety net, the Social Cash Transfer Programme (SCTP), will be reinforced with a risk transfer instrument ... Read the full article
African Development Bank launches Africa Climate Risk Insurance Facility for Adaptation
14th September 2023
The African Development Bank has unveiled a groundbreaking initiative, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), aimed at fortifying African countries against catastrophic weather-related events. This transformative facility, hosted by the Bank, expands upon the Africa Disaster Risk Insurance Program by developing insurance solutions to empower African nations, particularly ... Read the full article
ARC sets new record with $60m payout in 2022, pioneering climate resilience in Africa
12th September 2023
African Risk Capacity Limited (ARC Ltd), Africa's pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company's establishment in 2014, underscoring the invaluable impact of its work in protecting African nations from ... Read the full article
Africa Specialty Risks launches captive solution
29th August 2023
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern ... Read the full article
Gallagher appoints Jamie Gee as Associate Director, Financial Lines, Middle East & Africa
22nd August 2023
Global insurance broker Gallagher has announced the appointment of Jamie Gee as Associate Director within its financial lines practice in the Middle East and Africa business. Daniel Miller, Divisional Director of Gallagher, commented on the hire, “Jamie brings fantastic technical knowledge and strengthens our existing capability and proposition. His experience in ... Read the full article
African Risk Capacity adds two non-exec directors to its Board
21st August 2023
The African Risk Capacity Limited (ARC Ltd.), a financial affiliate of the African Risk Capacity (ARC) Group, has appointed two non-executive directors to its Board. The company has appointed both Deepak Dave and Maxwell Mkwezalamba for a three-year term, ending with the ARC Ltd. AGM in 2026. Together, they both bring a ... Read the full article
Brokerslink appoints François Masson as new Regional Manager for Africa
19th July 2023
Brokerslink has announced the appointment of François Masson as the new Regional Manager for Africa. Masson succeeds Benjamin Boudeau-Raimbault of Filhet-Allard Africa, who has completed his two-year tenure in the role. According to Brokerslink, Boudeau-Raimbault will continue to provide technical support across the continent on behalf of the firm. José Manuel Fonseca, Brokerslink’s ... Read the full article
Chubb promotes Zelda Mostert to Country President for South Africa
30th June 2023
Global re/insurer Chubb announced the promotion of Zelda Mostert to the position of Country President for South Africa. Mostert, currently serving as Chief Financial Officer for the region, will take on the new role with effect from July 1. As Country President, Mostert will assume responsibility for managing the performance, strategy, and ... Read the full article
Afreximbank launches intra-Africa trade supporting insurance subsidiary
28th June 2023
The African Export-Import Bank today in Accra launched its wholly-owned insurance management services subsidiary, AFREXInsure, which took place on the sidelines of Afreximbank’s 30th Anniversary Annual Meetings. The launch comes with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for ... Read the full article
ARC launches parametric flood product in Africa
19th June 2023
The African Risk Capacity (ARC) Group has launched a parametric insurance product aimed to help African countries cope with the devastating effects of flooding. This mechanism will provide countries with predictable and rapid financing for early response to cope with emergency disaster events caused by floods. ARC partnered with JBA Risk Management ... Read the full article
Untapped potential in Africa’s agricultural insurance market: Faber
2nd June 2023
Africa’s agricultural insurance market has a large untapped potential for non-life insurers due to its low penetration and it is key to advancing food production security in the continent, according to the latest edition of the Africa Insurance Pulse on food security and agricultural insurance. The global agricultural insurance market has ... Read the full article