Reinsurance News
Africa
Kenya Re to establish Uganda office in expansion push
15th May 2019
Kenya Reinsurance Corporation (Kenya Re) intends to establish a new subsidiary in Uganda as part of its strategy of expansion into new markets. Shareholders are set to vote on the proposal at the reinsurer’s annual general meeting (AGM) on June 14. "That the company be and is hereby authorised to establish a ... Read the full article
West Africa reinsurer WAICA Re expands to Kenya
29th March 2019
West African reinsurer WAICA Re has launched new operations in Kenya in an effort to capitalise on the growing insurance market in East and Central Africa, according to reports from Standard Digital. WAICA Re Kenya is set to provide reinsurance for all general classes across the region. The unit has a capital ... Read the full article
MENA re/insurance markets face short term volatility: A.M. Best
26th March 2019
Insurance and reinsurance companies operating in the Middle East and North Africa (MENA) region face significant volatility in the short to medium term due to an economic slowdown, regulatory changes, social unrest, and a lack of diversification, according to A.M. Best. Analysts said that navigating these risks is becoming increasing important, ... Read the full article
Alesco launches $3.5bn energy reinsurance facility for Equatorial Guinea
21st March 2019
Alesco Risk Management Services, the specialist insurance and risk management broker, has been appointed by Africa Reinsurance Corporation (Africa Re) to arrange a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea. The commission of the $3.5 billion facility, which will largely be placed through Lloyd’s, adheres ... Read the full article
RFIB adds to African operations, opens new headquarters
4th February 2019
International re/insurance broker RFIB Group has announced two new additions to its African operations as well as the opening of new offices in Johannesburg. Fhumulani Munzhedzi joins as Head of Facultative for Africa and is reunited with Lee Ellis, Chief Executive Officer - RFIB Africa and Neesha Parbhoo, Director - RFIB ... Read the full article
African Development Bank to launch disaster risk financing programme
30th October 2018
The African Development Bank (AfDB) has announced the launch of its first climate risk management initiative, called the Africa Disaster Risks Financing (ADRiFi) Programme. The comprehensive programme, which will initially run from 2019 to 2023, includes the provision of disaster risk insurance cover for poor communities in regional member countries, and ... Read the full article
Brokerslink adds eight new African affiliates to global network
12th October 2018
Brokerslink has expanded its global network with addition of eight new independent brokers from Africa, extending its presence to 21 countries across the continent. The new affiliates include CCAR in Mauritania; Compendium in South Africa; Consass in Burkina Faso; Generalia Assurances in Cameroon; Générale de Courtage in Guinea Conakry; La Protectrice ... Read the full article
Africa’s reinsurers optimistic of premium growth & improved penetration
9th October 2018
For the first time in the Africa Reinsurance Pulse’s survey series, a majority of industry respondents have predicted that reinsurance premiums will grow in-line-with or faster than GDP and that accordingly, penetration may improve. According to the executives of the reinsurance and brokerage firms operating in Africa, the continent’s reinsurers weathered ... Read the full article
Zambia proposes 5% withholding tax for foreign reinsurers
1st October 2018
The African nation of Zambia has proposed introducing a 5% withholding tax for reinsurers based outside the country, which could amount to an annual value ZMK 40 million (USD $3 million) if imposed, according Zambia Daily Mail. In recent years, Zambia has been looking to control the outflow of reinsurance premiums ... Read the full article
Sub-Saharan Africa reinsurance markets grow despite difficulties: A.M. Best
26th September 2018
Reinsurance markets in Sub-Saharan Africa have experienced material growth over the past decade despite the ongoing challenges of a difficult operating environment, competitive pressures on underwriting activities, and economic and political instability, according to a report by A.M. Best. In recent years, much of the region has faced high inflation, currency ... Read the full article
CIC launches microinsurance product for Kenyan farmers
24th September 2018
Over the next five years Kenyan cooperative insurer CIC Insurance Group plans to issue over 250,000 livestock microinsurance policies to previously-uninsured, low-income farmers. The venture, formulated as part of the International Cooperative and Mutual Insurance Federation’s 5-5-5 Mutual Microinsurance Strategy, will equate to 500,000 more cows insured in a country that ... Read the full article
Germany backs new WFP and ARC climate insurance initiative
21st September 2018
The United Nations World Food Programme (WFP) has signed its first climate risk insurance policy with the Africa Union’s African Risk Capacity (ARC), with €10 million of funding provided by the German Government. The policy, called ARC Replica, is a unique climate risk financing mechanism that is supported by WFP and ... Read the full article
MENA region still growth prospect despite ongoing challenges: A.M. Best
20th September 2018
The Middle East and North Africa (MENA) region remains an attractive growth prospect for reinsurers due to its underlying market growth and low penetration rates, despite persistent challenging conditions, according to a recent report by A.M. Best. The rating agency noted that a number of recently established reinsurers in the MENA ... Read the full article
Kenya Re eyes further global expansion amid strong local competition
30th August 2018
Kenya Reinsurance Corporation (Kenya Re) is eyeing expansion into new markets across the globe to boost income amid increasingly strong competition both locally and abroad, according to Business Daily Africa. Jadiah Mwarania, Chief Executive Officer (CEO) of Kenya Re, said the company was looking to open regional offices in new markets, ... Read the full article
Uganda takes major step in de-risking future renewable energy projects
27th July 2018
Uganda has become the first African country to de-risk medium scale renewable energy projects by signing up to the German and African Trade Insurance-backed Regional Liquidity Support Facility (RLSF). RLSF is a joint initiative of the African Trade Insurance Agency - a Pan-African and multilateral guarantor - and KfW with funding ... Read the full article
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