Continental Reinsurance (Continental Re) has launched its initial public offering (IPO) on the Botswana Stock Exchange, marking the first public offering by a reinsurer in the country.
Chanas Assurances, one of Cameroon's three largest non-life insurers, plans to more than double its share capital to FCFA13.27bn ($233.7m) from CFA6.05bn at present, a net increase of 119.35%.
The Holmarcom group's proposed acquisition of BMCI, the Moroccan subsidiary of the French giant BNP Paribas, currently awaiting regulatory approval, is shining the spotlight on the group's plans for insurance and banking in Africa.
Africa Specialty Risks (ASR), the developing markets-focused (re)insurance group, has announced that Fitch Ratings has upgraded ASR Re's Financial Strength Rating to 'A-' from 'BBB+'. The outlook is 'Stable'.
African insurance regulatory authorities have reaffirmed their commitment to converging supervisory practices, an essential condition for the emergence of a more integrated, inclusive and efficient African insurance market.
Many African countries are developing regulatory frameworks for microinsurance by simplifying licensing procedures and introducing initiatives that encourage insurers and InsurTechs to create solutions in this branch of business, according to the Insurers Federation of Egypt (IFE) in a bulletin.
Insurance and reinsurance companies operating in the 14 member states of the Inter-African Conference of Insurance Markets (CIMA) will have to meet stricter financial requirements before distributing dividends to their shareholders.
The success of microinsurance depends on three main pillars, which are the development of innovative business models based on digital technology, such as mobile payments and parametric insurance, flexible regulatory frameworks and the strengthening of partnerships among governments, the private sector and international organisations.
African Risk Capacity (ARC) has confirmed the appointment of Mr David Maslo as its CEO. He originally led ARC as Interim CEO.
The size of the insurance market in Central Africa is about $1.1bn, with a penetration rate of no more than 0.7%, indicating the enormous potential for growth, especially with increasing urbanisation and infrastructure development, said the Insurers Federation of Egypt (IFE).