insurance Archives - AfricaBusiness.com

19Sep

By Africa BusinessNo Comments

Business, Mozambique News

The role of insurance in bridging financial exclusion in Mozambique

Hollard, a leading Pan-African insurer, is bucking traditional marketing trends by using unconventional methods to drive financial literacy and encourage insurance uptake in cyclone-prone Mozambique through relatable, yet simple and effective techniques that are rapidly gaining traction. Israel Muchena, Managing Director of Life & Agricultural Insurance at Hollard, says that financial literacy levels are low in Mozambique, and this hinders broader access to the insurance needed to protect small-holder farmers from the risk of climatic disaster. Higher levels of financial literacy can only be achieved if the concept of insurance is demystified, made relatable and communicated in Indigenous languages, he points out. Muchena’s remarks come in response to Mozambican Deputy Minister of...

6Aug

By Africa BusinessNo Comments

Agriculture, Zambia News

Insurance has a crucial role to play in driving the sustainability of farming and give impetus to Zambia’s socio-economic development

With Zambia having recently commemorated Farmer's Day and the contributions and work made by farmers in the agricultural sector in the country, Hollard has highlighted the importance of ensuring the sustainability of farming in the country, by providing adequate disaster risk financing mechanisms as a means to protect farmers against natural and man-made disasters. Choolwe Sianyinda, Chief Operating Officer of Hollard says, “The long-term sustainability of the agricultural sector in Zambia and prospects for the country’s socio-development hinges on the adoption of adequate cover and protection to mitigate against the increasingly volatile and erratic weather patterns - which are largely attributed to climate change - placing an extra burden on food security.” The socio-economic developme...

29Jul

By Africa BusinessNo Comments

Business, South Africa News, Zambia News

Millennials will drive the growth of insurance in Africa

The insurance industry in Africa is undergoing significant transformation, marked by evolving consumer needs, technological advancements, and shifting demographics. Among the most influential demographic groups driving this change is the Millennials generation, born between 1982 and 1994. According to market research firm, IMARC Group, the African insurance industry is expected to grow by 6.3% between 2024 and 2032, after reaching US$ 87.4 billion by 2023. “The Millennials have a big role to play in Africa’s insurance growth, as they begin to build families and acquire property,” says Mulenga Kashiwa, technical underwriting senior manager at Hollard International. He explains, “Millennials in Africa are now in their 30s to early 40s, a phase often associated with significant life changes...

29Aug

By Africa BusinessNo Comments

South Africa News

The insurance industry comes under fire as the cost-of-living crisis increases

The world is currently facing one of the harshest economic climates experienced since the 2008 Global Financial Crisis, one of the worst financial crises in modern history. This raises concerns that more people may turn to fraud to address the financial pressure they are experiencing. "Rising inflation and the current war in Ukraine are two major contributors to an increasing cost of living crisis. This is putting many people in a difficult financial position; reports out of the United Kingdom show that people are increasingly considering turning towards fraud to relieve this pressure," says Manie van Schalkwyk, CEO of the Southern African Fraud Prevention Service (SAFPS). Recent international fraud tactics Research by the Insurance Fraud Bureau (in the UK) points out that as many as on...

19Nov

By Africa BusinessNo Comments

South Africa News, Startups

How a Hipster, a Hacker, and a Hustler built a booming business

Lessons from the insurtech start-up that caught the eye of industry giants While November has always been synonymous with National Entrepreneurship Month, you’d be forgiven for wondering if it’s really necessary to dedicate 30 days to encouraging the entrepreneurial spirit, when it seems that just about everyone aspires to be coffee-guzzling, always-hustling, meme-inspiring business owner nowadays. Yet, as any successful entrepreneur will tell you, the journey from start-up to scaling is a grueling process, peppered with potential pitfalls along the way. So, what is the secret to getting it right? Ctrl Financial Intermediaries (CFI), founded by three friends, Pieter Venter, Francois Venter, and Pieter Erasmus (no, they’re not related) is one such example. Launched in 2018, Ctrl is a...

28Jul

By Shahina ParvinNo Comments

Kenya News

Growth and Progress of Kenya’s Insurance Market

AM Best company has published a report on the overall state of Kenya's insurance market and how price competition hinders its growth potentials. The key takeaways are challenging macroeconomic factors which are expected to abate from 2021, the successful execution of risk-based capital requirements that are strengthening the credit quality of market participants, and price undercutting becoming a hindrance for the companies in generating sufficient capital. Kenya’s economy is relatively stable than the other markets in sub- Saharan Africa and that facilitates the growth of its insurance sector. But the market growth gets impeded due to the low awareness of insurance products and low trust in insurance companies. Price undercutting in the non-life segment has hampered premium growth and al...

The impact of COVID-19 on finance and investment in Africa

10Mar

By Morne van der Merwe and Wildu du PlessisNo Comments

Main, South Africa News

The impact of COVID-19 on finance and investment in Africa

By Morne van der Merwe, Managing Partner, and Wildu du Plessis, Head of Africa, Baker McKenzie Johannesburg The Coronavirus (COVID-19) has resulted in mass production shutdowns and supply chain disruptions due to port closures in China, causing global ripple effects across all economic sectors in a rare “twin supply-demand shock”. With South Africa having just reported its first cases of COVID-19, Africa is beginning to feel its full impact and plans to control and manage the humanitarian challenges of the virus are underway across the continent. Economically, the effects have already been felt - demand for Africa’s raw materials and commodities in China has declined and Africa’s access to industrial components and manufactured goods from the region has been hampered. This is causing furth...

20Dec

By Africa BusinessNo Comments

African News

A ten-year strategy to support the development of social protection systems in Sub-Saharan Africa

STORY HIGHLIGHTS Social protection, which comprises both social assistance and social insurance programs, is a powerful tool to reduce poverty and vulnerability The World Bank has a new 10-year strategy for social protection in Africa (2012-2022) The vision is to help governments build country-owned national social protection systems Social protection, once thought of as exclusive to rich and middle-income countries, is being increasingly employed in low-income countries in Africa, where policymakers are recognizing its potential as a powerful tool to reduce poverty, vulnerability, and social inequality. The food, fuel and financial crises of 2008 have shown the vital role that social protection can play in cushioning poor and vulnerable households from shocks. Acro...

10Nov

By Africa BusinessNo Comments

African News

Professional Indemnity Insurance in South Africa

NEW YORK, Nov., 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: Professional Indemnity Insurance in South Africa http://www.reportlinker.com/p01028856/Professional-Indemnity-Insurance-in-South-Africa.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance Professional Indemnity Insurance in South Africa is a report about the South African market for and distribution of policies covering professional liability. For 2007, 2011 and with a forecast for 2015, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 12 categories considered as follows: accountancy and finance alternative medicine architecture and engineering br...

6Nov

By Africa BusinessNo Comments

African News

Payroll System: Small Businesses Can Print Paychecks on Blank Stock Easily with New EzPaycheck Software

Small business payroll software ezPaycheck was updated with new and more flexible features to allow users print paychecks and stubs on blank stock easily. Try it free for 30 days at http://www.halfpricesoft.com Detroit, MI, November, 2012 --(PR.com)-- Small business payroll software ezPaycheck was released with new feature to print paycheck with stubs on blank check stock. Designed with small business in mind, ezPaycheck payroll system from halfpricesoft.com was developed to speed up and simplify payroll tax calculations, paycheck printing and tax reporting. ezPaycheck developing team hopes this new blank check stock printing feature will save users more time and money on payroll tasks. To open ezPaycheck payroll software to more small business users, Halfpricesoft.com also announc...