Insurance News ME

Kenya - Officials to stamp out insurance irregularities

The recently established Insurance Regulatory Authority plans to employ more legal officials to enhance its capacity and stamp irregularities in the insurance industry.

Groupama, Axa, others eye privatisation of 35 pct of Tunisia's Star insurance co

Eight foreign insurance companies, including Groupama and France's Axa (NYSE:AXA) , have expressed an interest in the privatisation of a 35 pct stake in Tunisian insurance and reinsurance company Star, said the Tunis bourse.

Kenya: NIC Bank Prepares to Branch Into Insurance

NIC Bank has revised its articles of association as it prepares to enter the insurance sector come January.

The move marks another step by a bank towards branching into underwriting risks as insurance authorities ponder on revising regulations to pave way for bankassurance, which refers to the sale of insurance through banks or a combined business offering core banking services and covering risks.

Overseas reinsurance to blame for slow growth in local sector

Large amounts of money that leave Tanzania to pay underwriting services abroad are to blame for the poor showing of the insurance sector which has a retention ratio of only 20 per cent.

Finance Minister Zakia Meghji said the industry has to increase the investment in the sector, in order to provide appropriate risk underwriting capacity to curb capital flight from Tanzania.

Nigeria: Lagos Pays N3.8m Insurance Claim to Families of Slain LASTMA Officials

The Lagos State Government has disbursed N3, 871, 908 to six families of deceased members of Lagos State Transport Management Authourity (LASTMA) being a Group Life Assurance claims.

Due to their financial troubles - Private insurance companies to be sold

Private insurance companies have almost allowed foreign companies to buy shares in their turnover as to raise their competitiveness, an official source within insurances sector told El Khabar.

Zimbabwe: Insurance Companies Risk De-Registration

THE Insurance and Pensions Commission (IPEC) has warned companies that have not complied with its decree to re-register with it that they risk being struck off the body's register.

In an interview, head office manager Mr Taurayi Ndoro said a number of firms had not complied.