Tag Archives: Insurance in Africa
Insurance in Africa: Latest News
Kevin Mwanza, 6:41 am
American International Group (AIG), the only international insurer, announced plans to withdraw its business from Uganda as part of the global strategy to pull out from smaller markets across the world. The decision, announced on Tuesday, came days after the insurer sold share worth $143.2 million to Emerald Acquisition Limited at the New York Stock Exchange. The insurer entered The Pearl of Africa nation in 1962 and has 50 employees
Kevin Mwanza, 11:16 am
Only 10 African countries contributed 92 percent of the total premiums that insurance firms enjoyed across the continent in 2014, with six of them surpassing the $1 billion threshold in non-life premiums. The nations are South Africa, Morocco, Egypt, Nigeria, Kenya, Algeria, Angola, Namibia, Tunisia and Mauritius. The insurance market in Africa was worth an estimated $69 billion in 2014, which was a fall from $72 billion in 2013
Staff, 6:05 am
A mobile insurance scheme to help small-scale farmers in Kenya ensure their agricultural produce against drought and other natural disasters is spreading to other parts of Africa, as Neil Ford explains. A greater proportion of sub-Saharan Africans work in agriculture than anywhere else on the planet but only 6% of the population of Africa and the Middle East have any form of agricultural insurance.
Kevin Mwanza, 11:28 am AFKI Original
Kenyan-based Jubilee Insurance, the biggest insurance services provider in East Africa, plans to expand to the Democratic Republic of Congo, Ethiopia and undisclosed countries in West Africa, a top official said on Thursday. The insurance firm, which already operated in five African countries — Kenya, Tanzania, Uganda, Burundi and Mauritius — is seeking to expand the markets it operates in after posted good performance despite dampened activity on stock markets in the region.
Kevin Mwanza, 10:54 am
Insurance firms in East Africa are set to report their worst financial returns in five years as weakened currencies, low market penetration and depressed equity markets take a toll on their performances. According to Kenya’s Listed Insurance Companies Analysis for 2015 by Cytonn Investment, insurance firms will register a 48 percent fall in after-tax profits, which is more than the 17.29 percent fall recorded in 2014.
Kevin Mwanza, 6:41 am
French Insurance giant AXA plans to invest 75 million euros ($84 million) for a 8 percent stake in Africa Internet Group (AIG), one of the largest e-commerce companies on the continent. Nigerian-owned AIG is the holding company for Africa’s fast growing online retail startup Jumia that has operation in 11 countries. AXA’s investment now pushes AIG’s valuation to slightly over a billion dollars.
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