INSPENONLINE: Best’s Journal: Opportunities outweigh the risks in Africa’s untapped insurance markets

Tuesday, 18 March 2014

Best’s Journal: Opportunities outweigh the risks in Africa’s untapped insurance markets

Africa’s insurance and reinsurance markets continue to attract attention from mature and emerging market participants around the world, but further expansion will largely depend on sustained peace and stability, which is still a challenge in many of Africa’s countries. This special report, titled "Africa’s Insurance Markets: Gearing Up for Sustained Growth," is the centerpiece of the latest Best’s Journal, a biweekly publication that presents A.M. Best’s original research, analysis and commentary on the global insurance industry, available exclusively as part of a subscription to the Best’s Insurance News & Analysis service. There is no additional cost to subscribers for this publication.

Other highlights in this issue of Best’s Journal include as follows:
GCC Growth Outpacing Developed, Other Emerging Markets: Growth Rates in the insurance markets of Gulf Cooperation Council countries remain high, according to this Best’s Special Report; however, much of the recent growth has come from compulsory covers, and governments are running out of opportunities to rely on compulsory business.
U.S. Health Insurers Earnings Improved in 2013 Despite Reform Preparation: This Best’s Briefing reports that total revenues at the largest publicly traded managed care carriers increased 9% in 2013, even as they incurred additional expenses stemming from health care reform.
Medicare Advantage Cuts to Drive Adjustments; No Major Insurer Exits Expected: A.M. Best believes that a proposed rate cut to Medicare Advantage will be within an acceptable range for most insurers to maintain their 2015 offerings, according to a Best’s Briefing on the subject.
Analyst Interviews: Changes Afoot in U.S. Property/Casualty, Health and Reinsurance: Analysts discuss the external market forces that are reshaping much of the U.S. property/casualty, health and global reinsurance sectors.
A look at recent noteworthy Best’s Credit Rating Actions and rating rationales
Best’s Journal is delivered every two weeks as a bound, printed publication and in digital format via the Best’s Insurance News & Analysis website. Each issue is an installment in a cumulative business resource that provides insight from A.M. Best’s perspective as a credit rating agency, data provider and news publisher with a unique focus on the insurance industry. Best’s Journal provides original content available only from A.M. Best.

In addition to Best’s Journal, subscribers to Best’s Insurance News & Analysis also receive: BestWeek, a wrap-up of the prior week’s coverage of the global insurance industry; Best’s Review, A.M. Best’s award-winning monthly magazine; BestDay, a daily online insurance news digest; Best’s Special Reports and Best’s Statistical Studies; Best’s Regulatory Week; breaking news via the Best’s Insurance News & Analysis Web site; archived news; and a customizable "My News" feed of articles of the subscriber’s choice.

To learn more about Best’s Journal, watch a brief video at www.ambest.com/sales/aboutbestsjournal.html. More information about the Best’s Insurance News & Analysis subscription service is available at www.ambest.com/sales/bina/default.asp. To order, contact Customer Service at (908) 439-2200, ext. 5742 or at (800) 424-2378 when calling from the U.S. and Canada.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contact:

A.M. Best Company
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President
lee.mcdonald@ambest.com

　

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

Casino and Gaming Insurance

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What else do you need to know about casinos and insurance? Unless you are a casino operator, there really isn’t anything else you need to think about. Essentially, when you are a player you need to concentrate on creating your own personal insurance to yourself. In other words, you need to make sure that you create a gambling budget and that you stick to it. Once you create a bankroll, your goal should never be to deplete it. This makes certain that you will always have money with which you can play. Equally, you should set yourself winning and losing limits, so you know when to call it a day.
　