Behind the Score: Unravelling the Mystery of Insurance Ratings – Part 1
In the intricate world of insurance, where choices abound, and uncertainties lurk, the importance of insurance ratings cannot be overstated. These numerical and alphabetical symbols serve as beacons, guiding consumers, investors and regulators through the complex seas of financial stability and reliability. Discourse in this article will delve into the nuanced realm of insurance ratings, […]
How Technology Is Transforming Agriculture Insurance (Part 2)
In the first part of this article we looked at some of the challenges that are shrouded in the implementation of traditional agriculture insurance and how this has been further complicated by the emergence of climate change which has made traditional agriculture insurance increasingly inadequate thereby necessitating a shift towards technological innovations. The advent of […]
How Technology Is Transforming Agriculture Insurance (Part 1)
On the 13th of December 2023 the Zambian Government through the Ministry of Agriculture unveiled its 2022 to 2026 Agriculture Strategic Plan. In the plan were a number of deliverables that included set targets to develop 20 Climate Smart Agriculture Technologies and Practices by 2026 against a baseline of 5 that were set in 2021. […]
Zambia Expected To Be Hit By El-Nino – Are Farmers Ready?
There is a saying that no one can escape the uncertainty of agricultural risks, but everyone can prepare for them. The stark reality facing Zambian farmers going into the 2023/24 farming season is that they are likely to experience unfavourable weather conditions that would impact their crop yields due to a phenomenon called El-Nino. The […]
Understanding the Factors Behind Successful Claim Settlements – Part I
Expeditious settlement of valid claims stands out as a vital function that reveals the trustworthiness of individual insurers/reinsurers and sheds light on the overall values of the industry. By and large, insurance companies rarely reject or repudiate claims without cause. Several underlying factors contribute to claim repudiations. By understanding these factors, as the discourse in […]
What Can We Expect on the Regulatory Front in the Last Half of 2023 in South Africa?
The financial services industry, including the non-life insurance industry, has commented on several draft regulations and items of legislation over the last year. I will discuss some of them that were distributed by regulators in early 2022, or even as far back as 2021 that we can expect to be dealt with this year, or […]
Impact of Zambia’s Debt Restructuring on the Insurance Industry
On 22 June 2023, the Zambian government announced that it had agreed on a comprehensive debt treatment with its official creditors under the G20 common framework. This involved the restructuring of US$6.3 billion of its bilateral debt. In the wake of this significant milestone, Zambia is now at a pivotal juncture for economic revitalisation. Discourse […]
Underwriting Considerations for Decennial Liability
When writing decennial liability insurance as an underwriter, there are several considerations that need to be taken into account. Here are some of the key factors to consider: Overall, underwriting decennial liability insurance requires a thorough evaluation of various factors related to the construction project, the contractor, and the insurance policy. By carefully considering these […]
What is Decennial Liability Cover
Decennial liability cover is a form of insurance commonly used in the construction industry. It protects contractors, architects, and engineers against any damages or defects that may arise in a building or structure they have designed or constructed within ten years of its completion. The cover, also known as 10-year or structural warranty insurance, is […]
Corporate Governance within Financial Service Companies
For some time now we have long been hearing about the necessity for proper corporate governance within large companies, following some very high-profile collapses of company structures due to reckless and negligent trading by the board and senior management of such companies. Shareholders and policyholders (where the company is a financial service company) can lose […]
