John Walsh’s Post

Strengthening Uganda's insurance sector a path to economic resilience. it's with great joy to bring to your attention my new published opinion by #smlugnews which is about the view of the national budget and how it will uplift the insurance industry. https://lnkd.in/dZqSFKtu #nationalbudget #insurance #economicresilience

Insurance density and insurance penetration are the key measures of a country's level of development in the insurance sector. Insurance density is the ratio of insurance premiums to a country's population. It shows how much each person in a country spends in insurance in terms of premiums. On the other hand, insurance penetration measures the contribution of insurance premiums to the Gross Domestic Product(GDP) of a country in percentage terms. As of 2022, Kenya's Life and Non-life insurance penetration rates were 1.1% and 1.2% respectively. As of 2020, the insurance density in Kenya was at KES 4787. At 2.3% IPR, which is below global averages, Kenya leads its East African counterparts in terms of insurance uptake .

Insurance in Pakistan: Bridging Gaps in Protection and Awareness The insurance industry in Pakistan has immense potential, but the journey is not without challenges. With economic uncertainties and natural calamities becoming more frequent, the need for robust insurance solutions has never been greater. Yet, low penetration rates highlight a gap in awareness and accessibility. As industry professionals, it’s our responsibility to educate individuals and businesses about the importance of insurance. Whether it’s safeguarding health, assets, or future goals, insurance is a critical pillar of financial security. Let’s work together to strengthen trust, introduce innovative products, and make insurance a household concept in Pakistan. The future of insurance lies in addressing these challenges head-on while leveraging technology to reach every corner of the country. What are your thoughts on the current state of insurance in Pakistan? #InsuranceInPakistan #FinancialSecurity #InsuranceAwareness #EconomicResilience #InsuranceSolutions #RiskManagement #Pakistan #Insurtech #BusinessDevelopment #HealthInsurance #FutureOfInsurance

Insurance Awareness and Consumer Protection in Nigeria Nigeria's insurance sector, though with significant potential, is still in its nascent stages. A primary challenge hindering its growth is low insurance penetration, largely attributed to inadequate public awareness about the importance of insurance. In this write up, I will be highlighting the challenges and my next post will focus on the efforts towards improvement. Challenges Low Insurance Penetration: A significant portion of the Nigerian population remains uninsured, unaware of the protection and financial security insurance provides. Consumer Misconceptions: Many Nigerians hold misconceptions about insurance, perceiving it as an unnecessary expense or a gamble.  Biggest Challenges of Insurance Companies in Nigeria - Complex Insurance Products: The intricate nature of insurance products often intimidates potential customers, making it difficult for them to understand and appreciate their benefits. Lack of Trust: Historical instances of delayed or denied claims have eroded public trust in the insurance industry. Limited Consumer Protection: While regulatory bodies exist, their effectiveness in protecting consumers' rights is sometimes questioned. #Insuranceinnigeria #lifeinsurance #lifeassurance #heirsholding #heirslife #emotionalintelligence #financialintelligence #financialmanagement #negotiations #empathy #sales #salesmanagement #financialdiscipline #nigerianinsurancesector #insuranceandfintech

In our most recent blog, Diligencia’s founder and CEO Nouri Bakkali shares information on recent changes in Saudi Arabia’s Insurance Sector. Saudi Arabia has recently established the Insurance Authority (IA) as the sole regulator for the insurance industry, bringing together the responsibilities previously held by the Saudi Central Bank (SAMA) and the Council of Health Insurance (CHI). This centralisation aims to foster a transparent, efficient and resilient insurance market. The IA is empowered to issue regulations, license companies, supervise activities, and manage disputes through the Committees for Resolution of Insurance Disputes and Violations. Early indicators are promising, with the sector showing a 14.6% growth in Q3 2023. With this momentum, the IA is poised to drive the sector forward through 2024 and beyond, setting a strong foundation for long-term development. Exciting times ahead for Saudi Arabia’s insurance industry! 🌟 https://hubs.ly/Q02Y1JBX0 #Insurance #InsuranceSector #SaudiArabia #KSA #Regulations #FinancialServices #BusinessIntelligence #Growth

In todays #Reinsurancenews recent regulatory development that may impact insurance and Reinsurance operations in Ethiopia. The National Bank of Ethiopia (NBE) has announced a significant increase in the minimum capital requirements for insurance companies, marking a substantial change in the industry landscape. Effective from 15 September 2022, the new regulation mandates a notable surge in the minimum capital thresholds for insurers. Under the revised guidelines, local insurers are now mandated to maintain the following minimum capital levels: ·      400 million ETB (equivalent to 7.5 million USD) for non-life insurance companies, compared to the previous requirement of 60 million ETB (approximately 1.1 million USD). ·      100 million ETB (approximately 1.9 million USD) for life insurance companies, up from the earlier threshold of 15 million ETB (approximately 283,450 USD) set in 2013. This regulatory update represents the first adjustment of its kind in almost a decade and is aimed at fortifying the financial stability and resilience of insurance providers operating in Ethiopia. Notably, this raise in the minimum capital requirements could potentially influence reinsurance cessions within the market. Only 7 out of the 18 insurance companies operating in Ethiopia have a paid-up capital of more than 500 million ETB (9.4 million USD) each. Insurers whose paid-up capital is below the new threshold have until 30 June 2027 to comply with the new guidelines. However, these companies are required to submit a capital increase plan to the NBE by 16 October 2022., there may be implications on the reinsurance landscape, with a possible shift towards consolidations, strategic partnerships, or revised risk management practices among insurers. As the regulatory environment evolves, it is crucial for industry stakeholders to stay informed and adapt to the changes proactively. Should you have any queries or require further clarification on how these developments might impact your insurance arrangements, please do not hesitate to reach out. Thank you for your attention to this important update. We remain committed to providing you with the necessary support and guidance through any transitions that may arise. #LaborDay #Ethiopia #reinsurancenews #Reinsuranceofreinsurance Warm regards and Greetings from Tataachi Network

12 June, 2024 Daily Market Report Insurance sector grows moderately YoY Cambodia's insurance sector continued its expansion at a slower pace, with total premiums reaching $96.5 million in 1Q24, up 9% YoY, according to the Insurance Regulator of Cambodia (IRC). To Read More Reports: https://lnkd.in/gKRxSSvZ #YuantaSecurities #DailyMarketReport #CambodiaCapitalMarket

In our most recent blog, Diligencia’s founder and CEO Nouri Bakkali shares information on recent changes in Saudi Arabia’s Insurance Sector. Saudi Arabia has recently established the Insurance Authority (IA) as the sole regulator for the insurance industry, bringing together the responsibilities previously held by the Saudi Central Bank (SAMA) and the Council of Health Insurance (CHI). This centralisation aims to foster a transparent, efficient and resilient insurance market. The IA is empowered to issue regulations, license companies, supervise activities, and manage disputes through the Committees for Resolution of Insurance Disputes and Violations. Early indicators are promising, with the sector showing a 14.6% growth in Q3 2023. With this momentum, the IA is poised to drive the sector forward through 2024 and beyond, setting a strong foundation for long-term development. Exciting times ahead for Saudi Arabia’s insurance industry! 🌟 https://hubs.ly/Q02Y1L900 #Insurance #InsuranceSector #SaudiArabia #KSA #Regulations #FinancialServices #BusinessIntelligence #Growth

Guinea Insurance reports 49.4% growth in revenue in 2023 Guinea Insurance Plc has reported a 49.4 per cent increase in insurance revenue for the full year 2023 to N2.07 billion from N1.36 billion in 2022.

Composite insurance, a comprehensive approach that combines various insurance lines under one entity, offers a range of benefits to both insurance companies and customers. In Zambia, however, composite insurance is not permitted. Merits: - Diversified risk portfolio - Increased efficiency and reduced costs - Enhanced customer convenience - Cross-selling opportunities - Improved risk management Demerits: - Higher capital requirements - Increased operational complexity - Potential conflicts of interest - Regulatory challenges In a practical example, John benefits from composite insurance by managing multiple policies through a single entity, XYZ Insurance Company, enjoying the convenience and potential discounts it offers.