Insurance companies Sanlam and Allianz merge their operations in Africa

AFRICA – Non-banking financial services company, Sanlam, and leading insurers and asset managers Allianz, have signed a deal to combine their current and future operations across Africa to create a Pan-African non-banking financial services entity operating in 29 countries in the continent. The partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in…

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Insuretch startup ETAP closes US$1.5M pre-seed round to accelerate car insurance penetration in Africa

NIGERIA – Nigerian insurtech startup that makes it easy to buy and claim insurance, ETAP has secured US$1.5 million in pre-seed round to grow its team and drive the adoption of much-needed car insurance across Africa. The pre-seed funding round was led by Mobility 54 with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), and Newmont. The new funding…

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Insurer Jubilee buys new property for US$9m as its new headquarters

KENYA – Jubilee Holdings, a financial service holding company, has bought Coca-Cola East Africa’s former head office in Nairobi’s Upper Hill at a cost of KSh1.1 billion (US$9.55m), with the insurer planning to move its headquarters to the property in September. Jubilee will lease out part of its current address –Jubilee Insurance House on Wabera Street— which will also continue…

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Nigerian Insurtech startup Curacel launches Grow to enhance insurance services

NIGERIA – Curacel, the African insurance infrastructure startup, has launched Curacel Grow, its API platform to allow technology companies to seamlessly offer insurance across Africa. Curacel helps insurers and partners in Africa and other emerging markets increase the reach and functionality of insurance through cloud-based tools and APIs. The Winter 2022 Y Combinator portfolio startup says Grow will bolster the…

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Insurance group Jubilee Holdings acquires additional 10% stake in SEACOM

KENYA – Insurance group Jubilee Holdings has purchased an additional 10 percent stake in submarine fibre optic cable project SEACOM for an undisclosed sum. This raises The Nairobi Securities Exchange-listed firm’s shareholding in SEACOM from 18.8 per cent after an initial 8.8 per cent stake purchase. SEACOM Holding was valued at US$196 million (KSh22.3 billion) in 2020, meaning the 18.8…

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IFC partners Zimbabwe’s IPEC to create a market for agricultural insurance products

ZIMBABWE – The International Finance Corporation (IFC), a member of the World Bank, and Zimbabwe’s insurance regulator, the Insurance and Pensions Commission (IPEC), have announced a partnership to create a market for agricultural insurance products in Zimbabwe. The insurance project is to protect smallholder farmers from weather-related crop damage and other shocks. Through the partnership, IFC will assess the risks…

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FSD Africa and NAICOM launches BimaLab for affordable insurance in Nigeria

NIGERIA – FSD Africa, a specialist development agency, in collaboration with Nigeria’s National Insurance Commission (NAICOM)  have launched BimaLab, an accelerator programme created to boost the development and adoption of digital solutions for the insurance sector. BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups. The initiative will support the…

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Ecobank partners five insurance companies to support its SMEs customers

TOGO – Ecobank Group’s Commercial Banking business has partnered with five insurance companies to offer a range of Bancassurance solutions to its Small and Medium-sized Enterprise (SME) customers across markets where Ecobank operates. OLD MUTUAL, ALLIANZ, SUNU, SANLAM & NSIA will offer Commercial Asset Insurance, Engineering insurance, Marine & Cargo insurance, Key Man insurance, Motor fleet Business Travel insurance, in…

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Prudential Plc moves Africa regional office to Nairobi

  KENYA – British multinational Insurance company Prudential plc has picked Kenya as its African headquarters, a few months after becoming the first firm to subscribe to the Nairobi International Financial Centre (NIFC). Apart from Kenya, the firm has operations in Cameroon, Cote d’Ivoire, Ghana, Togo, Uganda, Zambia and Nigeria with all these offices directly reporting to London The new…

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Insurance company Amenli secures US$2.3m seed round to grow its company

EGYPT – Amenli, an Egypt-based startup backed by Y Combinator and the first Egyptian online insurance firm to be issued an insurance license, has raised US$2.3 million in a seed round to provide insurance services to Egyptians. The new money will be used to grow the company’s personnel, scale quickly, and attract more clients in a market that is predicted…

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