Samuel Alemu’s Post

Mythbusters: An Actuary's view - Grand Finale! Myth: Insurers charge excess and co-pay because they want to make super profits, at the client's expense. Fact: 💡 Excess and co-pay are additional costs that help share the financial burden between the service provider and the consumer, so that the insurance company can stay afloat. 🔍 Why These Charges Are Necessary: Sector Sustainability: Many insurance companies in Kenya are making losses in motor insurance. Excess fees help cover part of our costs, ensuring that we can continue to operate and provide coverage without drastic premium hikes, or eventually becoming insolvent. The same goes for Medical insurance, where we have co-pay. Economic Realities: Similar to all other sectors, Insurers are facing a challenging financial environment. Excess and co-pay help mitigate financial pressures and ensure that our essential services remain accessible and viable in the long term. 💪 In a summary, we charge excess and co-pay so that we can be sure that when you make a claim, we will be able to stay afloat and keep our promise to you! 📷 Derrick Rudakemwa #actuarylife #endofseries

The Africa Insurance Outlook indicates that premiums for South Africa's non-life insurers have exceeded R207 billion, marking a 13% rise from last year's R183 billion, as reported by the South African Reserve Bank. This increase highlights robust market performance despite economic challenges. For further insights into the trends influencing Africa's insurance sector, be sure to read the Africa Insurance Outlook 2024/25 here: https://deloi.tt/3BNrxjM #DeloitteAfricaInsuranceOutlook2024

𝐀𝐓𝐓𝐄𝐍𝐓𝐈𝐎𝐍 𝐅𝐈𝐍𝐀𝐍𝐂𝐈𝐀𝐋 𝐀𝐃𝐕𝐈𝐒𝐎𝐑𝐒! 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐟𝐨𝐫 𝐘𝐨𝐮𝐫 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐀𝐟𝐫𝐢𝐜𝐚 Enjoy the stability & flexibility of USD cover in Africa Our policies are tailor-made to fit your clients' requirements, allowing for flexibility in their chosen lifestyle - whether they are an expatriate or a resident, they could benefit from the stability of USD based insurance policy. 𝐈𝐀𝐋 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐎𝐟𝐟𝐞𝐫𝐬 𝐍𝐮𝐦𝐞𝐫𝐨𝐮𝐬 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐟𝐨𝐫 𝐘𝐨𝐮𝐫 𝐂𝐥𝐢𝐞𝐧𝐭𝐬, 𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠: * Competitive, pre-negotiated rates. * Flexible terms for coverage. * Individuals between the ages of 18 and 65 are eligible for coverage. * The cover is fully portable and need not be terminated should the insured relocate. * Death benefits can be paid directly to the insured’s nominated beneficiaries or to a pre-existing trust if the beneficiaries of the trust have been nominated by the insured as the beneficiaries of the insured’s death benefit in a letter of wishes. Death benefits are paid to nominated beneficiaries in the currency of their choice and to any bank, tax-free, from Mauritius (under current legislation). * Risk cover is fully underwritten by a global reinsurance house. Medical underwriting, when required, can be performed in the insured’s country of residence. * The level of coverage is dependent on age, occupation, income, net worth, gender, place of residence, and health status. * Risk protection is in US Dollars. Premiums are payable in USD by electronic funds transfer or by credit card to International Life’s Mauritian bank account. 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐭𝐨𝐝𝐚𝐲! Email: [email protected] Website: https://lnkd.in/g9nQc5e #usdollar #lifeinsurance #investment #insurance #benefits

Insurance premium collection was the number 1 concern of the insurance industry in 2024 according to PWC Zambia in their annual insurance market survey. This is across non-life, life and reinsurance companies. I'm constantly navigating this issue and regularly contact many of our clients concerning debt. Amongst the preferred solutions were: 1. Cash before cover regulation in our market. 2. Regulatory guidelines on premium remittances including penalties for brokers if payments delay. Insurance premium debt collection is certainly an area our market must improve on. This was my key takeaway from the #IAZ Conference this year. #Insurance #Underwriting #PIA #InsuranceRegulation #PWCZambia #Zambia

NBE pursues actuarial capacity to enhance insurance sector In an effort to close the gap in the insurance sector, the National Bank of Ethiopia (NBE) is searching for the establishment of actuarial capability domestically. Upgrading the industry has been advised by starting domestic capacity. As of right now, Ethiopia does not have any qualified actuaries working for the country; instead, foreign and international actuarial consultants support this function, which involves gathering and analyzing data in order to compute insurance risks and premiums and ultimately determine insurance coverage. Actuaries, according to experts, are one of the areas within the insurance sector that create products, gather and analyze data, and set insurance product prices. Read more 👉 https://lnkd.in/dbhYtezD

African Insurance Organisation Annual Report 2024, produced by Faber Consulting AG on behalf of the AIO - African Insurance Organisation, celebrates a year of progress and sets an ambitious vision for the future through the AIO's 2024–2028 strategic roadmap. The report also highlights Africa's remarkable resilience despite the many socio-political challenges and underscores the transformative power of insurance in mitigating risks, attracting investment, creating jobs, supporting disaster recovery and driving sustainable economic growth. With its insightful analysis, the report provides a compelling look at Africa's evolving insurance landscape and its vast potential for development. View the full report via this link: https://lnkd.in/dREPjck #insurance #reinsurance

📈 Ethiopia’s insurance industry is booming! With a remarkable CAGR of over 20% expected from 2024 to 2028, the market is set to grow rapidly. 🌍 This report dives deep into the dynamics of Ethiopia’s insurance market, covering everything from gross written premiums to profitability ratios across product categories. Discover insights on distribution channels, competitive landscape, and key insurance regulations that are shaping this sector. 👉 Download the full report and explore the opportunities! https://lnkd.in/gBE-N2aB   #InsuranceMarket #EthiopiaInsurance #MarketGrowth #BusinessOpportunities #InsuranceTrends

Prioritising your credit score can help you save money on insurance rates in South Africa. Insurers frequently consider your credit history when calculating premiums, so having a good credit score might lead to cheaper spending. By showing responsible financial behaviour, you not only strengthen your financial future, but also benefit from lower insurance costs 💰 Stay mindful, be proactive, and let your credit score work for you! 🔥 Follow us for more! Or better yet, get in touch with us via WhatsApp on 068 437 8065. https://lnkd.in/dSBRB66Y We'd love to hear from you! 💙 #agisure #edenvalebusinesses #johannesburgsmallbusinesses #Insurance Savings #CreditScoreMatters #financialmanagement

Sri Lanka Insurance posts Rs. 10.6 b pre-tax profit in FY23 • Sri Lanka Insurance Life Records a Rs. 21 billion GWP and Sri Lanka Insurance General records a 23.1 billion GWP • An exceptional payout totaling Rs. 27.6 billion for Claims and Maturity, averaging Rs. 2.3 billion per month • Sri Lanka Insurance Life Limited and Sri Lanka Insurance General Limited well poised to embark on a new journey Read complete article: https://lnkd.in/gFmjh6BV #SLIC #FinancialPerformance