Demand for political risk insurance (PRI) has been growing notably in Africa, and although insurers are taking a more cautious approach to underwriting, capacity remains robust, says Mr Kit Brownlees of Gallagher London.
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Firms are focussing on operational issues in order to mobilise the resources necessary to secure their place in Africa's growing economy. As these firms grow, insurance is moving up the agenda in African boardrooms, but business interruption (BI) insurance is, generally speaking, still on the periphery. Messrs John Wolff and Manfred Gollnitz of Allianz Global Corporate & Specialty discuss the case for BI insurance.
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With international trade sanctions against Iran unlikely to be lifted soon, insurers and brokers should have procedures in place to ensure that they are not exposed because of the actions of their assureds, or because of the insurance they choose to write. Mr Daniel Martin of Holman Fenwick Willan recommends some steps for insurers and other companies in the Middle East.
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The bi-monthly Shariah Speaks column returns with a view on ways to increase the pool of qualified and talented Shariah scholars to keep up with the growth in the industry. In the Middle East for instance, it is not uncommon for renowned scholars to sit on the board of more than 20 to 30 Islamic financial institutions, which arguably stretches current resources and limits the opportunities for newer scholars to come through. We get the views of two Shariah scholars on how this issue can be managed.
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