African reinsurers meet to sharpen skills
Sunday, May 26, 2013
The training was held in conjunction with Tanzania National Reinsurance Company (TanRe) which brought experiences from the East African market while FMRE has a wealth of experience within the Southern African Development Community (SADC) market.
The two seasoned reinsurers brought expertise and fusion of ideas that should be of great benefit to the local market. The training focused on specialist lines, including professional indemnity, directors and officers' liability, and medical malpractice. FMRE P&C managing director, Ian Taonesa, told Mmegi business that the basis for this year's training was prompted by the fact that the specialist lines market is still evolving in Africa while it is more common in the developed North.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...