Flashback: the year 2014 in review

In this issue, Atlas Magazine will provide you with the best of the insurance events that have marked the year 2014. This flashback is revisiting the information and news published by Atlas.

The highlights of the past year have been compiled into eight topics: the life of companies, regulation, losses, strategy, training programs, distinctions, reshuffle and miscellaneous¹. Click on the titles to access the overall content of articles on our website

Creations/acquisitions

• January
  Japan: Sumitomo Life acquires 40% of BNI Insurance
• February
  Malaysia: AIG on the Malaysian takaful reinsurance market Morocco: AIG is getting established in Casablanca Morocco: SCR settled in Côte d'Ivoire Tunisia: Assurances At-Takafulia starts operating
• March
  Nigeria: Sanlam enters Oasis Insurance capital
• April
  Iran: European insurers obtain license Singapore: Hiscox's first acquisition in Asia
• May
  Ethiopia: Establishment of a local reinsurance company
• June
  Mozambique: Launch of a new company, Diamond Insurance
• July
  United Arab Emirates: Catlin is getting established in the financial business center DIFC Kenya: Kenya Orient Life Assurance gets its license Morocco: Trust Re acquires CFC status Rwanda: Sanlam sets foot on Rwandan market Senegal: Wafa Assurance settles in Senegal
• October
  Kenya: Prudential is getting established on the market
• November
  Ghana: A new reinsurer in Ghana Morocco: New life insurance company United Kingdom: One Re, licensed in the United Kingdom to operate in Africa
• December
  Kenya: Metropolitan Life and Cannon Assurance merged Morocco: Saham Finances acquires 40% of Unitrust

Companies in difficulty

• January
  United Kingdom: RSA experiencing difficulties
• July
  United Kingdom: RSA sells its operations in Asia
• December
  Zimbabwe: Zimre is reducing its workforce

Withdrawal of licenses / Sanctions

• February
  Jordan: Al Baraka Takaful being wound up
• March
  United Arab Emirates: Three brokers suspended
• April
  Saudi Arabia: Fines for Salama Cooperative Insurance and Wafa Insurance
• June
  Cameroon: Liquidation of Alpha Assurances in progress
• July
  Africa: Insurers penalized by CIMA
• October
  China: 22 insurers convicted for cartel on commissions Kenya: Market cleanup
• November
  Saudi Arabia: 5 health insurance companies banned from activities Nigeria: Withdrawal of license from insurance brokerage companies
• December
  United States: AIG willing to pay a 35 million USD fine

Restructuring

• January
  Senegal: AMSA is restructuring
• March
  United States: AIG has bounced back Nigeria: Custodian & Allied Insurance unveils new group structure
• May
  United States : AIG is restructuring Morocco: Saham Group, new identity, new structure

Capital increase

• January
  Morocco: Wendel enters in group saham's capital
• February
  Oman: Upward revision of minimum capital of insurance companies Qatar: Doha Insurance will double its capital
• March
  Morocco: Holmarcom rises to 70% in the capital of Atlanta
• April
  Ghana: Capital increase of insurance companies
• July
  Tunisia: Tunis Re, capital increase and search for a strategic partner
• November
  Saudi Arabia: 8 requests for increase of capital Ethiopia: Oromia Insurance increases its capital

  © epSos.de, CC BY 2.0

Regulation

• January
  United Arab Emirates: Brokerage, amendments to the insurance code India: The central bank allows bank agencies to practice insurance brokerage Kenya: New bill for motor insurance
• February
  Asia: Growing importance of insurance legislation China: Life insurance, authorities introduce barcodes Kenya: Submission of insurers’ data via internet
• March
  India: Revision of law regarding microinsurance Liberia: Motor insurance is now mandatory
• May
  China: Mergers and acquisitions authorized Indonesia: Foreign insurers authorized to set up subsidiaries Uganda: Separation of life and non life activities before 2015
• June
  Kuwait: Compulsory health insurance for visitors Liberia: Start of compulsory motor third party liability insurance
• July
  Germany: Reform of life insurance China: Requirement to separate non insurance activities Zimbabwe: Changing minimum capital requirement
• October
  France: Significant changes affecting insurance
• November
  Indonesia: New insurance code Oman: New regulation to promote Omani insurance Turkey: Construction, tighter regulation
• December
  Burundi: Increase in minimum capital Gabon: Compulsory insurance for oil risks

Natural catastrophes

• February
  Middle-East: Cairo, Istanbul and Tehran, cities most exposed to earthquakes
• March
  United Kingdom: The economic cost of floods likely to reach 1.6 billion USD
• May
  China: The toll of heavy rains in Guangdong gets heavier Japan: Snowstorms of February, already 2.5 billion USD of insured losses
• July
  Asia: Economic toll of typhoon Rammasun in Asia Europe: Serbia and Bosnia hardest hit by floods Japan: Typhoon Neoguri, insured losses estimated at 1 billion USD
• November
  France: Important damages caused by bad weather in the south of France
• December
  United States: American winter storm could cost more than 2.5 billion USD to insurers in 2014

  Philadelphia, United States © Shuvaev, CC BY-SA 3.0

  India: Large-scale natural catastrophes in 2014 Morocco: Heavy bill for Morocco floods

Technical and man-made catastrophes

• May
  Turkey: Human toll record for the disaster in Soma
• June
  Malaysia: Disappearance of Malaysia Airlines flight MH370
• July
  Libya: Tripoli airport, damage estimated at a minimum of 200 million USD
• October
  Africa: The Ebola epidemic is not covered by insurance Japan: Fukushima will be more costly than expected Malaysia: Munich Re and Hannover Re exposed to the last Malaysia Airlines aviation loss (flight MH17)
• November
  World: The 2014 major air catastrophes: MH 370 of Malaysia Airlines, MH17 of Malaysia Airlines, GE 222 of TransAsia Airways (Taiwan) and AH 5017 of Air Algeria Sierra Leone: Impact of the Ebola epidemic on insurance
• December
  Asia: The aviation market affected by a new loss: disappearance of AirAsia flight QZ8501 in the Java Sea

Strategy

• January
  Algeria: Amana Assurances has opened new branches United Kingdom: Prudential is targeting Asia Switzerland: Swiss Re, new logo and new branding strategy Switzerland: Zurich Insurance unveils its 2014-2016 strategic plan
• February
  Africa: FANAF, new stage, new president
• March
  Africa: Allianz counts on Africa

  View of Nairobi ©Lmwangi, CC BY-SA 3.0

• April
  Africa: Premiums consolidation Japan: Axa Corporate Solutions chose Mitsui Sumitomo Morocco: Saham Insurance, focus on Africa Morocco: RMA Watanya is investing in Africa World: Life insurance, important deal between Munich Re, SCOR, Swiss Re and Aviva Qatar: Q-Re becomes Qatar Re Tunisia: Building a financial center worth 3 billion USD
• May
  France: Axa is going digital Kenya: Increase in insurance capacity for terrorism risks Lebanon: Market consolidation Nigeria: Africa Re is setting foot in Brazil
• June
  France: Scor invests in alternative solutions India: Distribution of insurance by phone and tablet booming
• July
  Gabon: Ogar, new visual identity
• October
  Nigeria: Continental Re is expanding in Africa
• November
  Nigeria: Nigeria Re, new strategic plan

Training

• February
  Jordan: The Arab Insurance Institute (AII) will open a branch in Jordan Senegal: IFAGE obtained CAMES accreditation
• April
  Bahrain: Partnership between Aon and Bahrain Institute of Banking & Finance
• May
  Nigeria: Incorporation of microinsurance and takaful insurance CIIN programs
• June
  Tunisia: University Paris Dauphine Tunis launches its Master program in Actuarial sciences
• July
  China: A school of actuaries is opening

Distinctions

• January
  France: CEO of the SCOR elected to the Insurance Hall of Fame Tunisia: Tunis Re's CEO, first woman member of the MENA Insurance CEO Club (MICC)
• June
  Middle-East: Wafa Assurances, at the top of Forbes ranking of the biggest insurance companies of the Arab world
• July
  Bahrain: Trust Re, Ghazi Abu Nahl honoured during the 30th conference of the GAIF
• November
  World: Axa and Allianz among the top 100 global brands
• December
  Sierra Leone: WAICA Re rewarded for its innovations in the insurance market

Reshuffle

• January
  United Kingdom , Lloyd’s: For the first time in 325 years of existence, the London market appoints a woman at the top of the institution. It is Inga Beale, former leader of the British insurer Canopus, who has been entrusted with the top management of Lloyd's. Senegal, AMSA Assurances: Déthié AW, general manager of AMSA Assurances (non life) has also been entrusted with the top management of AMSA Vie (Life).
• February
  South Africa, Old Mutual: Old Mutual has nominated two women on its board of directors: Nigerian Adiba Anyaoku Ighodaro and American Zoe Cruz. France, SCOR: Paolo De Martin became SCOR Global Life’s chief executive officer, reintegrating the group’s executive committee. Libya, Sahara Insurance: The board of directors of Sahara Insurance Company has promoted Mohamed Redha El-Mejrab as general manager.
• March
  Burkina Faso, Globus Re: Hervé Allou has joined Globus Re as general manager in replacement of Jean Kwimang who has retired.
• May
  Morocco , Wafa Assurances: Driss Bencheikh was appointed as CEO of Wafa Assurances.
• June
  Algeria, SAA: Nacer Sais appointed at the head of SAA Morocco , Zurich Morocco: Dirk de Nil has been appointed general manager of Zurich Morocco in replacement of Frédéric Louat. Tunisi Tunisia, Assurances Salim: Dalila Koubaa has been appointed general manager of Salim insurance as of 1 June 2014
• July
  Gabon, NSIA: Severin Anguile is nominated general manager of NSIA Assurances Gabon as of May 1, 2014.
• November
  United Arab Emirates, ADNIC: Ahmad Idris has been appointed managing director of Abu Dhabi National Insurance Company (ADNIC). Tunisia, Maghrebia: Nomination de Florian Sallmann au poste de directeur général de Maghrebia Cameroon, Chanas Assurances: Resignation of Jacqueline Casalegno

The large risks

• April
  Qatar: The insurance business is benefiting from large infrastructure projects Qatar: Mega coverage for the Doha Metro project
• June
  France: Insurers fear the Cannes Festival
• December
  United States: Space Shuttle Virgin Galatic insured for 40 to 50 million USD

Passing

• October
  Burkina Faso: Death of Solange Kere, head of the Insurance unit of Coris Holding

Miscellaneous

• January
  Spain: 9942 million USD to insure the players of Real Madrid
• February
  France: Michael Schumacher’s accident
• May
  Brazil: World Cup 2014, the cancellation risk at 2 billion USD
• June
  World: World Cup 2014, top 10 football teams per total insurable value