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 to develop at a CAGR of 7% per year over the next five years. Amenli was formed in 2020 by Adham Nauman and Shady El Tohfa to solve Egypt’s $2…

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Sendy and Lami Technologies partner to launch per-trip insurance policies in Kenya

KENYA – Logistics startup Sendy and Kenyan insuretch company, Lami Technologies have partnered to enable transporters in Kenya to access simple, hassle-free, and affordable insurance products customized on a per-trip basis. Most transporters move commodities, goods, and cargo across the country without business-specific insurance, which does not protect the business from the risk of potential loss. The development of insurance products for the transport sector can contribute to both financial and economic development and this collaboration supports the logistic industry by digitizing access to insurance for transporters protecting them against…

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IFC partners ACAPS to promote digitization of insurance sector in Morocco

MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership. The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital trends, but also to strengthen financial inclusion and reduce vulnerabilities. As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the…

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MTN and Sanlam partner to build Africa-wide digital insurance business

SOUTH AFRICA – MTN Group and Sanlam are joining forces to offer insurance products to the telecommunications operator’s huge subscriber base on the continent, where relatively few have cover, a deal whose goal is to “change the face of insurance” on the continent. MTN, which is Africa’s largest mobile operator with 277 million voice subscribers, will leverage Sanlam’s license, geographical reach and expertise, while the insurer will be able to expand further outside its home market, South Africa, by selling its products to MTN’s vast customer base, they said in a…

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Insurtech startup Pineapple raises US$5.4m Series A funding round

SOUTH AFRICA – Insurtech startup Pineapple has raised ZAR80 million (US$5.4 million) in Series A funding as it looks to expand further into the car insurance space off the back of growing by 200 percent in the last six months. Launched in 2018 and an alumnus of the Google Launchpad Africa accelerator, Pineapple allows users to get quotes and insurance on items with just the snap of a picture. The startup raised funding around the time of its launch and in 2019 banked US$1.5 million after winning the US-based VentureClash competition, and it has…

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Morocco’s insurance company Wafa Assurance launches in Egypt

EGYPT – Wafa Assurance, a leading insurance company in Morocco, has announced its expansion into Egypt and the appointment of Abeer Helmy Saleh as the chief executive of Wafa Life Insurance Egypt. Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally. The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately US$68 billion. The North African market represents the second most valuable…

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UK’s Linkham Group completes Resolution Insurance Kenya acquisition

KENYA – A specialist global insurance services firm Linkham Group, has confirmed the completion of a deal to acquire a majority stake in Resolution Insurance Kenya. The acquisition undertaken at an undisclosed consideration will see the Linkham Group invest significant resources to revamp and fuel Resolution Insurance Kenya growth plans. This will involve focusing on quality customer service delivery, adopting cutting-edge technologies, and risk management practices. As part of the growth plans, Linkham Group has also confirmed the appointment of Peter Nduati as the new Resolution Insurance Kenya Chief Executive…

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Alexander Forbes offloads its retail life business to Sanlam for US$7.3m

SOUTH AFRICA – Financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life for US$7.3 million. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that provides group risk and retail life insurance policies with a focus on small to medium clients. The business, now discontinued, recorded gross insurance premium income of US$72.5 million for the year ended 31 March…

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Venture capital Mobility 54 invests in telematics insurance company AiCare

KENYA – Toyota Tsusho Corporation and its group company CFAO SAS is investing in AiCare Group Inc., a provider of telematics insurance system for insurance companies in Kenya. The investment will be engaged by Mobility 54 Investment SAS (“Mobility 54”), a corporate venture capital subsidiary of Toyota Tsusho group which was jointly established in October 2019, through the convertible notes investment. In Kenya, it is compulsory for every car-owner to subscribe motor insurances, and approximately 3 million vehicles are insured today, and insurance premium rates are generally determined based on…

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Allianz Life Insurance, Societe Generale Bank partner for wider insurance access range

GHANA – Financial services Allianz Life Insurance and Societe Generale Bank have entered into a partnership that will enable the public to buy insurance policies from the bank’s vast branch network nationwide. According to the Managing Director of Societe Generale Ghana, Hakim Ouzzani, the partnership with Allianz Life Insurance allows a lot more people to have access to a wide range of insurance policies. Speaking on the essence of insurance especially in the aftermath of the pandemic, Mr Ouzzani argued that buying the right insurance product was one of the…

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