Maksure’s 2020 Africa Day Celebrations Gala Dinner
Maksure Risk Solutions has held what could be the largest insurance event globally since the beginning of the COVID-19 pandemic which halted several businesses across the world over the last couple of months. The event was in celebration of Africa Day.
The event which was organised by Maksure Risk Solutions and celebrated under lockdown was a breath of fresh air to many insurance clients, insurers, reinsurers, regulators, and business partners alike. The virtual celebrations were streamed live on various business and social media platforms with invitations from across the African continent and world. African artists, Nox and Tyfah Guni from Zimbabwe entertained the audience for almost an hour.
The event which was attended by more than 17 200 guests was well organised in three lounges. The Exclusive Lounge hosted (re)insurance executives and senior managers as well as high net worth individuals and corporate clients, while the Purely Millennials Lounge hosted millennials who constitute the emerging middle class in Africa. Lastly the African Diaspora Lounge hosted largely African expatriates living and working in the UK, Americas, Asia, and Australia as well as their families and friends on the African continent. As expected, the Purely Millennials lounge had the biggest number in attendance with about 12 200 guests followed by The African Diaspora lounge which attracted 4 000 guests. The Exclusive lounge managed to attract around 1 200 guests mainly from the insurance industry. The attendees were tuned in via Maksure, ZimboLive, NewZim.com, Nox, Tyfah Facebook pages, Nox Instagram and a link via Maksure Linkedin page.
Speaking at the side lines of the event, Maksure Risk Solutions Managing Director, Mr. Simba Makwembere said “we are an Afro global insurance and reinsurance broker who has a passion and commitment to Africa and as such we saw it fit to celebrate Africa Day in style despite the lock downs imposed by various governments in fight of the coronavirus”. In isolation, music feels more necessary than usual, he added with a smile which could be seen despite wearing his face mask.
The music industry was hard hit by the lockdowns in the face of the coronavirus pandemic, spring concerts and even the summer music season were in peril, as social distancing and self-quarantining make performing live music and attending live shows all but impossible. Many innovative artists in quarantine are now finding other ways to perform “live,” via platforms like Facebook, Instagram and YouTube.
Mr. Knighty Mawere, Chief Operations Officer at Maksure Risk Solutions said to the tuned in audience “Maksure Risk Solutions shares the same vision with the founding fathers of Africa including Kwame Nkrumah of a one big Africa, and with the company now servicing clients in 47 countries we are well on course in supporting this vision.”
The guests were treated to some good African music and were left craving for more as the show went for just under an hour.
Happy Africa Day!
About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America, and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda, and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.
Managing Risk Exposure and Risk-Bearing Capacities During a Disaster
We believe that in this global pandemic caused by the Coronavirus it is extremely important for businesses to put more emphasis on reducing risk where possible. It is believed that the direct and indirect effects of the COVID-19 will result in economic strain, for a sustained period.
Every business should take time to assess and understand the impacts and the exposure of possible losses that they are faced with during these difficult times. In addition, performing a risk-bearing capacity analysis will assist in quantifying the risk exposure and determining the capacity at which an organisation can absorb risk and recover from unexpected losses. In short, the risk-bearing capacity is the financial loss your organisation can withstand without causing financial distress, such as insolvency.
During extremely difficult times, businesses are susceptible to financial vulnerabilities as their risk-bearing capacity is weakened. Sadly, businesses are tempted to reduce or lapse their insurance covers as a way of managing their costs. It is however, argued that it is in these times that businesses should be engaging with their insurance and reinsurance brokers to find tailor made risk solutions to transfer or limit their risk exposures.
With emerging markets currently faced with a more than USD100 billion financial gap, it is expected that the global markets will slide into a recession and most businesses will similarly be faced with significant financial gaps. If risk exposures that are unidentified and/ or unbudgeted for materialise, the effects may be devastating for the business. Therefore, identifying and measuring your risk exposure is indispensable when assessing and obtaining an understanding of the extent of expected losses, as it assists in determining an appropriate response to financing requirements and leads to cost-effective risk reduction measures that can be implemented going forward.
Risk transfer is one of the ways that businesses can employ to manage their unbudgeted risk exposures. In extremely difficult times, risk transfer is generally not an achievable process as most insurance and reinsurance markets will also be reducing their risk exposures. At Maksure, we deploy the power of Maksure global to assist our clients find the right insurance, reinsurance and risk financing structures in these unprecedent times.
About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America, and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda, and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.
Maksure Risk Solutions Launches Breadwinner Product in the United Kingdom
Afro-global insurance and reinsurance broker, Maksure Risk Solutions has launched a breadwinner insurance product in the United Kingdom. The bespoke insurance product allows fintech money remittance companies to provide an insurance benefit to their clients who constantly use their platform to send money to their family and friends. The UK product is underwritten by Diaspora Insurance who are a well-entrenched insurance company resident in the United Kingdom.
The breadwinner product is a death benefit cover that pays out benefits to a client for a period of three months following death based on the average remittance that the client has done in the preceding three months of the client’s date of death. The benefits are settled to a designated beneficiary nominated by the client. The cover is free to the clients who are consistent with their remittance.
“This is reverse innovation at its best” said Mr. Simba Makwembere, Managing Director: Europe, Africa & Asia at Maksure Risk solutions. “This product launch in the UK is in line with our vision of providing developed markets with new products that have been tried and tested in emerging markets” he added.
Maksure Risk Solutions is a very well-known entity in terms of innovation in the insurance space both in the emerging and developed markets.
The benefit for the product to the fintech remittance company is multi fold:
- Encourages the clients to use the remittance platform on a more regular basis.
- Increases stickiness of the client to the remittance platform.
- Increases the average remittance amount.
- Creates goodwill with clients especially with increased claims pay-outs.
- A source of product differentiation for the remittance platform.
The product also creates upselling opportunities to the fintech company as some clients may require higher amounts of cover, thereby creating new revenue streams for fintech company.
For more information regarding our structured risk solutions in the United Kingdom, contact our Managing Director, Mr Simba Makwembere at +27 11 805 0086 or email info@maksure.co.za.
About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.
Oil Wells Insurance & Reinsurance
The oil and gas industry is of critical importance in powering our modern day way of life. From a risk management point of view, the risks associated with oil and gas and related industries are complex and diverse, high hazard and high risk.
Maksure Risk Solutions understands the specialised legislation, unique duties of care, and the sometimes-complex systems of management and governance members of the energy industry face and can provide comprehensive insurance solutions tailored to meet the energy industry’s particular needs.
We have designed oil rig comprehensive insurance coverage for complex risks presented by the offshore and onshore exploration, production and contractor segments of upstream energy industry.
Our specialised insurance and reinsurance solutions cover the following exposures:
- Offshore physical damage for platforms, sub-sea & pipelines
- Operators Extra Expense (control of well insurance)
- Hull & Machinery, Loss of Hire, and P&I for offshore drilling rigs, FPSO’s, Drill ships and the like
- Business Interruption, Loss of Production Income
- Land rigs & associated drilling equipment
- Offshore construction projects
Our offering is unique because:
- Tailor made PD & BI covers
- US$200.000.000 capacity
- Admitted & non-admitted paper
- Bespoke package policy solutions
- Global footprint/local capacity
- In-house loss control & engineering
- In-house claims expertise
- Centres of excellence in London & Abidjan
For more information regarding our structured risk solutions, contact our Head: Engineering & Mining, Mr Stephen Makwembere at +27 11 805 0086 or email info@maksure.co.za.
About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.
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