Month: June 2019

CannaTech Summit comes to Cape Town as cannabis industry surges

South Sudan

The renowned CannaTech Summit will take place in the first time on the African continent, in South Africa from 24-26 November, organisers have announced.

The announcement of the summit, to be held at the Lookout at the V&A Waterfront in Cape Town, comes as the global medical cannabis market continues to expand and increasing numbers of countries around the globe legalise its use.

With estimates that the cannabis and associated products market could be worth R27 billion ($391.6 million) by 2023, this potential has led to a boom in regional cannabis interest and investment.

“The global interest in Africa’s cannabis market and South Africa’s recent legislative acceptance of cannabis makes Cape Town the perfect destination for CannaTech,” said Saul Kaye, founder, and CEO of iCAN: Israel-Cannabis.

CannaTech Cape Town will bring together industry leaders from across the African continent and the world, many known for their significant and ground-breaking contributions.…

The Kenyan insurance sector has been rocked with controversies among them failure to meet contract obligations, exposing policy holders to risks rather than being cushioned as expected of indemnity. It has emerged that over ten insurance companies in Kenya are not paying claims, despite collecting billions in monthly premiums from their clients. There are 37 general insurance companies and 25 long term insurance companies, placing the total number of underwriters at 62.

Why Kenya’s insurance sector is “rotten”

Kenya

Kenya’s insurance sector has been rocked with controversies among them failure to meet contract obligations, exposing policy holders to risks rather than being cushioned as expected of indemnity.

In the latest twist of events, it has emerged that over ten insurance companies in Kenya are not paying claims, despite collecting billions in monthly premiums from their clients.

This has left hundreds of thousands exposed to risk while affected persons suffer despite having insurance covers.

There are 37 general insurance companies and 25 long term insurance companies, placing the total number of underwriters at 62.

The country’s insurance market has also been infiltrated by banks, which are offering insurance services under the ‘Bancassurance’ umbrella.

READ:What’s next for the insurance industry in Kenya?

Billions in premiums

According to official data by the industry regulator-Insurance Regulatory Authority (IRA), insurance industry gross premium written stood at Ksh216.37 billion (US$2.12billion) as at end of …

Tullow Oil PLC recorded a strong performance in the first half of 2019 reporting a 91.5 per cent jump in profit, as it continued with its investments in Africa. Profit after tax for the period ended June 30, closed at US$103.2 million up from US$53.9 million in a corresponding period last year. Tullow has however cut its full-year 2019 working-interest oil production guidance to a range of 89,000 to 93,000 barrels per day. Tullow which has key operations in Kenya and Uganda has continued to record mixed performances in East Africa but remains optimistic in Kenya’s Early Oil project. Tullow is however considering all options in pursuing the sale of its interests in Uganda.

Inside Kenya, Uganda’s crude oil

East Africa

Kenya

As the East Africa Community (EAC) member states gear towards becoming net oil and gas exporters, a latest industry report has sent mixed signals on how the region is performing in the development of its oil projects.

It has emerged that Kenya has made major development in the first half of this year compared to her neighbour Uganda which is still lagging behind in its oil projects, mainly exploration and the planned construction of a pipeline linking its oil fields to the Tanga Port in Tanzania.

Tullow Oil plc (Tullow) which has operations in both countries, through Joint Ventures, has noted that significant progress has been made over the first six months of the year in Kenya on both the Early Oil Production Scheme (EOPS) and the Foundation Stage of “Project Oil Kenya.”

“In May 2019, EOPS production was increased from 600 bopd (barrels of oil per day) to …