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APRA launches review of insurance risk management frameworks

Date Time APRA launches review of insurance risk management frameworks The Australian Prudential Regulation Authority (APRA) will require a number of general insurers to review the soundness of their risk management frameworks in light of recent issues with business interruption (BI) insurance. Lockdowns and other restrictions associated with COVID-19 have triggered a spate of potential BI claims, with many insurers exposed through policy wordings that had not kept up-to-date with changing legislation. The resultant legal uncertainty, and significant financial exposure for insurers, has raised concerns about the strength of insurers’ risk management frameworks. In response, APRA has written to a number of insurers asking them to undertake a self-assessment of their risk management frameworks in the context of BI, so as to prevent similar problems occurring in the future. The review will also focus on cyber risk, however APRA expects insurers to ensure their risk frameworks are

UPSA holds virtual matriculation for undergraduate students

University of Professional Studies, Accra The University of Professional Studies, Accra (UPSA), has held a virtual matriculation ceremony for its undergraduate students for the 2020/2021 academic year. In all 70 students were enrolled for Professional programmes, 1,623 for Diplomas, 5,671 for Undergraduate, and 883 for Postgraduate programmes. The total number of registered fresh students stands at 8,247 and comprises 4,478 males and 3,769 females; a ratio of 54:46. The matriculation for the postgraduate students was held a couple of weeks ago. Among the fresh undergraduate students were six international students from Nigeria, Sierra Leone, the Ivory Coast, and Togo. Professor Abednego Feehi Okoe Amartey, the Vice-Chancellor, UPSA, said this year’s intake represented a 38.44 per cent increase from the previous year’s and, undoubtedly, the highest admission in the history of the University.

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