The African Trade Insurance Agency (ATI) has concluded its first deal in Ethiopia, backing a US$159m loan from the African Development Bank (AfDB) to fund Ethiopian Airline’s fleet expansion with the purchase of an Airbus A350-900 jet. ATI sees this as an important step for backing future AfDB projects across the continent. Ethiopian Airline’s aggressive expansion strategy includes doubling its…
Risk managers are being warned not to relax around cyber threats but to make sure they have comprehensive disaster recovery plans in place.
Congo ratings move, African air freight in decline, Angola rating revised down, Zambia hits more stable note and CFOs want strategic teams.
UK and Britannia P&I clubs terminate merger discussions, De la Morinerie turns up at Aquila Underwriting as it establishes new MGA in France, Chubb names leadership for European P&C risk engineering team, Allianz agrees deal for Zurich’s Moroccan P&C business and AGCS makes senior global aviation appointments.
Aviation safety in Africa is the top priority, with governments across the continent committing to achieving world-class safety levels through the Abuja Declaration. While safety has improved, Africa had the highest accident rate among all regions in 2015, at 7.88 accidents per million sectors.
The loss of EgyptAir flight MS804 last week is unlikely to have any significant effect on the soft aviation insurance market.
Intra-African air travel remains difficult despite increased competition on
important air routes.
This year’s aviation disasters contradict the industry’s long-term improvement in safety, with currently fewer than two passenger deaths for every 100 million passengers on commercial flights, according to a new report by aviation insurer Allianz Global Corporate & Specialty SE (AGCS).