African smallholder farmers make insurance agenda

African smallholder farmers make insurance agenda

African smallholder farmers make insurance agenda

Agriculture at the smallholder end of the scale has been coming into sharp focus at the African Insurance Organisation (AIO) annual conference in Kampala this week. “Agricultural index insurance in Sub Saharan Africa is gaining momentum. Insurance supervisors increasingly recognise the importance of ensuring that this cover is provided responsibly, especially because these initiatives affect the livelihoods of vulnerable small-scale…

High prices costly for Kenya insurers

High prices costly for Kenya insurers

High prices costly for Kenya insurers

An insurance insider in Kenya says the cost of insurance services is too high, making it unaffordable for many people who therefore prefer unsustainable methods of insurance like fundraising to manage disasters. The chairman of Bima Intermediaries Association of Kenya, Washington Degea, has also blamed the Insurance Regulatory Authority (IRA) for doing little to make premiums affordable. “The premiums are…

New management liability products from Beazley address EU risk

New management liability products from Beazley address EU risk

New management liability products from Beazley address EU risk

Beazley has released two sets of products for organisations domiciled outside the US, one designed for the specific cyber needs of financial institutions and the other providing management liability cover for traditional and emerging risks. Beazley said its financial institutions and data breach teams, headed by Neale Stevenson and Alessandro Lezzi respectively, have developed a creative new package that combines…

Tokio Marine Kiln to offer insurance for drone testing

Tokio Marine Kiln to offer insurance for drone testing

Tokio Marine Kiln to offer insurance for drone testing

Japan-based speciality insurer Tokio Marine Kiln (TMK) is to provide insurance for the testing of drone-based services. The policy, which will be launched in mid-May, will offer cover against damages or accidents incurred during the testing of commercial services employing drones or other unmanned aerial systems (UAS) – most notably for parcel deliveries. According to the insurer, the new product…

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all-time low, according to Aon’s 2017 Global Risk Management Survey. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast has joined the African Trade Insurance Agency (ATI) in a bid to reach emerging country status by 2020. ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to US$2bn of inward investments and trade into the country and to potentially help lower its sovereign borrowing costs by…

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s CEO Inga Beale anticipates a “massive increase” in cyber insurance business across Asia this year. Lloyd’s currently has a 25% share of the global cyber insurance market, with the majority of it written in the US and a growing amount in Europe. In both cases, a big driver of adoption has been regulation – more specifically the requirement to…

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

The opportunities and risks for engaging in blockchain and distributed ledger technology projects in the insurance sector have been highlighted in a new report. Blockchain has been the buzzword in the fintech community for some time, however law firm Pinsent Masons and Applied Blockchain, which launched the research, are warning that while there is great potential for smart contracts to…

Chubb invests in international information technology practice

Chubb invests in international information technology practice

Chubb invests in international information technology practice

Chubb has announced the heads of its information technology industry practice for overseas general insurance. Tim Stapleton, currently product head for cyber and technology E&O insurance for overseas general insurance, has been made information technology industry practice leader for overseas general. Based in London, Mr Stapleton will have oversight of the practice and will be responsible for implementing underwriting strategy.…

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s has officially opened its India branch and welcomed MS Amlin as its first underwriting syndicate. The ceremony, which took place on 1 April, was witnessed by UK Chancellor Phillip Hammond and Lloyd’s chairman John Nelson. The new branch, which will act as the domestic reinsurance branch for India, will “help Indian insurance firms increase the resilience of the Indian economy…

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