Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance does help improve the quality of life in emerging countries, according to a new body of study. The latest sigma report from Swiss Re, Insurance: adding value to development in emerging markets says every year, 100 million people around the world fall into poverty because of out-of-pocket spending on medical treatment. Case studies indicate that insurance can help mitigate…

Agriculture on cusp of revolutionising economies

Agriculture on cusp of revolutionising economies

Agriculture on cusp of revolutionising economies

The food market in Africa could be worth more than $1trn a year by 2030, according to a new report. However, the report’s authors conclude that, although progress is being made, Africa needs to pick up the pace if it is to compete globally and turn itself from importer to exporter by feeding its people with food made in the…

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to rise but must align with new risks for future growth

Alternative capital continues to flow into the reinsurance market, but without innovation it will be hard to deploy, according to participants on an AM Best webinar. In its latest Global Reinsurance Report, AM Best states that alternative capital grew by approximately 10% last year, faster than traditional reinsurance capital but slower than the growth rates seen in recent years. The…

Ironshore Singapore offers legal expenses cover for local corporates

Ironshore Singapore offers legal expenses cover for local corporates

Ironshore Singapore offers legal expenses cover for local corporates

The Singapore branch of Australian-based insurer Ironshore has introduced a new specialty, professional lines product offering after-the-event legal expenses to help cover loss exposure from commercial litigation. The product provides insurance against any adverse costs awards in a commercial case, which is a standard policy in the UK but has been adapted to suit the Singapore market to meet client…

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

The rise of insurance-linked securities continues to reach new levels after the issuance of catastrophe bonds exceeded previous records in the most recent quarter. A report issued by Aon Securities, the investment banking arm of broker Aon Benfield, recorded issuance of cat bonds at $6.38bn across 20 transactions, exceeding the previous record of $4.49bn set back in Q2 2014. The…

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

Singapore regulator calls for more use of parametric insurance

The managing director of Singapore’s financial regulator has called for greater use of parametric and index-based insurance to close the protection gap in natural catastrophe and disaster risk. Speaking at the Institute of Catastrophe Risk Management (ICRM) Symposium, Ravi Menon, managing director of the Monetary Authority of Singapore, said that more innovative use of these products is integral to solving…

African agriculture must become a business

African agriculture must become a business

African agriculture must become a business

Agriculture needs to become a business, not a way of life, if Africa is to reap the potential from the sector, according to the president of the African Development Bank (AfDB). Akinwumi Adesina is championing the transformation of the rural economies of African countries as the fastest way to lift millions of people out of poverty. Speaking on a visit…

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Insurtech funding rises by 248% in Q2

Investment in insurtech rose to almost $1bn in the second quarter of 2017, an increase of 248% on the previous quarter, thanks to a record number of deals. In total there were 64 transactions, the most experienced in any quarter to date and almost double the 38 that took place in the previous quarter. The figures were produced by global…

Africa could lead way in insurance transformation

Africa could lead way in insurance transformation

Africa could lead way in insurance transformation

Africa is digital in nature and stands to leapfrog more mature markets in terms of transformation, Oliver Bäte, CEO of Allianz SE, told delegates at the 44th annual Insurance Conference in Sun City, South Africa, Mr Bäte addressed the profound transformation of the insurance industry wrought by digitalisation. “In today’s fast-changing world, it’s critical to innovate quickly and to change…

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

A new project has just delivered street lighting to downtown Bujumbura, extending commercial hours and personal safety. The switch-on is part of a deal between the capital of Burundi’s Mayor Freddy Mbonimpa and Gigawatt Global, a founding member of US Power Africa’s Beyond the Grid programme. Solar-powered ‘light islands’ began appearing in the heavily-trafficked central bus station and nearby marketplace.…

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