Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Dangote becomes net exporter of cement as Nigerian government pushes for diversification

Nigeria has become self-sufficient in the production of cement and is now an exporter of the commodity, with the government ascribing the feat to Dangote Cement. Last month Dangote Cement group managing director Onne Van der Weijde had said the company was exporting cement to Nigeria’s neighbours. He said: “We exported nearly 0.4Mt into neighbouring countries and in doing so,…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

RMS launches agriculture risk models for India and China

RMS launches agriculture risk models for India and China

RMS launches agriculture risk models for India and China

Risk modelling firm RMS has added agricultural risk models for India and China to its suite of emerging risks models. The London-based firm said that it also plans to expand coverage across Asia-Pacific and the Americas. RMS said that the addition of the models is part of the company’s “strategic focus” to help its clients close the coverage gap. “RMS…

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

ICMIF to launch mutual microinsurance scheme with India’s DHAN foundation

The International Cooperative and Mutual Insurance Federation (ICMIF) has announced that it will work with the Development of Humane Action (DHAN) Foundation in India, in an effort to supply an additional 1.17 million people from low income communities with its mutual life, health, crop and livestock products during the next five years. This work forms part of Phase II of…

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

African Risk Capacity (ARC) has formally teamed up with the African Development Bank (AfDB) to strengthen mechanisms to manage weather-related risk on the continent. The organisations said: “This partnership will formalise a technical collaboration to enhance risk management infrastructure and policy across Africa; it will also support African countries in building resilience against climate shocks and in taking ownership of…

Major new solar project in Mali gets funding boost

Major new solar project in Mali gets funding boost

Major new solar project in Mali gets funding boost

The African Development Bank (AfDB) has approved a senior concessional loan of $25 million to fund the Segou Solar PV Project, Mali’s first utility-scale solar photovoltaic (PV) power plant. It said the project, one of the first in Sub Saharan Africa, consists of the design, construction and operations of a 33 MW power plant. The transformational project will lead to…

Boost for agricultural insurance in Tunisia

Boost for agricultural insurance in Tunisia

Boost for agricultural insurance in Tunisia

French consultants Finactu have agreed to support Tunisian insurer CTAMA in boosting its agricultural book. CTAMA was founded in 1961 and has positioned itself as an agricultural insurer though an extensive network in rural areas, its close proximity to the agricultural ecosystem and its technical expertise on agricultural risks. Under Mansour Nasri, president and CEO of CTAMA, the company aims…

Farm insurer taps state agency to protect farmers

Farm insurer taps state agency to protect farmers

Farm insurer taps state agency to protect farmers

Agriculture insurer Agriculture and Climate Risk Enterprise Africa (ACRE Africa) has partnered with Kenya’s state-owned agriculture research agency Kenya Agricultural & Livestock Research Organization (KALRO) to provide agriculture risk management solutions, in a win for farmers following several such new initiatives. Kenya is among the countries starting to feel the effect of climate change, especially because most of its food…

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Following the trend of recent rating activity across Africa, S&P Global Ratings has affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Zambia. The outlook remains negative, however it is not all bad news for investors as signs of improvement do exist, it said.This follows a similar decision by Fitch on Zambia. S&P said: “In…

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