$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

The World Bank has approved a $600m International Development Association (IDA) grant to support the Ethiopian government’s vision of a national safety net system to provide effective support in chronically food insecure rural areas, particularly during droughts. The Rural Productive Safety Net Project supports the evolution of the government’s umbrella Productive Safety Net Program (PSNP), which has been in operation…

$280m programme to boost agriculture across Africa

$280m programme to boost agriculture across Africa

$280m programme to boost agriculture across Africa

The multimillion-dollar Partnership for Inclusive Agricultural Transformation in Africa (PIATA) is to provide up to $280m to catalyse and sustain inclusive agricultural transformation in at least 11 countries in Africa. The 11 are: Ghana, Nigeria, Mali, Burkina Faso, Rwanda, Uganda, Kenya, Ethiopia, Tanzania, Malawi and Mozambique. The programme was launched at the 2017 African Green Revolution Forum as an innovative…

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…

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

The worst floods in South Asia in a decade have claimed more than 1,400 lives and left many more homeless across India, Nepal and Bangladesh. They have also further exposed the protection gap that exists in the region. While the Texas floods caused by Hurricane Harvey have grabbed most of the international headlines, and Typhoons Hato and Pakhar have caused…

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons Hato and Pakhar, which caused widespread damage in Hong Kong, Macau and the Chinese province of Guangdong, have landed Hong Kong’s insurers with a bill of more than $130m (HK$1bn). According to the South China Morning Post (SCMP), the estimate would be a record sum for typhoon-related claims. The last time insurers were left with costly typhoon-related claims was…

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

Global reinsurer Munich Re has teamed up with broker JLT Philippines to jointly develop a parametric insurance product for extreme weather risk. The Philippines suffers up to 20 tropical storms in a typical year, many of which are categorised as typhoons, and there is a “serious need” for Philippines businesses to protect themselves against typhoon losses, according to JLT. The…

Floods on increase across Africa as hundreds die in Sierra Leone

Floods on increase across Africa as hundreds die in Sierra Leone

Floods on increase across Africa as hundreds die in Sierra Leone

Risk managers are being warned of a rapid increase in the number and severity of floods across the continent, as hundreds have been killed and hundreds more are missing after floods washed away the side of a mountain in the outskirts of Freetown, Sierra Leone. Experts had been calling for action to help secure land vulnerable to flooding for some…

Pioneer broadens US contractors’ pollution coverage

Pioneer broadens US contractors’ pollution coverage

Pioneer broadens US contractors’ pollution coverage

Pioneer Special Risk has introduced an optional coverage expansion for specialty contractors in the US. Pioneer now offers specialty contractors the option of including incidental contractors pollution coverage, traditionally required as part of their client’s contractual terms, within the specialty contractor’s primary commercial general liability (CGL) policy. Applicable insurance limits for the incidental CPL are included within the $1m per…

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…

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

The Philippines government has announced the next step in its parametric insurance scheme designed to combat the losses from natural disasters, identifying the provinces eligible to tap into a $486m fund recently approved by President Rodrigo Duterte. The Department of Finance listed the 25 provinces and expanded on the scheme’s objectives, namely to exploit parametrics to facilitate faster payments and…

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