Munich Re backs groundbreaking EIL solution

Munich Re backs groundbreaking EIL solution

Munich Re backs groundbreaking EIL solution

Munich Re has partnered with a firm in the US that remediates polluted sites, to offer a groundbreaking substitute performance cover. The idea is to provide a low risk method for eliminating brownfield financial and environmental liabilities. Financial Technology Leverage, a Menlo Park financial services firm, facilitated the creation of the partnership. California-based Reterro provides owners of distressed brownfield properties…

XL Catlin adds to Canadian EIL underwriting team

XL Catlin adds to Canadian EIL underwriting team

XL Catlin adds to Canadian EIL underwriting team

XL Catlin has added two new members to its Canadian environmental insurance team. Marc Estrada joins from AIG as environmental team lead, while Brian Hughes joins from Zurich as assistant vice-president for environmental underwriting. Mr Estrada and Mr Hughes are both based in Toronto and report to Joseph Madigan, environmental regional manager for Canada. Mr Estrada specialised in underwriting contractors…

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…

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Swiss Re launches parametric insurance for Taiwan aquaculture

Global reinsurer Swiss Re has partnered with local specialist insurer Taiwan Fire & Marine Insurance to launch what it claims is the first parametric insurance policy for Taiwan’s fish farmers. The product will provide them with cover against extreme rainfall in Ping Tung county, a centre of agriculture and tourism in southern Taiwan. Parametric insurance uses pre-defined triggers to determine…

Risk managers warned of threats to Ethiopian cotton supplies

Risk managers warned of threats to Ethiopian cotton supplies

Risk managers warned of threats to Ethiopian cotton supplies

Clothing industry experts may have identified east Africa as the industry’s next major sourcing location but risk managers have been warned there are plenty of challenges in some east African countries, which could threaten supply chains. These forecasts often single out Ethiopia as the most attractive investment prospect. The government espouses a ‘dirt to shirt’ policy and the country boasts…

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

  The Indonesian government is seeking more than $2bn in compensation from a Thailand-based exploration company over an oil spill in the Timor Sea that occurred back in 2009. A civil suit was filed on 3 May in a Jakarta court against PTTEP Australasia and its parent company, the state-owned PTT Exploration and Production. The spill resulted from a blowout…

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

Philippine non-life market must focus on profit not volume: AM Best

The Philippine non-life market has enjoyed solid premium growth in recent years and continues to grow at a faster rate than other major Southeast Asian non-life markets, which have slowed in recent times. Non-life insurers in the Philippines continue to enjoy faster premium growth than the local economy. But, as elsewhere in the region, this premium growth has not been…

BIBA launches pollution product for environmental contractors

BIBA launches pollution product for environmental contractors

BIBA launches pollution product for environmental contractors

The British Insurance Brokers’ Association (BIBA) has launched an insurance package for environmental contractors in the UK. The scheme is arranged by Direct Insurance London Market, itself a BIBA member. The new scheme provides a range of covers all under one product. It is suitable for businesses operating across the waste and recycling industries and includes: multiple classes of coverage…

Study proves link between nanoparticles and heart disease

Study proves link between nanoparticles and heart disease

Study proves link between nanoparticles and heart disease

New research into the health impact of nanoparticles finds that inhaled nanoparticles can enter the bloodstream and put healthy people at risk of stroke and heart disease. Part funded by the British Heart Foundation and conducted by a team of scientists from the UK and the Netherlands, the research supports previous studies that have found links between cardiovascular disease and…

Agriculture to drive African economies

Agriculture to drive African economies

Agriculture to drive African economies

Africa must focus on agriculture to drive growth and create jobs on the continent, according to Akinwumi Adesina, president of the African Development Bank (AfDB). Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Mr Adesina said Nigerian billionaire businessman Aliko Dangote may become the largest exporter of rice in the world by 2021. A tripartite agreement put…

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