More insurers take action on coal and climate change

More insurers take action on coal and climate change

More insurers take action on coal and climate change

Insurance companies have pulled $20bn out of investments in coal and a growing number are refusing to underwrite new coal projects, according to a scorecard on the industry from the Unfriend Coal campaign. Zurich announced this week that it will divest from and cease offering insurance to companies that depend on coal for more than 50% of their business. The…

Insurance provides added support in wake of natural catastrophes

Insurance provides added support in wake of natural catastrophes

Insurance provides added support in wake of natural catastrophes

New insurance mechanisms are emerging for Africa as the world grapples with the aftermath of natural catastrophes and as the risks associated with climate change come into sharper focus. This month, the German city of Bonn will be the venue for the United Nations Climate Change Conference (COP23). Playing host at the event, however, is the small island state of Fiji.…

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Rate increases are on the cards for US commercial insurance buyers in 2018, as a direct result of the recent spate of costly hurricanes. Although market reaction to windstorms Harvey, Irma and Maria is still evolving in the run-up to the 1 January renewals, it is likely that the hit to insurers’ earnings will put underwriters under pressure to raise…

Beazley launches Spanish operation

Beazley launches Spanish operation

Beazley launches Spanish operation

London-based international specialty insurer Beazley formally launches its Spanish operation at a reception in Madrid this evening, where brokers and customers can learn about its expanding offering for the Spanish market. Beazley’s Spanish operation is based in Barcelona and is led by Lorena Segovia, who was hired in May from HCC Global to the newly-created role of financial lines regional…

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

Catastrophe modelling firm AIR Worldwide has launched a new inland flood model for Japan, and also released a new version of its Japan typhoon model as part of an update to its catastrophe modelling software platform Touchstone. The flood model, which AIR claims is the first such tool to be developed for Japan, simulates the effects of on- and off-plain…

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

Risk modelling and analytics firm RMS has opened a new office in Sydney, Australia as part of its effort to grow its presence in the Australian and New Zealand markets and to increase its support for APAC-based clients. The office will focus on insurers and reinsurers looking to adopt new models in light of a particularly active year for natural…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

The Tianjin bureau of the China Insurance Regulatory Commission (CIRC) has revealed that more than CNY8.1bn ($1.2bn) of insurance claims related to the Tianjin port explosions had been settled by the end of 2016. The explosions occurred in two chemical warehouses back in August 2015 and killed 165 people. This was one of the biggest and costliest man-made catastrophes reported…

$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…

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