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 rise in 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 years but the area was…

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Expert insight essential for strong risk management

Tunisia and Morocco are set for economic growth this year, while Algeria and Egypt may suffer a decline, according to a new report from trade credit insurer Atradius The report analyses the political and economic situations of four north African countries, as well as ranking the performance of individual sectors within each and assessing their political and credit risk. Alun…

Moore takes over top job at Liberty Specialty Markets

Moore takes over top job at Liberty Specialty Markets

Moore takes over top job at Liberty Specialty Markets

Matthew Moore has taken over from Nick Metcalf as Liberty Specialty Markets’ (LSM) president and managing director, in a long-planned transition. Mr Moore, most recently LSM’s group chief underwriting officer (CUO), has been with Liberty for 15 years, after joining in 2002 as a political risk underwriter. He was appointed active underwriter of Liberty’s 4472 syndicate and group CUO of…

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…

Hong Kong startup aims to bring commercial insurance into the digital age

Hong Kong startup aims to bring commercial insurance into the digital age

Hong Kong startup aims to bring commercial insurance into the digital age

An attempt to develop a digital insurance risk exchange is set to be launched later this month, which aims to bring some much-needed innovation to the corporate insurance market and promises to do for commercial risk managers what the Big Bang did for the London Stock Exchange. The Hong Kong-based initiative, known as irX, also hopes to drastically cut 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…

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…

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Asia floods cause $10bn in uninsured losses in July

Severe seasonal floods have left a costly bill of more than $10bn of economic or insured losses across Asia in July, according to research from Aon Benfield. The report, from the broker’s catastrophe model development team Impact Forecasting, shows that the so-called protection gap remains as problematic and expensive as ever in the region. The majority of the economic losses…

Cyber insurance set to soar in Asia thanks to WannaCry

Cyber insurance set to soar in Asia thanks to WannaCry

Cyber insurance set to soar in Asia thanks to WannaCry

The adoption of cyber insurance is set to rise dramatically in Asia in the wake of the WannaCry virus that swept across the globe earlier this year, according to AIG. The global insurer told Reuters that it has seen an 87% increase in inquiries in China and Hong Kong between April and May, as a direct result of the ransomware attack…

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