New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

Parametric and index-based risk transfer startup Global Parametrics has launched the Natural Disaster Fund, through an innovative climate insurance initiative backed by the UK and German governments. The initiative uses bespoke parametric risk transfer and advanced climate risk modelling developed by Global Parametrics to support offerings that deliver affordable insurance-style solutions to smallholder farmers in six countries in Africa and…

Marsh appoints CEO of Middle East and Africa region

Marsh appoints CEO of Middle East and Africa region

Marsh appoints CEO of Middle East and Africa region

Marsh has announced that Christos Adamantiadis has been as appointed CEO of a newly-combined Middle East and Africa region. He will join Marsh on 1 May 2018 and will be based in Dubai, reporting to Flavio Piccolomini, president of Marsh International. Mr Adamantiadis will assume responsibility for all of Marsh’s operations across the Middle East and Africa. According to Marsh,…

Highest ever global insured losses in 2017, says Swiss Re sigma report

Highest ever global insured losses in 2017, says Swiss Re sigma report

Highest ever global insured losses in 2017, says Swiss Re sigma report

Global insured losses from catastrophe events in 2017 stand at $144bn, the highest ever recorded in a single year, according to the latest sigma study from the Swiss Re Institute. Hurricanes Harvey, Irma and Maria (HIM) resulted in combined insured losses of $92bn, equivalent to 0.5% of US gross domestic product in 2017. As a result, 2017 was the second-costliest…

Ports critical for growth in Africa

Ports critical for growth in Africa

Ports critical for growth in Africa

Sub Saharan Africa must invest more in its ports infrastructure if it is to successfully grow economies, according to a new report. PwC analysis shows that a 25% improvement in port performance could increase GDP by 2%, demonstrating the close relationship between port effectiveness and trade competitiveness. However, it warned that with growing congestion in many African ports, Africa runs…

Fitch issues warning on African debt levels

Fitch issues warning on African debt levels

Fitch issues warning on African debt levels

Sub Saharan African (SSA) sovereign debt levels are stabilising following their recent sharp increase, but growing use of the international capital markets may increase refinancing risk as the amount of international debt coming due rises, Fitch Ratings has warned. The ratings agency said maturities appear manageable in the near term, but public financial management in the region is often weak,…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

Sanlam remains on acquisition trail with firm plans to support multinationals

Sanlam remains on acquisition trail with firm plans to support multinationals

Sanlam remains on acquisition trail with firm plans to support multinationals

Just a month after spending $1bn buying out the remaining 53.4% of Saham Finances, Sanlam still sees opportunities for more development across Africa. Junior Ngulube, chief executive of Sanlam Emerging Markets, stressed that the deals are far from done. Ethiopia and Egypt are among the targets, he said, although Ethiopia will have to wait until the authorities there open the…

Allianz becomes first insurer to invest in the Emerging Africa Infrastructure Fund

Allianz becomes first insurer to invest in the Emerging Africa Infrastructure Fund

Allianz becomes first insurer to invest in the Emerging Africa Infrastructure Fund

Allianz is to provide financing of €75m and $25m, in a 12-year deal, as the Emerging Africa Infrastructure Fund’s (EAIF) first insurance investor. The EAIF debt financing is the second emerging markets (EM) blended-finance transaction within 12 months, run by Allianz Global Investors (AllianzGI) on behalf of Allianz Group investing for their insurance portfolios. This brings the total commitment of…

Major insurance regulatory change ahead in Namibia

Major insurance regulatory change ahead in Namibia

Major insurance regulatory change ahead in Namibia

Treating customers fairly and adapting to a changing environment is driving regulatory change across Naimbia, particularly for the insurance sector. Kenneth Matomola, chief executive of the Namibian Financial Institutions Supervisory Authority (Namfisa), has outlined a series of regulatory reforms soon to be addressed by parliament, with plans to see the changes endorsed within the current parliamentary terms. The changes include…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

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