European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

A number of large losses and natural catastrophes (nat cats), with heavy storms, floods, drought and fires, have contributed to challenging times for South African insurers. At the same time, South Africa is suffering from a weak economy driven by political uncertainty as an election year approaches. This uncertainty continues to undermine business and consumer confidence. “On the whole, we…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The number of clinical trials performed worldwide has been on the increase, thanks both to growing innovation in the pharmaceutical and healthcare industries and the increasing burden of diseases needing new treatments. Clinical trials are crucial for the safety and efficacy of pharmaceutical and biological products as well as medical devices. However, there is an inherent risk in every clinical trial…

Product recalls on rise, risk managers warned 

Product recalls on rise, risk managers warned 

Product recalls on rise, risk managers warned 

Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade, bringing the potential for larger and more complex losses than ever before, warns insurer Allianz Global Corporate & Specialty (AGCS). Product Recall: Managing the Impact of the New Risk Landscape highlights the automotive industry as being the most impacted…

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…

South African mines move towards settlement in silicosis claims

South African mines move towards settlement in silicosis claims

South African mines move towards settlement in silicosis claims

South African mining firms are reported to be preparing a multimillion-dollar settlement with as many as 100,000 former workers suffering from lung diseases. Mining News reported that Anglo American has set aside $101m in preparation for a potential settlement, while Gold Fields expects to pay about $30m to end a class action lawsuit. AngloGold Ashanti, Sibanye Gold and Harmony Gold Mining are among 32 respondents…

Chubb launches Ignite online platform for SME, middle-market companies

Chubb launches Ignite online platform for SME, middle-market companies

Chubb launches Ignite online platform for SME, middle-market companies

Chubb has unveiled Chubb Ignite, an online platform for brokers’ small and medium-sized commercial clients in South Africa. Chubb said the system “is quick and easy to use and allows brokers to quote specialist insurance online and be bound by Chubb within minutes, with instant documentation available online or via email”. The insurer added: “The tool is backed up by…

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

In ten years, the digital economy will probably account for 10% of African GDP, according to technology experts. Speaking at the launch of new digital services linking urban planners and developers in Senegal, Alain Taïeb, chairman of the supervisory board of Mobilitas, said: “In ten years, the digital economy will probably weigh 10% of African GDP. Digital should be an…

Climate change report forecasts higher intensity weather phenomena

Climate change report forecasts higher intensity weather phenomena

Climate change report forecasts higher intensity weather phenomena

Climate change is likely to cause higher frequency and intense weather events including thunderstorms, wildfires and floods, according to a new report from AIR Worldwide. The report found that the number of cyclone events is likely to fall, but there will be more strong storms. AIR Worldwide said flooding will be the most evident manifestation of climate change, with more…

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