Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey has exposed the extent of the protection gap across the world, with insured losses from the recent storm falling short of the economic costs in the world’s largest insurance market, said Aon Benfield. Publishing this month’s Reinsurance Market Outlook, Aon Benfield said a substantial proportion of losses from the floods that overwhelmed Texas and Louisiana as a result…

Pension groups launch new Africa infrastructure fund

Pension groups launch new Africa infrastructure fund

Pension groups launch new Africa infrastructure fund

AP Moller Holding, PKA, PensionDanmark and Lægernes Pension have launched a new infrastructure fund with a focus on Africa. The fund has received commitments of $550m from anchor investors. The new fund is to focus on investments in infrastructure in Africa that will support sustainable economic growth, while delivering an attractive return to investors. Kim Fejfer, managing partner and CEO…

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…

Unrest incidents in Kenya up as elections approach

Unrest incidents in Kenya up as elections approach

Unrest incidents in Kenya up as elections approach

New figures from Control Risks suggest unrest across Kenya has risen as the election process gets underway. It has recorded more than 192 incidents related to the upcoming August general elections in Kenya, since 6 April 2017. Control Risks said: “The majority of these occurred during the April party primary elections in closely contested areas in the Rift Valley region,…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Nikolay Dmitriev, Chubb’s regional managing director for Russia, CIS and Turkey, is to take on the additional role of regional director of property and casualty for Eurasia and Africa. Chubb said the appointment is in line with its strategy “to position itself for targeted growth in this important emerging region”. “Property and casualty risk is the bedrock of our business…