Islamic finance remains small across the African continent, but real opportunities exist for substantial growth. According to a report from S&P Global Ratings: “Conducive economic and regulatory environments are the first step for the development of Islamic finance in any jurisdiction.” The ratings agency says African countries need stronger reforms to help the development of a local Islamic finance industry.…
Insurers may need to go back to the drawing board to cover new risks arising from the sharing economy that typically sees peers offering services via online sites, say Lloyd’s and Deloitte in analysis of the booming sector. To address these new risks insurers must rethink traditional cover, the study by the two organisations finds. Lloyd’s head of innovation, Trevor…
The EU should close gaps between member states’ drone regulations that currently restrict insurers’ ability to deliver risk-transfer solutions, said the industry’s federation Insurance Europe. In response to the EC’s consultation on technical standards for drones, Insurance Europe calls for a common framework to license, certificate, authorise and classify drone use at EU level. The European federation said insurers’ interest…
Businesses pushing through blockchain-driven projects risk new cyber vulnerabilities with some financial services companies, in particular, “rushing” such technology before checking blindspots in security systems, warns RSA Security…
Munich Re has teamed up with digital partners to set up, risk manage and insure smart factories to allow manufacturers to take advantage of Industry 4.0 developments. Germany-based KUKA, which supplies intelligent automation solutions, will develop the robot-based automated plants and Porsche-owned consultancy MHP will provide digital expertise and systems. Munich Re will complete the new business model with integrated…
The risk and insurance industry urgently needs better data and models to deal with ocean risk, Chip Cunliffe, director of sustainable development at XL Catlin, told CRE following his company’s inaugural Ocean Risk Summit. The event discussed and showcased new solutions to tackle a range of ocean risks from blue carbon resilience credits to the Ocean Risk Index and first…
Richard Taylor is managing director of European Risk Frontiers sponsor HDI Global’s UK branch. He tackled the big questions posed by Adrian Ladbury as part of this year’s survey. Adrian Ladbury (AL): What is your view of the current state of the commercial and corporate insurance market and what is the outlook overall? Richard Taylor (RT): By its nature the…
Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…
Nephila Climate, the weather and ESG-driven specialty division of Bermuda-based Nephila Holdings, together with Allianz Global Corporate & Specialty’s (AGCS’s) alternative risk transfer unit, have closed a first set of solar proxy revenue swaps for two projects in Australia, the Susan River Solar and Childers Solar facilities. The two new five-year transactions announced this week by Nephila and AGCS will…
Cybercriminals are increasingly using mobile apps, disposable devices and fake social media accounts to carry out fraud and avoid detection, according to a new report by RSA Security. The report tracks a 63% rise in the use of mobile apps to conduct fraudulent transactions globally between Q1 2017 and Q1 2018, and a rise of 680% since 2015. The study,…