Islamic finance could support African growth, but needs regulatory reforms

Islamic finance could support African growth, but needs regulatory reforms

Islamic finance could support African growth, but needs regulatory reforms

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.…

DRC gets $12m grant to fight latest Ebola outbreak

DRC gets $12m grant to fight latest Ebola outbreak

DRC gets $12m grant to fight latest Ebola outbreak

The World Bank Group’s Pandemic Emergency Financing Facility (PEF) has given its first financial commitment, approving a $12m grant towards the current Ebola response in the Democratic Republic of the Congo (DRC). The grant will support the surge in activities of the DRC government and international responders outlined under the approved three-month $56.8m Ebola response plan, released by the DRC…

Risk managers warned to factor climate change into all future scenario planning

Risk managers warned to factor climate change into all future scenario planning

Risk managers warned to factor climate change into all future scenario planning

Risk managers are being warned that climate change is already changing the litigation landscape across the world and that they must factor the risk into their planning to avoid an escalation in claims against their organisations, as Liz Booth reports Climate change is a fast-emerging risk that is impacting business in new and unexpected ways, which risk managers must factor…

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…

Pilot launched for disease and epidemic insurance

Pilot launched for disease and epidemic insurance

Pilot launched for disease and epidemic insurance

African Risk Capacity (ARC) has begun a pilot to roll out parametric insurance cover against disease outbreaks and epidemics. San Francisco-based Metabiota has launched its risk modelling work for an ARC outbreak and epidemic insurance product, first announced by ARC last October. ARC has been looking to expand its remit beyond its drought product in order to diversify and therefore…

Lighting up Africa essential for lowering risks

Lighting up Africa essential for lowering risks

Lighting up Africa essential for lowering risks

The African Development Bank plans to reach 29.3 million people in African with electricity by 2020 and has called for the UN to provide support for insurance to help develop climate risk insurance, as part of that development. Bank president Akinwumi Adesina has promised support, saying it is “crucially important” and indicated that it requires a new way of tackling…

Climate insurance programme launches to aid four million people

Climate insurance programme launches to aid four million people

Climate insurance programme launches to aid four million people

The UK government, together with VisionFund international KfW and BlueOrchard Finance, has set up a new climate insurance programme to help up to four million people across Africa and Asia. More than 690,000 families living in six low-income countries stand to benefit from the programme launched by VisionFund International, World Vision’s microfinance arm, and Global Parametrics, a new venture funded…

Parametric insurance proposed for Morocco to protect against drought

Parametric insurance proposed for Morocco to protect against drought

Parametric insurance proposed for Morocco to protect against drought

The Moroccan government is a step nearer a parametric insurance solution to protect against drought – one of the largest risks facing Moroccan farmers. Following an international call for tenders, French consultant Finactu has been selected to support the Ministry of Agriculture, Maritime Fisheries, Rural Development and Water & Forests in setting up and monitoring parametric insurance against the consequences…

Insurance provides added support in wake of natural catastrophes

Insurance provides added support in wake of natural catastrophes

Insurance provides added support in wake of natural catastrophes

New insurance mechanisms are emerging for Africa as the world grapples with the aftermath of natural catastrophes and as the risks associated with climate change come into sharper focus. This month, the German city of Bonn will be the venue for the United Nations Climate Change Conference (COP23). Playing host at the event, however, is the small island state of Fiji.…

Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance plays key role in aiding emerging economies

Insurance does help improve the quality of life in emerging countries, according to a new body of study. The latest sigma report from Swiss Re, Insurance: adding value to development in emerging markets says every year, 100 million people around the world fall into poverty because of out-of-pocket spending on medical treatment. Case studies indicate that insurance can help mitigate…

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