Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers and risk managers need to model and price for climate change risk and build resilience, as a warmer world looks ever more likely, according to Zurich Insurance Group. Two studies published last week indicate the risks of a warmer world are increasing, as governments fail to adequately tackle climate change. The latest annual UN emissions gap report reveals that…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

Continental Re enters agriculture insurance market

Continental Re enters agriculture insurance market

Continental Re enters agriculture insurance market

Continental Reinsurance has launched an agriculture insurance programme as part of its new capabilities. “We have read the signals of our environment and have responded without a doubt,” said group MD/CEO, Dr Femi Oyetunji. “In line with our organising principle of localisation, we have found it imperative to expand our product relevance to further build on market development.” Continental Re…

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

New microinsurer for Nigeria

New microinsurer for Nigeria

New microinsurer for Nigeria

Nigeria’s National Insurance Commission has granted approval to Casava Microinsurance to operate as a state composite microinsurer. With this approval, Casava Microinsurance will be transacting life and general microinsurance business in Lagos state only. Salami  Rasaaq, head of the commissioner’s directorate, said in a statement that Casava Microinsurance is one successful company among several applications received by the commission, from…

Insurers must work to remain relevant as climate change rises up the agenda

Insurers must work to remain relevant as climate change rises up the agenda

Insurers must work to remain relevant as climate change rises up the agenda

Insurers could look back in history to find solutions to some of the challenges posed by climate change and the risk to sustainability. John Melville, chief underwriting officer at Santam, which hosted the inaugural PSI African Market Event in 2018, and was the first African insurer to sign the United Nations Environment Programme’s Principles for Sustainable Insurance (PSI). Speaking at…

Insurers could find opportunities in preparing for disasters

Insurers could find opportunities in preparing for disasters

Insurers could find opportunities in preparing for disasters

The protection gap has become a mantra in developing markets, but the conversation needs to be a broader conversation about resilience, suggested Dr Swenja Surminski. She was speaking at the second PSI African Market Event in Lagos this week, hosted by Continental Re, which was the first African reinsurer to sign the United Nations Environment Programme’s Principles for Sustainable Insurance…

Insurers and insureds must work together to combat sustainability risks

Insurers and insureds must work together to combat sustainability risks

Insurers and insureds must work together to combat sustainability risks

Insurers must work together with risk managers, brokers, local authorities, governments and all those with the power to make change, if the industry is to remain sustainable. That was the message from Vanessa Otto-Mentz, head, group strategy unit, Santam, speaking at the second PSI African Market Event in Lagos this week hosted by Continental Re, which was the first African…

Insurers bank on increased regional collaboration to address emerging risks

Insurers bank on increased regional collaboration to address emerging risks

Insurers bank on increased regional collaboration to address emerging risks

Insurers see a stronger case for cross-border collaboration to wade through emerging risks and climatic changes on the continent. Industry players participating in the sixth CEO Summit organised by Continental Reinsurance said it will take deepened regional collaboration to introduce new products to fit changing customer needs as well as address emerging risks. Nigeria Insurance Commission (Naicom) deputy commissioner in…

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