AGCS expands environmental response support

AGCS expands environmental response support

AGCS expands environmental response support

Allianz Global Specialty Services (AGCS) has expanded its environmental impairment liability cover to boost emergency response to pollution and contamination events worldwide. In partnership with loss adjuster and consultant GM Consultant, AGCS said the cover will offer global clients immediate support on a 24/7 basis as well as claims investigation services. HETI will continue to provide emergency response for clients…

Sompo adds new life sciences team

Sompo adds new life sciences team

Sompo adds new life sciences team

Sompo International Holdings has formed a new life sciences team within Sompo Global Risk Solutions. Led by Todd Lauer, the new division will offer buyers in the life sciences industry products from its property/casualty range, including product liability, clinical trial liability, property, auto, workers’ compensation, environmental, and product-related errors and omission cover. Products are aimed at US small and middle-market…

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

The Egyptian insurance industry has agreed a pioneering initiative to develop a national sustainable insurance strategy and action plan – described as a “roadmap” – by 2020. This roadmap aims to harness the triple role of the Egyptian insurance industry as risk managers, insurers and investors for economic, social and environmental sustainability. Insurance leaders and financial regulators, UN officials and…

Philippines to join ASEAN disaster risk facility

Philippines to join ASEAN disaster risk facility

Philippines to join ASEAN disaster risk facility

The Philippines Government has announced its intention to join with Japan and five other Association of Southeast Asian Nations (ASEAN) member states in an insurance facility designed to strengthen resilience against climate and disaster risks. The announcement was made by finance secretary Carlos Dominguez III, who stated a commitment to sign a memorandum of understanding (MoU) on the establishment of…

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

The chief economist at the Asian Development Bank (ADB) has called on governments and the insurance industry to increase their efforts to reduce the risk of natural disasters. His calls were prompted by the finding in the ADB’s Asian Development Outlook 2019 report that four out of five people affected by natural hazards live in Asia. “Asia has led the…

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

The latest estimates from reinsurers suggest that the cost to the insurance industry of Typhoon Jebi could rise to as much as $12bn. Should the estimate prove to be true, it would make Jebi the costliest typhoon to ever hit Japan. It would also be a considerable increase on previous estimates from both reinsurers and risk modelling firms. The typhoon…

Insurers must play a greater role in sustainable development

Insurers must play a greater role in sustainable development

Insurers must play a greater role in sustainable development

Climate change and sustainable development are two concepts that are yet to be fully understood by insurers, according to Saliou Ndoye, international environment governance specialist. At the international level of the green climate fund, only one reassurance company is accredited, which is Swiss Re. To match that level, insurers have to change the way they work . Mr Ndoye acknowledged…

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re, now the biggest reinsurance group in Asia and eighth globally by premium income, has announced the launch of a renewable energy consortium at Lloyd’s, to help support China’s massive national renewable power development project. The booming Chinese offshore sector has benefited from a commitment by President Xi Jinping to provide $360bn to renewable power development by 2020. The…

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