Spreading the value of insurance

Spreading the value of insurance

Spreading the value of insurance

According to the UN, there are some 500 million smallholder farmers in the world. In Africa around 80% of farmers operate on a very small scale, however the UN says these smallholder farmers produce up to 80% of the food consumed in Africa and Asia. Liz Booth reports on a new initiative that could help these farmers develop into commercial…

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Government-related threats, led by overregulation, are dominating the top ten risk list for CEOs, with policy uncertainty and trade conflicts two new issues entering the list, at number two and four respectively, according to PwC’s 22nd Annual Global CEO Survey. Political uncertainty and concerns over trade have pushed risks such as terrorism and climate change out of the top ten…

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

The latest Swiss Re Institute SONAR report has highlighted a number of key risks including digital technology’s clash with legacy hardware, new risks emerging from the spread of 5G mobile networks, increasingly limited fiscal and monetary policy flexibility, and genetic testing and its effects on the insurance industry. The report also examines ‘slowburner’ emerging risks such as the effects of…

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…

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