New insurance solution for water risks launched

New insurance solution for water risks launched

New insurance solution for water risks launched

Global Parametrics (GP), a provider of parametric protection against climate risks in emerging markets, has structured two risk transfer solutions using a Water Balance Index (WBI), to enable partners to provide drought and excess rainfall protection for smallholder farmers in India and Tanzania. The WBI is a multi-scalar meteorological index using monthly cumulative rainfall and potential evapotranspiration to estimate departure from the climatological norm. The index uses 40 years of daily atmospheric reanalysis data supplied by the…

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…

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

The Insurance Company of Pan African Mutual Risk Management (ARC) has paid $738,835 in compensation to the Ivory Coast government, following a lack of rain recorded in the central region of the country for the 2019 agricultural season. The money will be used to help vulnerable families better cope with the severe consequences of the rainfall deficit and sustain themselves…

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Nigerian insurer Royal Exchange General Insurance plans to boost its agricultural capacity after a deal in which the InsuResilience Investment Fund is to buy a 39.25% stake in the company for an undisclosed sum. Royal Exchange General Insurance is one of the largest non-life insurance companies in Nigeria. Through its activities, the company is expected to reach out to more than one…

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…

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…

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…

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

Nigerian insurer wins approval to sell agriculture insurance

The Nigerian regulator has given Linkage Assurance approval to underwrite agricultural insurance. The ‘no objection’ nod from the National Insurance Commission will enable Linkage to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth. The products approved include Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk Insurance, Linkage Assurance Farm Motor…

Shell oil case to continue for another year

Shell oil case to continue for another year

Shell oil case to continue for another year

A British judge has ruled that Nigeria’s Bodo community, which has been involved in a protracted legal battle with Shell over the cleanup of two 2008 oil spills, should retain the option of litigation for another year. According to reports from Reuters, lawyers for Bodo had accused Shell of trying to kill off the legal case by seeking a court…

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