Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana’s Ministry of Finance and German bank KfW have agreed a financing agreement in the amount of €Ä16m that will enable Ghana to secure its shareholding and membership of the African Trade Insurance Agency (ATI). Ghana’s shareholding in ATI enables the government to further develop the private sector, which is a key reform agenda under the Reform and Investment Partnership…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

Insurers across the 14 countries of the CIMA (Francophone Africa) region are promising to use credit insurance products to help SMEs cope with insolvency risks. The International Insurance Institute has urged African companies to use credit insurance-surety products to help their customers deal with insolvent customers. CIMA has been searching for an insurance-led solution to the problem that small businesses…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

Risk managers urged to check insurance cover to protect key staff

Risk managers urged to check insurance cover to protect key staff

Risk managers urged to check insurance cover to protect key staff

After a terrible week, in which many people across Africa lost their lives travelling to work, risk managers have been urged to check their insurance policies and ensure key staff are properly protected. Key-man insurance protects individuals who are of extreme importance to the functioning of the business, however one major broker has admitted too many firms are missing out…

Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

Nigeria a major step closer to joining ATI

The African Development Bank Group has approved a $14.12m facility to support Nigeria’s membership of the African Trade Insurance Agency (ATI). The deal, organised through its trade finance operations, is a critical and mandatory step to enable ATI to commence its operations in Nigeria, according to the bank. Nigeria, as Africa’s largest economy, joins 14 other African countries that have…

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…

Innovative insurance solution paves way for new Tanzania rail line

Innovative insurance solution paves way for new Tanzania rail line

Innovative insurance solution paves way for new Tanzania rail line

A new high-speed railway line project in Tanzania is to be supported by brokers Marsh, through a $95m innovative bank surety solution to Yapı Merkezi Construction and Industry Inc. The solution was structured in collaboration with the African Trade Insurance Agency (ATI) and is backed by the ATI’s treaty reinsurers (led by Munich Re) and a consortium of facultative reinsurers:…

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