African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

African initiatives in parametric insurance for agriculture

Parametric or index-based insurance can play a significant role in closing the insurance protection gap – the gap between insured and uninsured losses – and fostering global resilience to the impacts of climate change. Parametric insurance Conventional insurance indemnifies the policyholder for the loss it incurs from an insured event. Parametric insurance pays a fixed amount upon the occurrence of…

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

Annual GDP under threat from geopolitical and security risks to the world’s largest cities rose by 16% in the past year, according to research by the Centre for Risk Studies at the Cambridge Judge Business School. Its 2018 Global Risk Index, upon which the Lloyd’s City Risk Index published this week is based, the centre finds that interstate conflict, which…

African cities weak in terms of resilience

African cities weak in terms of resilience

African cities weak in terms of resilience

African cities need to build resilience if they are to thrive and cope with a series of risks that could severely impact their ability to grow. According to the 2018 Lloyd’s City Risk Index, 47 countries across Africa and the Middle East, including Nigeria, South Africa and Egypt, are classified as either “weak” or “very weak” in terms of resilience.…

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

Man-made risks outstrip nat cat as Lloyd’s research shows $546.5bn annual GDP under threat in leading cities

An estimated $546.5bn of GDP is at risk each year from 22 perils across leading cities, with man-made threats posing greater vulnerability than natural catastrophes, finds Lloyd’s City Risk Index. The new research shows that Tokyo, New York and Manila have the highest exposure, and that boosting resilience would reduce annual GDP at risk in the 279 cities studied by…

ATI enjoys sixth year of profit

ATI enjoys sixth year of profit

ATI enjoys sixth year of profit

African Trade Insurance (ATI) has announced a sixth consecutive year of profit, with $9.9m in net profit for the year ending December 2017. The company announced gross written premiums and equity reached $44.8m and $242.2m, respectively. George Otieno, ATI’s chief executive officer, said the repositioning of the company to provide even more support to its member countries across Africa –…

Nigerian insurer achieves ISO quality standard

Nigerian insurer achieves ISO quality standard

Nigerian insurer achieves ISO quality standard

Composite Nigerian insurer NSIA Insurance has been awarded ISO 9001:2015 certification by the Standards Organisation of Nigeria, the representative of the International Organisation for Standardisation in Nigeria. The company achieved this certification after successful implementation of a quality management system and priority for customer satisfaction framework. The certification ensures that all processes within the organisation are standardised to meet best…

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume to nearly double by 2030, Munich Re predicts

Global premium volume is likely to reach around €7.9trn by 2030, almost double the volume of €4.2trn in 2017, according to Munich Re. Of the additional premium of €3.7trn by 2030, some €1.2trn is expected to come from China alone, with almost two thirds of this likely to derive from life and health insurance business, with the rest coming from…

Allianz to buy 8% stake in Africa Re

Allianz to buy 8% stake in Africa Re

Allianz to buy 8% stake in Africa Re

Allianz Group is to buy an 8% stake in Africa Re for $81m. Under the terms of the agreement, the total cash consideration for the 8% slice of Africa’s largest reinsurer would amount to $81m (or €69m). Niran Peiris, member of the board of management of Allianz SE, responsible for global insurance lines and Anglo markets, reinsurance, Middle East and…

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb has appointed Ncedi Mbongwe as casualty underwriter for South Africa and Sub Saharan Africa. Mr Mbongwe will be responsible for the development and growth of the company’s casualty offering, including growing related specialty areas including environmental liability, clinical trials and event liability, as well as building and strengthening relationships with key brokers. He joins from Munich Re of Africa,…

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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