State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

The International Union of Aerospace Insurers (IUAI) is exploring the idea of a global government-backed insurance pool to cover future aviation business interruption (BI) losses from catastrophic events such as a pandemic. The Federation of European Risk Management Association (Ferma) has not specifically backed the move. But it told CRE it supports efforts to deliver more capacity for BI catastrophic…

North P&I Club adds route risk tool

North P&I Club adds route risk tool

North P&I Club adds route risk tool

Shipping insurer North P&I Club has launched a route risk management tool for members to help them identify hazards in voyages from port to destination. Route Risk Advice is an addition to the club’s MyGlobeView digital platform. MyGlobeView, which also features a Covid-19 tracking tool, gives club members access to more than 40 alert and reporting features including news, port…

Commercial Risk joins leading global risk and insurance publishing group Beacon International

Commercial Risk joins leading global risk and insurance publishing group Beacon International

Commercial Risk joins leading global risk and insurance publishing group Beacon International

Rubicon Media – publisher of Commercial Risk Europe, Commercial Risk Africa, Commercial Risk Asia and International Programme News – is delighted to announce that it has been acquired by rapidly growing US-based publishing business Beacon International Group. Beacon International was formed in September 2019 through the acquisition of Business Insurance (BI), which is among the oldest and most respected risk…

Brokerslink adds Eswatini broker to network

Brokerslink adds Eswatini broker to network

Brokerslink adds Eswatini broker to network

Intermediary network Brokerslink has announced the addition of Eswatini-based Ensure Insurance Brokers (Ensure) to its international network, bringing its presence in Africa to 33 countries. Ensure has built up a strong reputation, trading on almost 30 years of expertise in commercial, industrial, corporate and personal lines. Its addition to the network is a further demonstration of Brokerslink’s commitment to building…

Economic impact hitting harder than Covid-19 across Africa

Economic impact hitting harder than Covid-19 across Africa

Economic impact hitting harder than Covid-19 across Africa

Due to the Covid-19 pandemic, many countries in sub-Saharan Africa faced severe downturns this year, resulting in an unprecedented regional economic contraction. In a new regional outlook, titled Covid-19 aggravates sub-Saharan African debt problems, trade credit insurer Atradius states: “Although a health crisis has been averted, it is the domestic and international measures implemented to contain the pandemic that have…

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among the worst countries in the world, and bottom of the pile on the African continent, for forecasted losses due to cargo theft, underscoring the significant economic impact of the issue. Freight transport insurer TT Club and business improvement company BSI highlight the growing risk in a new report – Freight Crime in South African Supply Chains.…

Global digitalisation trend embeds cyber risks in every aspect

Global digitalisation trend embeds cyber risks in every aspect

Global digitalisation trend embeds cyber risks in every aspect

Chief technology officers (CTOs) and risk management teams have been warned they must rise to the challenge of securing data and IT systems infrastructure against the rising wave of cyberattacks. The warning comes as it emerges that the average cost of a cyber breach for a South African firm currently stands at some US$2.14 million, according to the IBM 2020…

The real risks of 5G

The real risks of 5G

The real risks of 5G

Fifth-generation (5G) wireless technology promises to revolutionise communication and data transmission globally, heralding a new age of connectivity. Recently, circulating conspiracy theories regarding 5G and coronavirus have seen masts attacked and a backlash across social media. Although there is no credence to this fake news, there do appear to be some legitimate concerns with this developing technology, driving changes in…

Nigerian insurance market offers potential despite challenges

Nigerian insurance market offers potential despite challenges

Nigerian insurance market offers potential despite challenges

Nigeria’s substantial oil and gas reserves, its young and growing population, and its position as Africa’s largest economy continue to point to significant development potential for its insurance sector, according to a new report from ratings agency AM Best. However, Nigeria has failed to deliver on that potential historically, due in part to the volatility of growth in the country’s…

Mentoring spurs African journalism awards

Mentoring spurs African journalism awards

Mentoring spurs African journalism awards

Business journalists from across Africa have been invited to submit entries for the sixth edition of the Pan-African Re/Insurance Journalism Awards. The awards, sponsored by Continental Reinsurance, seek to recognise journalists who report on insurance in print, online and electronic media. Patrick Alushula, winner of the 2019 Pan-African Journalist of the Year category, said: “There is much more to just…

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