Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania is considering introducing livestock insurance to promote local leather industries. The news emerged as the Tanzania Insurance Brokers Association (TIBA) held its annual conference. Tanzania ranks third in livestock population behind Ethiopia and Sudan. TIBA’s president Amir Kiwanda said the association would convince members to introduce livestock insurance, to not only promote small-scale livestock keepers but also national economic…

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured nat cat losses of $20bn in the first half of this year were 26% below the 18-year average of $27bn and the lowest since 2006, according to an estimate by Aon’s Impact Forecasting. With £73bn of economic costs 22% lower than this century’s average, the half year has generated a protection gap percentage points above the mean average of…

Chubb launches Travel Smart

Chubb launches Travel Smart

Chubb launches Travel Smart

Chubb has launched the Chubb Travel Smart app for business travellers, to help manage risks for employees. The South Africa-based insurer said Chubb Travel Smart is the company’s duty of care solution designed specifically for employees to help manage and mitigate risks as they travel for work. It provides a range of benefits for business travellers, including pre-travel eLearning, direct…

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich is on track to meet turnaround targets for its P&C business this year, as it delivered a 4% boost to gross written premiums during Q1 to $9.2bn on like-for-like sales, and average rate increases of 2%. Zurich said it is ahead of targets set for the 2017-2019 period as part of a three-year plan to pull the insurer out…

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…

Engineering insurance key for African development

Engineering insurance key for African development

Engineering insurance key for African development

Engineering could be the key to the future for the insurance sector and Africa as a whole, according to Continental Re’s Cassim Hansa, managing director of Continental Re Botswana and Continental Re Property and Engineering Risk Services. Commercial Risk Africa chatted to Mr Hansa at this year’s Continental Re CEO Summit in Mauritius. Continental Re’s recent year-end 2018 results had…

Nigerian insurers act to curb motor fraudsters

Nigerian insurers act to curb motor fraudsters

Nigerian insurers act to curb motor fraudsters

The Nigeria Insurance Association (NIA) has launched the *565*11# service, accessible from any mobile phone, in a bid to cut out motor insurance fraud. It allows policyholders to check whether a policy is genuine against the Nigerian Insurance Industry Database (NIID). Tope Smart, president of NIA, said the objective is to combat insurance fraud by limiting the circulation of fake…

Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption is the top concern for the food and beverage industry, with 53% of 68 respondents citing the risk. Reputational risks, with a 31% rating, occupy the second spot, showing a decrease from 2017, according to the Allianz Risk Barometer 2018. Risks from natural catastrophes and fire are at number three and number five respectively, and both represent new…

New catastrophe models set to expand liability cover

New catastrophe models set to expand liability cover

New catastrophe models set to expand liability cover

Developments in catastrophe risk modelling should help insurers create new liability insurance products, according to a modelling expert who believes models will eventually be used for casualty risk in the same way as they are for property risk today. Large liability losses can be costlier than the largest natural catastrophes. Some of the most extreme catastrophe liability events include the…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

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