Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

The bulk of losses caused by the Ever Given containership that blocked the Suez Canal for nearly a week is likely to fall on reinsurers, according to Reuters. It reported that the ship’s protection and indemnity (P&I) insurer UK P&I Club is braced for a claim against the shipowner’s policy from the Suez Canal Authority for any damage to the…

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

The beaching of the Ever Given, the cargo ship that ran aground in the Suez Canal, blocking the critical passageway for six days, ended once the freighter was unwedged and the flow of vessels resumed. Working off the queue of hundreds of boats that opted to wait instead of turning south towards the Cape of Good Hope and circumnavigating Africa…

Morocco introduces travel ban on Algeria and Egypt to curb spread of Covid-19

Morocco introduces travel ban on Algeria and Egypt to curb spread of Covid-19

Morocco introduces travel ban on Algeria and Egypt to curb spread of Covid-19

Morocco has suspended all flights to and from Algeria and Egypt, as part of its efforts to curb the spread of Covid-19. The authorities said the suspension is temporary and will run until 21 March. The ban also includes passengers from Egypt and Algeria arriving through other countries, they added. Morocco has so far suspended air connections with 20 countries…

Egyptian insurance market regulatory oversight improving says Fitch

Egyptian insurance market regulatory oversight improving says Fitch

Egyptian insurance market regulatory oversight improving says Fitch

Regulatory oversight in the Egyptian insurance market is developing with both limited transparency and effectiveness of enforcement, but the market lacks technical sophistication, according to Fitch Ratings. The ratings agency noted that the insurance market is regulated under a fairly simplistic Solvency I-type framework: “For an insurer to operate, the value of assets of an insurance or reinsurance company must…

Middle East and north Africa face ‘double whammy’ from Covid and oil price slump

Middle East and north Africa face ‘double whammy’ from Covid and oil price slump

Middle East and north Africa face ‘double whammy’ from Covid and oil price slump

The coronavirus pandemic and related oil price slump constitute a “double whammy” for economies in the Middle East and north Africa (MENA), according to a new report. Credit insurer Atradius reports that after a dramatic first half of 2020 with an unprecedented recession, economic activity in the MENA region is staging a cautious recovery. Overall GDP growth is expected to…

Solid growth to continue for Maghreb insurance markets despite challenges, says Best

Solid growth to continue for Maghreb insurance markets despite challenges, says Best

Solid growth to continue for Maghreb insurance markets despite challenges, says Best

The insurance markets of the Maghreb region – Morocco, Algeria and Tunisia – have seen solid growth in the last five years, above global market averages, and that trend is expected to persist, despite the challenges of Covid-19 and the associated economic downtown, according to AM Best. However, there are numerous challenges in the short- to medium-term, which have the…

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink adds to African network with Tunisian broker

Brokerslink has expanded its footprint in Africa, with Tunisian brokerage Karé Kamoun becoming the latest affiliate to join the global broking business. The Tunis-based insurance and reinsurance broker specialises in the core lines of business found in Tunisia, including industrial and commercial cargo, construction, as well as health and life insurance. The firm’s reinsurance expertise in areas including the placing…

Africa sees first coronavirus case

Africa sees first coronavirus case

Africa sees first coronavirus case

The first case of coronavirus (Covid-19) has been found in Egypt, as a Chinese man returned to the north African country from his New Year break. The 17 contacts of the patient have tested negative, and all of them are under home isolation for 14 days. They are being followed up by the Egyptian Ministry of Health and Population. Meanwhile,…

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Tunisian insurer joins MAXIS Global Benefits Network

Tunisian insurer joins MAXIS Global Benefits Network

Tunisian insurer joins MAXIS Global Benefits Network

MAXIS Global Benefits Network (MAXIS GBN) has added a Tunisian insurer to the network. COMAR Tunisia has become the latest local insurance provider to become a member of MAXIS GBN, providing medical, life, accident and disability coverage to multinational clients in Tunisia. MAXIS GBN said the policies provided by COMAR to MAXIS GBN clients can be reinsured and included in…

1 2 3 7