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…

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.…

C-suite and insurers should work together to focus on strong risk management

C-suite and insurers should work together to focus on strong risk management

C-suite and insurers should work together to focus on strong risk management

Risk managers and the c-suite must strengthen their risk management focus if they are to ensure their property portfolios remain insurable. Speaking at the African Insurance Exchange in Sun City this week, Belhassen Tonat, head of short-term insurance at Munich Re of Africa, warned some risks will become uninsurable, unless the c-suite invests in the basics. He said Munich Re…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey highlights global insurance protection gap

Hurricane Harvey has exposed the extent of the protection gap across the world, with insured losses from the recent storm falling short of the economic costs in the world’s largest insurance market, said Aon Benfield. Publishing this month’s Reinsurance Market Outlook, Aon Benfield said a substantial proportion of losses from the floods that overwhelmed Texas and Louisiana as a result…

Pension groups launch new Africa infrastructure fund

Pension groups launch new Africa infrastructure fund

Pension groups launch new Africa infrastructure fund

AP Moller Holding, PKA, PensionDanmark and Lægernes Pension have launched a new infrastructure fund with a focus on Africa. The fund has received commitments of $550m from anchor investors. The new fund is to focus on investments in infrastructure in Africa that will support sustainable economic growth, while delivering an attractive return to investors. Kim Fejfer, managing partner and CEO…

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

African digital economy set to lead the way – and reduce corruption

In ten years, the digital economy will probably account for 10% of African GDP, according to technology experts. Speaking at the launch of new digital services linking urban planners and developers in Senegal, Alain Taïeb, chairman of the supervisory board of Mobilitas, said: “In ten years, the digital economy will probably weigh 10% of African GDP. Digital should be an…

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