Africa

BMS names Phillips African practice leader

BMS Group has appointed Ryan Phillips as director and African practice leader.

ARC, WFP and AUDA-NEPAD launch disaster risk management platform at COP29

The African Risk Capacity, UN World Food Programme and African Union Development Agency launched the Africa Disaster Risk Management and Recovery Platform at the COP29 climate conference on Friday 15 November.

Allianz, Swiss Re and HKV develop parametric products for urban flooding in Accra, Ghana

An Insurance Development Forum project to strengthen the financial resilience of flood-prone communities in Ghana has delivered two parametric insurance products.

Differentiation key to maintaining relevance in softening fac reinsurance market

Nick Fraccalvieri, CEO of Aon’s EMEA facultative reinsurance business, shares his observations on what is driving facultative purchasing, the underlying market conditions and how Aon is remaining at the forefront of increased competition.

Land Bank Insurance and CelsiusPro to pilot parametric drought cover in South Africa

Land Bank Insurance Company and parametric specialist CelsiusPro have announced a pilot drought insurance scheme for crop and livestock farmers in South Africa.

ASR appoints Khilosia as chief distribution officer

Pan-African reinsurer Africa Specialty Risks has appointed former Lloyd’s executive Amit Khilosia as chief distribution officer.

US election is next significant CPRI market event after “turbulent” six months: Gallagher

Next month’s US election is the most significant event on the horizon for the structured credit and political risk insurance market, with the outcome likely to have dramatic consequences for the global risk environment, according to Gallagher Specialty.

ASR bolsters Lloyd’s access with service company status

Africa Specialty Risks Ltd (ASR) is now operating as a Lloyd’s service company and can underwrite on behalf of ASR Syndicate 2454.

Microinsurance Network looks to scale up inclusive insurance capacity across Africa

The Microinsurance Network has penned a strategic partnership with the African Insurance Organisation to scale up inclusive insurance across the continent through the creation of a microinsurance and agriculture insurance pool.

Specialty MGA launches Africa & Middle East division with new Casablanca office

MNK Group, the ultimate owner of specialist Lloyd’s broker MNK Re, has expanded its regional MGA capabilities with the launch of Specialty MGA Africa & Middle East, based in Casablanca.

South Africa’s Santam eyeing Lloyd’s entry to spur international ambitions

South African insurer Santam is on the hunt for an adviser to lead the build-out of its London/international platform and is engaging with Lloyd’s on the launch of a syndicate, The Insurer can reveal.

ASR names BHSI’s Sauty to lead new marine and aviation lines

Pan-African and Middle East-focused (re)insurance group Africa Specialty Risks has appointed Aurélien Sauty to lead its expansion into marine and aviation lines.

African Risk Capacity’s Diong to lead loss and damage fund

Ibrahima Cheikh Diong, former director general of parametric risk pool African Risk Capacity, has been selected as the first executive director of the Fund for Responding to Loss and Damage.

Insuring European cobalt mining for a smooth transition

Mikael Ardell, CEO of UIB Nordic, outlines how the rapid growth of the electric vehicle market and lithium-ion batteries has caused an explosion in demand for raw materials such as lithium and cobalt, posing significant ethical and environmental issues for insurers to navigate.

LM Re backs parametric drought insurance for Kenyan coffee farmers

Liberty Mutual Reinsurance has announced a partnership with insurtech Sprout and local insurer Britam to cover coffee farmers in Kenya against losses from drought.

ARC more than doubles revenue and returns to profitability in 2023

Regional parametric risk pool the African Risk Capacity recorded a net profit of $13mn in 2023 as it reached its ten-year anniversary.

Malawi drought triggers $11.6mn African Risk Capacity payouts

The government of Malawi and the UN Refugee Agency have received payouts from regional risk pool African Risk Capacity after their parametric drought insurance policies were triggered.

World Bank provides $125mn grant to fund parametric drought insurance in Somalia

The World Bank has approved a $125mn grant that aims to introduce drought insurance to 180,000 pastoralists in Somalia.

Parametric scheme pays 7,000 farmers in Mozambique after drought

An agriculture insurance programme supported by the UN World Food Programme and offered by local insurer Hollard has made a payout of $175,000 to 7,000 smallholder farmers in Tete, Mozambique.

Fitch warns of rising political and supply chain risk for EMEA corporates under Trump

A change in US administration may see several EMEA corporate sectors, including chemicals, oil and gas, and IT, face increasing political risk and supply chain tensions in their operations, Fitch Ratings has warned.

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