Africa

Floodbase announces Mozambique and Malawi for parametric flood program pilot

Flood risk data provider Floodbase has unveiled Mozambique and Malawi as the pilot locations for its parametric flood insurance program in partnership with African Risk Capacity Limited and Global Parametrics.

ASR launches Africa and Middle East-focused parametric partnership

Africa Specialty Risks has expanded its coverage in Africa and the Middle East through the launch of a parametric reinsurance partnership with a leading European reinsurer.

Limited (re)insurance market impact from West Africa political turmoil: AM Best

Continued political turmoil and economic uncertainty in West Africa is likely to have a limited impact on (re)insurance markets, according to AM Best.

Gallagher launches Middle East and Africa M&A practice with Wynne

Gallagher has launched an M&A practice for the Middle East and Africa, led by Amanda Wynne as divisional director.

ARC unveils $11.7mn collab with US govt to expand parametric coverage in Africa

African Risk Capacity Group, an African Union risk-pooling initiative, has announced an $11.7mn partnership with the US government designed to safeguard food security and strengthen climate resilience in Africa by expanding parametric insurance.

Lloyd’s signs MoU to encourage renewables and nature development in Sierra Leone

Lloyd’s has signed a memorandum of understanding with Sherbro Alliance Partners to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone.

Insured impact of Cyclone Belal on Réunion estimated at €100mn

The cost of claims hitting French insurers resulting from January’s Tropical Cyclone Belal which brought devastating wind damage, rain and flooding to the islands of Réunion and Mauritius is estimated at €100mn.

Africa Specialty Risks gains in-principle approval for ASR Middle East

Pan-African reinsurance group Africa Specialty Risks has received in-principle approval from the Dubai Financial Services Authority to register as a company ahead of the incorporation of a new entity, ASR Middle East.

Lloyd’s lines up Mackinnon as APMEA regional director with Ferguson to retire

Chris Mackinnon is set to become Lloyd’s regional director for Asia Pacific, the Middle East and Africa, with the incumbent Iain Ferguson retiring at the end of 2024.

Aon hires Ardonagh’s Dando to lead Strategy and Technology Group in EMEA

Aon has recruited Steve Dando as CEO of its Strategy and Technology Group for the EMEA region, marking the latest departure from Ardonagh Specialty, The Insurer can reveal.

Africa Specialty Risks gains approval for Apollo-managed syndicate launch

Pan-African reinsurance group Africa Specialty Risks has secured ‘in-principle’ approval to launch a Lloyd’s syndicate in 2024 managed by Apollo Syndicate Management, in a hotly anticipated move confirming The Insurer’s previous reporting.

WTW’s Young: “We can’t insure ourselves out of the climate crisis”

Parametric solutions and the ability to invest in risk reduction measures will be instrumental in increasing insurance penetration in the Global South, while those in the industry need to recognise that “we can’t insure ourselves out of the climate crisis”, according to WTW’s Simon Young.

UK gov unveils £14.5mn to support disaster insurance for vulnerable countries

The UK government is to provide £14.5mn of funding to support disaster insurance cover for vulnerable countries as part of a £100mn package to help some of the most climate-vulnerable countries adapt to climate change.

ARC partners with development finance sector to launch One Acre Fund Re facility

African Risk Capacity, an African Union risk-pooling initiative, has partnered with the International Finance Corporation and the US International Development Finance Corporation to launch a reinsurance fund to cover more than one million smallholder farmers.

Howden partners with Axa Climate for Togo flood parametric insurance mechanism

Howden and Axa Climate are set to launch a parametric insurance project across three cities in Togo, including its capital of Lomé, in early 2024 to establish predetermined financing in the event of a climate disaster.

Markel adds AIG’s Meek to lead cyber portfolio in MENA

Markel’s insurance subsidiary has appointed Isaac Meek as cyber senior underwriter to lead the group’s cyber portfolio in the Middle East and North Africa region.

Africa Re posts improved 9M CR of 93.6% despite earthquake losses

Pan-African reinsurer Africa Re reported a combined ratio of 93.6 percent for the first nine months of 2023, an improvement of 1.3 percentage points year on year despite the impact of natural catastrophe losses including the Turkey and Morocco earthquakes.

Restoring exports critical to political risk outlook for countries dependent on Ukrainian grain

Ensuring the successful passage of grain out of Ukraine is a critical step in preventing increased political risk and political violence exposure in regions that depend on the country’s exports, according to Canopius’ head of trade political risk Crispin Hodges.

Climate activists target Chubb and AIG over DRC oil stance

A coalition of environmental protest groups staged campaigns outside the London offices of Chubb and AIG on Friday, demanding that the firms publicly rule out underwriting fossil fuel projects in the Democratic Republic of the Congo.

A blueprint for reinsurers to fund development projects in Africa

Following the recent AIO African Reinsurance Forum, Steven Oluoch, CEO of MNK Re Kenya, discusses how reinsures can play a key role in funding infrastructure projects in Africa to foster greater economic independence.

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