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More African countries need to come into the parametric fold: ARC CEO
3rd November 2022
The impacts of climate change see Africa lose up to 15% of its gross domestic product per capita, every year, suggesting there's an urgent need to expand the use of alternative risk solutions, such as parametrics, to help more countries effectively navigate the changing climate. This is according to the African ... Read the full article
African Development Bank, UK & London Market insurers enter risk transfer partnership
24th October 2022
The African Development Bank, the government of the United Kingdom, and global insurers, AXA XL, Axis Specialty, and HDI Global Specialty, have closed on a new and innovative risk sharing transaction. The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments ... Read the full article
Allianz completes acquisition of Jubilee businesses in East Africa
10th October 2022
Allianz has announced that it has completed its transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely in Kenya, Uganda, Tanzania, Burundi and Mauritius. The two companies had originally announced the $100 million takeover back in September 2020, when Allianz agreed to ... Read the full article
Building resilience to climate change is of paramount importance in Africa: ARC
29th September 2022
Ahead of COP27, the African Risk Capacity (ARC) outlines the importance of parametric insurance on the African continent, highlighting the need for further collaboration with more developed nations. ARC provides parametric insurance services to African Union member states and farmer organisations to pool disaster-related risk across Africa and transfer it to ... Read the full article
TALANX joins roster of firms refusing to cover East African Crude Oil Pipeline
25th August 2022
German insurer TALANX had joined a chorus of firms now refusing to provide cover for the East African Crude Oil Pipeline (EACOP), a move that could have severe ramifications for the project. A statement from TALANX, posted to the Stop EACOP website, states that the firm is joining 11 other (re)insurers, ... Read the full article
ARC addresses role of insurance on climate change impacts in Africa
10th August 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article
Strategic Risk Solutions drives expansion in South Africa with acquisition of Southern Cross
8th August 2022
Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa. At the same time, founder and Chief Executive Officer (CEO) of Southern Cross, Terry Petyt joins SRS as Managing Director and Leader of SRS South Africa. With Southern Cross since 2013, Petyt was responsible for ... Read the full article
Disaster Risk Financing could help to mitigate climate risk in Africa
13th July 2022
Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin. Insured losses on the African continent are close to 97 percent, which means, at best, ... Read the full article
ARC Group and African Bank provide drought insurance payout to Madagascar
13th July 2022
A symbolic $797,049 check has been presented to the Government of Madagascar as payout for the drought insurance taken by the country under the Africa Disaster Risk Financing Programme (ADRiFi). The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through ... Read the full article
Gallagher Re and Africa Re team up to address protection gap in Africa
5th July 2022
Gallagher Re and Africa Re are to team up in an effort the firms say will ‘strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks’. Named ‘Accelerating action through scalable risk transfer schemes’, the initiative is offering a robust, replicable, and modular framework ... Read the full article
African insurers can help to reduce climate change impact in the country: Faber
30th June 2022
According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating ... Read the full article
Reinsurers to absorb much of RMI’s South Africa & Australia losses
28th June 2022
South Africa headquartered financial services investment holding company RMI has disclosed details of its insurance subsidiary losses to catastrophe events in its home country and in Australia, and has reported how its reinsurance protection will interact with these losses. In South Africa, RMI was exposed via its OUTsurance Holdings Limited business ... Read the full article
ARC Group and African Bank provide drought insurance payout to Zambian Government
17th June 2022
A symbolic $5.3m cheque has been presented to the Zambian Government as payout for the drought insurance taken under the Africa Disaster Risk Financing Programme Multi-Donor Trust Fund. The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss ... Read the full article
Africa Disaster Risk Financing Programme extended to Malawi following $9.25m grants
15th June 2022
The African Development Bank’s board of directors have approved grants worth $9.25 million to implement the Africa Disaster Risk Financing Programme in Malawi. The first grant, of $4.9 million, will come from the African Development Fund. The second, valued at $4.35 million, will be provided by the ADRiFi Multi-Donor Trust Fund. These ... Read the full article
African Development Bank invests $10m in CICA-Re
14th June 2022
The African Development Bank has signed an agreement to invest in the Joint Reinsurance Company of Member States of Conférence Interafricaine des Marchés d'Assurances (CICA-Re). Under the agreement, the African Development Bank will take a $10m stake in CICA-Re and join its board of directors. Stefan Nalletamby, the African Development Bank Group's ... Read the full article
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