Reinsurance News
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Etihad Credit Insurance & African Trade Insurance Agency sign reinsurance agreement
24th November 2022
Etihad Credit Insurance (ECI) and African Trade Insurance Agency (ATI) have signed a reciprocal reinsurance agreement to strengthen trade ties and boost exports between the two markets by providing trade credit insurance and trade finance solutions to businesses. The deal follows the Memorandum of Understanding (MoU) each entity signed in March ... Read the full article
Africa Specialty Risks partners with Africa Re on political risk & trade credit
22nd November 2022
Africa Specialty Risks and the African Reinsurance Corporation have announced that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance through an Underwriting Authority Agreement which brings in a $10 million multi-year capacity for risks situated in Africa and the Middle East. Read the full article
Africa Specialty Risks partners with Société Centrale de Réassurance
18th November 2022
Pan-African (re)insurer Africa Specialty Risks (ASR) has entered a partnership agreement with Moroccan reinsurer Société Centrale de Réassurance (SCR). A joint statement said that the pair will be combining capacities to write multi-business line coverage across Africa and the Middle East, with the joint capacity being led by the ASR team ... Read the full article
African insurers pledge $14bn of cover to take up climate change fight
15th November 2022
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people within the continent against floods, droughts, and tropical cyclones. The commitment to create the African Climate Risk Facility (ACRF) was made during the ongoing ... Read the full article
African Risk Capacity receives €9m grant from EU Commission
15th November 2022
The African Risk Capacity (ARC) has received a grant funding of €9 million from the European Union Commision at a special COP 27 event as part of marking the 10th anniversary of the specialised agency of the African Union. The ARC was established in 2021, it is a provider of parametric ... Read the full article
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