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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
Neema partners with ASR Re to launch reinsurance product for SMEs in Africa
8th June 2022
African specialist underwriting agency, Neema Insurance Managing Agency, in collaboration with ASR Re Limited, has launched a new Political Violence Terrorism reinsurance solution. This new product is aimed at African small and medium enterprises (SMEs). ASR Re will provide Neema with the capacity to underwrite SME business on their behalf in ... Read the full article
South African market open to political violence and terrorism cover
31st May 2022
A new note from Cameron Cupido, CEO of Reinsurance Solutions Intermediary Services, says that there is a huge gap in the market for insurers to bring in political violence and terrorism (PVT) cover. Cupido wrote that recent amendments from the South African Special Risks Insurance Association (SASRIA) means that insurers and ... Read the full article
Africa Specialty Risks energy division capacity increases to $38m
13th May 2022
Pan-African focused reinsurance group, Africa Specialty Risks (ASR) has announced that its energy division capacity has increased to $38 million. The reinsurer stated that the increase was provided through their ongoing relationship with GIC Re and Peak Re. The increase follows on from twelve months of profitable underwriting results for ASR’s portfolio ... Read the full article
Allianz latest to rule out insuring East African Crude Oil Pipeline
11th April 2022
Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article
Africa Risk Capacity pays out $7.1m to help Malians
14th March 2022
A $7.1m payout from Africa Risk Capacity is to be used by the UN’s World Food Programme to help over 200,000 Malians currently suffering a food crisis following droughts and shortages. The payment, understood to be just the first, is reportedly part of an assurance mechanism to support the implementation of ... Read the full article
Gen Re names joint MDs of General Reinsurance Africa
19th January 2022
Cindy Blanchard and Jason Cooper-Williams have taken over as the new joint Managing Directors of General Reinsurance Africa Ltd, part of the Berkshire Hathaway family of companies, where they will lead the firm's life & health business in Southern Africa. Effective January 1st, 2022, the pair assumed the role from Peter ... Read the full article
COVID-19 a turning point for Africa’s insurance sector: AIO
10th December 2021
The aftermath of COVID-19 will be a turning point for the entire insurance sector in Africa, according to Tope Smart, who will assume the role of President of the African Insurance Organisation (AIO) next year. "This is because the insurance sector plays an important role in the economic development of the ... Read the full article
MNK Re hires Kruger to drive Africa business development
6th December 2021
MNK Re Limited, an independent broker of worldwide specialist risks into Lloyd’s, has announced the appointment of Lesley Kruger as its new Director of Business Development. Kruger brings to MNK Re 26 years’ experience within African markets, having recently been Chief Operating Officer of a South African-based risk management company. She will ... Read the full article