Reinsurance News
Africa
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
ARC and partners launch climate insurance pilot project
16th August 2022
A climate insurance pilot for agricultural value chains has been launched for Côte d'Ivoire rice farmers, initiated by the African Risk Capacity Limited (ARC Ltd), the Côte d'Ivoire Environment and Sustainable Development Ministry (MINEDD), and the United Nations Development Programme (UNDP) in Côte d’Ivoire. According to the announcement, the project aims ... 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
ICEYE’s satellite data being explored for flood risk transfer project in Ghana
15th July 2022
World-leading provider of natural catastrophe data and satellite data – ICEYE, has announced that its satellite data and imagery will be explored to provide the inputs to support the parametric insurance trigger for a recently announced UNDP backed project in Ghana. It was recently announced that Allianz and Swiss Re ... 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
Zambia’s KlaptonRe gets stable ratings from Moody’s
4th July 2022
Moody’s Investors Service has today assigned Caa3 Insurance Financial Strength (IFS) ratings to Klapton Reinsurance Limited (KlaptonRe), along with a stable outlook. KlaptonRe is a new reinsurer, based in Zambia, with a focus on treaty and facultative reinsurance business across Africa, Asia, the Middle East and Latin America. The reinsurer is affiliated ... 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
Climate policy weakest in countries reliant on fossil-fuel income
28th June 2022
The governments of Bangladesh, Malaysia, the Philippines, Chile, and Senegal are most strongly committed to prioritising climate when making public policy, according to new analysis by Oxford Analytica and WTW. Commitment on climate policy in the emerging world is strongest in countries most vulnerable to the impacts of global warming ... Read the full article
MNK Re appoints Steven Oluoch to head up Kenya offering
23rd June 2022
MNK Re Limited, an independent broker of worldwide specialist risks into Lloyd’s, has appointed Steven Oluoch as Chief Executive of its new Kenya and East Africa office. Oluoch has over 30 years of experience in the Kenyan and COMESA markets, having most recently worked as Chief Executive for a prominent East ... Read the full article
Chedid Insurance Brokers Egypt receives license to operate in Cairo
21st June 2022
Chedid Capital Holding has announced that its subsidiary, Chedid Insurance Brokers Egypt, received a license to start operations in Cairo. The company stressed the strategic importance of the country to the Group’s insurance broking network, calling Egypt a “strategic bridge”. Farid Chedid, Chairman and CEO of Chedid ... 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
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
Malawi gets $14m drought pay-out from ARC
8th June 2022
It’s been announced that drought-affected households in Malawi will receive a combined US $14.2 million of relief with an upcoming climate insurance pay-out by African Risk Capacity (ARC) Limited to the Malawian government in June. Malawi is a signatory of the ARC Treaty established by African Risk Capacity, a specialised agency ... 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
Munich Re will not provide cover for EACOP pipeline
6th April 2022
German reinsurance giant Munich Re has announced that it will not insure the East African Crude Oil Pipeline (EACOP) project. In a press release, Munich Re said that it had set out decarbonisation targets in 2020, for its liabilities, investments and operations. The reinsurance giant is also a member of the United ... Read the full article
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