Leading insurance and reinsurance broker, Aon, has disclosed that global insured losses in 2023 surged to $118 billion, representing the fourth consecutive year that insurance losses have exceeded the 21st-century average, reflecting the increasing impact of natural disasters on the global economy. The insurance brokerage firm, which gave the figures in its recently published ‘2024 […]
The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, a leading reinsurance brokerage firm, Gallagher Re has reported. The reinsurance broker’s just published ‘2023 Natural Catastrophe and Climate Report’ reflected that 2023 was the fourth consecutive year in […]
…Says Misinformation, Disinformation Pose Biggest Short-Term Risks Drawing on nearly two decades of original risks perception data, the World Economic Forum (WEF) has warned the global community of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risks. The Forum, […]
AM Best, a leading global rating agency, has projected that following the modest reinsurance capital recovery recorded in 2023, total reinsurance capital will return to $561 billion in 2024, representing about 2% lower than the prior high watermark of $570 billion set in 2021. A news report from Reinsurance News, an industry-focused online medium, indicates […]
Gallagher Re, one of the leading global reinsurance brokerage firms, has reported that as of January 1st, 2024, reinsurance renewals, U.S property catastrophe incidents increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity. In its just released ‘1st View Report’, which discusses an overall more stable […]
The Executive Vice Chairman (EVC) and Chief Executive Officer (CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has canvassed stakeholders’ conscious measures to mitigate the menace of electronic waste (E-waste) being generated by the use of Information and Communications Technology (ICT) tools in the country. Maida made this call at the 2023 ITREALMS […]
The World Bank on Thursday announced that it had approved the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project, which is financed by an International Development Association (IDA) credit of $750 million and will leverage over $1 billion of private capital and significant parallel financing from development partners, including $100 million from the Global […]
The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has again warned that the introduction of a carbon border tax by the European Union (EU) could push Africa back into exporting raw commodities and undermine its industrialisation gains. The European Union recently launched the initial phase of a Europe-wide carbon tax on imported goods […]
Global reinsurance firm, Swiss Re, on Wednesday announced its acquisition of Fathom, Bristol, UK-based provider of water risk intelligence and flood models, under an arrangement that make the firm retain its own brand and work closely with the firm’s Reinsurance Solutions division to further develop and distribute its innovative flood and climate risk data, maps, […]
The United Nations Industrial Development Organization (UNIDO) has expressed its interest to partner the National Agency for Science and Engineering Infrastructure (NASENI) to reduce energy poverty through the domestication of renewable energy solutions and to fast-track industrial development in Nigeria. The Deputy Head, UNIDO Nigeria Office, Mr. Adekunle Olusile, who led a delegation on a […]