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 […]
Water
Swiss Re Forecasts Insured Losses To Exceed $100Bn In 2023
Swiss Re, one of the world’s largest reinsurers, in its latest research analysis has projected that natural catastrophes would surpass recent years’ losses, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. A news report on Thursday from […]
Morgan Stanley Rules Out Major Headwinds To Reinsurance Pricing In 2024
As 2024 fast approaches, analysts at investment bank, Morgan Stanley, currently don’t see any sign of headwinds to affect reinsurance pricing for the renewals and into the next year, with capital supply remaining balanced in the sector. A news report from Artemis.bm, an online medium, quotes the investment bank analysts as saying that results seen […]
FG Pays N8.6Bn For Unimplemented Contracts In 2022 – Tracka
Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track, and give feedback on public projects in their communities, has uncovered N8.6 billion payments to 26 contractors for 19 projects across nine states that had either been abandoned or not done at all. A report by the civil advocacy organization circulated to our […]
NASENI, Agric Ministry Partner On Agro-Industrialization, Others
The National Agency for Science and Engineering Infrastructure (NASENI) and the Federal Ministry of Agriculture and Food Security have commenced discussions on how to deploy existing technical competencies and other resources by the two institutions to improve agro allied-industries’ development targets, climate change mitigation and smart solar irrigation aimed at dry-season farming in the country. […]
Asia Faces Mounting Nat Cat Losses, Resilience Challenges – Expert
The Head of Property & Casualty Reinsurance SID at Swiss Re, Victor Kuk, has highlighted the escalating crisis of natural catastrophes in Asia, with over 30% of the global nat cat events in 2022 occurring in the continent, causing staggering economic losses. The industry expert was quoted by Reinsurance News during an interview as expressing […]
EU Grants Nigerian Nuclear Regulatory Authority €1Mn
The European Union (EU) has granted the Nigerian Nuclear Regulatory Authority (NNRA) €1 million for the implementation of an international nuclear safety cooperation project for the safe management of radioactive wastes in Nigeria. A news broadcast by Arise TV quoted the authority’s Director-General, Dr. Yau Usman Idris, as confirming the grant following the confirmation by […]
NDDC Mulls Solar-Powered Industrial Clusters In N/Delta
…..Targets $2Bn Carbon Investments The Niger Delta Development Commission (NDDC) on Tuesday unveiled plans to unlock $2 billion carbon investment in the Niger Delta region using solar power as part of the management’s wider strategy to ensure power supply to communities in the region. The commission’s Managing Director, Dr. Samuel Ogbuku, who was quoted in […]
Shell Confirms Oil Spill At Peremabiri Flow Station In Bayelsa
Shell Petroleum Development Company of Nigeria (SPDC) has confirmed the October 3 oil spill from its facilities at Peremabiri community in Southern Ijaw Local Government Area of Bayelsa. The company’s spokesperson, Michael Adande, confirmed on Friday that a Joint Investigative Visit (JIV) to the incident site would soon be undertaken to unravel the cause and […]
Niger Coup Will Exacerbate W/Africa’s Surging Food Prices – World Bank
The World Bank has predicted that the recent military takeover of government in Niger Republic will likely mount additional pressure on the region’s food markets, with the attendant implications for rising prices for food items. The Washington D.C-based development finance institution made this forecast in its September Food Security update and the bank’s response to […]