Middle East and Africa
This region's insurance markets are expected to undergo rapid expansion
Markel hires Meek to lead Mena cyber portfolio
Meek will be responsible for growing the insurer’s cyber offering in the region
Hillary Clinton calls for insurance reform at Cop28
The former US secretary of state warns insurers against shirking responsibility for providing climate risk cover
Underwriters fear aggregation loss on Israeli ships
Local owners not generating sufficient premium revenue to cover scale of potential payouts, with hijacked Galaxy Leader worth up to $60m if declared a constructive total loss
Israeli shipowners set to pay more for Red Sea war risk cover after attacks
Premiums already up 200% after Galaxy Leader hijack and likely to get firmer this week
Israeli owners may face war risk rate hike after car carrier capture
Red Sea transits unavoidable for Suez Canal users and even a rise of a fraction of a percentage point could add hundreds of thousands of dollars to cost of a trip
Mutuals have the leeway to pay discretionary claims
The Russian invasion of Ukraine and the Hamas attack on Israel underline the crucial contribution insurance makes to allowing seaborne trade to continue when conflicts are in full flow
Israel marine war risk rates steady as Lebanon pricing softens
Calls to Israel attract additional premiums in the order of 0.25%-0.5% of hull value, market sources report
Aon consolidates UK and EMEA region
Page to lead combined operation as Dávila exits
Lebanon war risk rates double as fears grow that fighting will spread
Hezbollah involvement, missile attacks from Yemen, and Egyptian crisis leading to Suez shutdown among scenarios being considered by marine insurers
Israel marine war risk rates set for tenfold jump
Lack of Hamas naval and mine-laying capacity means prices are unlikely to go as high as the Ukraine precedent
QBE launches Middle East cyber offering
Australian insurance giant appoints Hamlat from Marsh to develop the business
Hard market impacting capacity in Africa: ASR
Global reinsurers are redirecting capacity to other markets, leading to shortages across many lines in Africa, Mikir Shah says
Insurers pull capacity from DRC oil exploration
Re/insurance for the oil blocks on offer is deemed to be expensive due to the shrinking primary insurance available to oil and gas companies, environmental group says
International reinsurers warned on South Africa grid failure risk exposure
The local South African insurance market has largely excluded grid failure risk because of the country’s unstable power infrastructure but some large accounts led by international markets are thought not to be carrying the exclusions, giving rise to the threat of significant loss aggregation
Antares Global premiums drop 22% in H1
Parent company QIC is moving away from high-severity and volatile international risk
Perils increases Turkey earthquake estimate
The loss aggregator has estimated insured losses of $4.9bn at February exchange rates
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