AXA Becomes Global Insurance Partner of UK’s Liverpool Football Club
HARARE, AXA becomes the “official global insurance partner” for Liverpool Football Club, which is part of the English Premier League.
In addition to providing excellent global brand visibility and raising AXA’s profile among sports fans around the world, the multi-year partnership is particularly good news for football
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Zurich to acquire Adira Insurance, a leading insurer in Indonesia Zurich Insurance Group (Zurich) announced today that it has entered into agreements to acquire 80% of PT Asuransi Adira Dinamika (Adira Insurance), a top 10 property and casualty (P&C) insurer in Indonesia, from PT Bank Danamon Indonesia (Bank Danamon) and a minority investor. |
| Zurich to become the largest foreign P&C insurer in Indonesia
Transaction reinforces Zurich’s strategy of achieving positions of scale in target markets Acquisition includes long-term strategic cooperation agreements with two of Indonesia’s leading financial institutions The transaction includes two separate long-term strategic cooperation agreements with Bank Danamon, Indonesia’s fifth-largest bank by market capitalization, and with Adira Finance, the country’s second-largest motorcycle and auto financing solutions provider. The total consideration amounts to IDR 6.15 trillion (approximately USD 414 million) with potential future incremental payments subject to business performance. With this transaction, Zurich will become the largest foreign P&C insurer in Indonesia. “Zurich has earmarked Asia Pacific to be a major engine of growth for the Group, and Indonesia is a key market for us. Today’s transaction demonstrates our commitment to Indonesia and is an excellent opportunity to expand our regional business, enabling more customers to fulfill their insurance needs,” said Jack Howell, Zurich’s Chief Executive Officer for Asia Pacific. “We are excited to join forces with Bank Danamon and Adira Finance. Both are well-established brands and have an extensive distribution network. Together with Zurich’s international expertise, best-in-class underwriting and risk management capabilities, we are confident in the long-term success of the business.” Indonesia is one of the world’s most attractive insurance markets. It is Southeast Asia’s largest economy with a strong growth trajectory and a rapidly expanding middle class. These factors, coupled with low levels of insurance penetration, present significant upside potential for the insurance market. Established in 1996, Adira Insurance generated gross written premiums of USD 158 million in 2017. This was driven by a diversified P&C product offering and strong distribution capabilities. Adira Insurance has leading market positions in motor and takaful insurance in Indonesia. The parties expect the transaction, which is subject to regulatory approvals and other customary closing conditions, to be completed within the next six months. Following completion, Zurich will hold an 80% stake in Adira Insurance, and Bank Danamon will hold a 20% stake. |
Price to be the key driver for reinsurance buyers at 1/1: Survey
HARARE, Overall, almost 60% of respondents to our global reinsurance market survey feel that price will be the most important counterparty feature to reinsurance buyers at the January 2019 renewals.
As part of the Reinsurance News and Artemis global reinsurance market survey, we asked industry participants to rank, by order of
importance,
By Insurance24
HARARE, Digital transformation initiatives have become an important topic of discussion in boardrooms around the world. For insurers, embracing this shift can be especially beneficial as customers become more selective around product offerings and how technology is used to benefit them. Jonathan Jardim, senior software developer at SilverBridge Holdings, examines this.
“As can be
Businesses are urged to build resilience to climate change impact…. Africa: A hub for innovationHARARE, The likely failure of efforts to meet internationally agreed targets for global warming require businesses to act now to adapt to the risks related to climate change. New report from Zurich outlines risk management recommendations for companies to best respond, and is released as Climate Week NYC begins. |
| With measures to slash greenhouse gas emissions set to miss their mark, businesses should act now and prepare for a changing climate, according to a report by Zurich Insurance Group (Zurich). Published ahead of Climate Week NYC, a gathering of investors, governors and CEOs in New York this week, it recommends a three-step strategy to help companies strengthen their defenses.
The report, ‘Managing the impacts of climate change: risk management responses,’ provides risk management tools, and outlines approaches and best practices to help businesses respond to the growing threat of climate change. “Our analysis suggests that the current level of efforts to keep global temperatures from rising over 2-degrees Celsius above pre-industrial levels will likely fail, so businesses should prepare for the physical consequences of a warming planet. Companies must know the magnitude of their climate risk, so that they can prioritize actions based on their particular circumstances,” said Alison Martin, Group Chief Risk Officer and Member of the Executive Committee. “It’s crucial for businesses to develop a climate resilience adaptation strategy and act on it now.” The report examines two scenarios: one based on the failure to act on climate change, resulting in a steady rise in temperature and rising physical risk; the other assumes that effective measures are taken to reduce carbon emissions, with increasing transition risks to be managed in the shorter term. It also details three steps companies can follow to develop a climate resilience adaptation strategy:
Scientists agree that climate change will likely lead to more intense hurricanes with higher rainfall amounts and rising sea levels, which will result in more dangerous storms surges and flooding. As a risk management expert, underwriter and investor, Zurich understands the risks of climate change and supports the transition to a low-carbon economy. Ms. Martin said: “At Zurich, we encourage building more resilient critical infrastructure, which can help our customers and governments adapt to climate change. We firmly believe in prevention as the best form of protection. Adaptation costs for climate change effects may be significantly lower than damage costs. For example, through our Flood Resilience Program, Zurich has demonstrated that every dollar spent on flood prevention measures on average saves five dollars on recovery efforts should a flood event occur.” Ms. Martin said she hoped the Zurich paper can provide the necessary guidance for businesses to address their exposures to climate change risks. |
Zurich Insurance Company
HARARE, With a population of more than 1.2 billion people, 54 countries, and foreign direct investment (FDI) totalling $59 billion in 2016, Africa presents organisations across industry sectors with ample business
How risk managers can slash insurance costs
Compiled by Insurance24
HARARE, Understanding what your insurance company wants to see from you around renewal time can often feel like little more than a guessing game. All risk managers would like a better renewal price and an easier process – but how do you go about it?
Corporate Risk and Insurance asked Eric B. Copple, CIC, CRM, a risk management
The importance of insurance mass customisation
By Insurance24
The Group, which in 2018 celebrates 100 years since it was established in 1918 and 20 years since it was listed on the Johannesburg and Namibian Stock Exchanges, attributed the performance to its well-diversified profile across geographies, market segments and client offerings.
Investment market volatility, a stronger average Rand exchange rate and weak South African and Namibian economies, however,
Compiled by Insurance24
HARARE, Working for oil and gas producer Noble Energy, with operations in a number of volatile, possibly hostile regions, Dave Gresko oversees a pretty unique risk strategy. Aside from location, the industry itself has inherent risk, and exploration brings with it the potential for a major catastrophe, he says.
“As an oil and gas company, we have operations in West Africa,
Texas Mutual explains open strategy on fraud busting
Compiled by Insurance24
HARARE, Texas Mutual Insurance Company is well and truly clamping down on insurance fraud. In 2017, the insurer’s internal fraud department identified more than $6 million in workers’ compensation fraud and made a number of convictions.
The fraud busters have remained hard at work through the first half of