Insurers, insurance regulators and governments cannot be satisfied with what has been achieved so far in agricultural insurance, says Dr Corneille Karekezi, group managing director and CEO, Africa Re.
Agricultural insurance is not the only factor that can improve food security, according to Mr Gael Certain, head - Agriculture EMEA, and Mr Mario Wilhelm, head - Middle East & Africa Public Sector Solutions, both of Swiss Re.
The top three risks to agriculture in several African countries are drought, followed by floods and extreme weather due to global warming, according to the results of a survey commissioned by the African Insurance Organisation (AIO).
The Insurance Federation of Egypt has announced that it has formed a committee to study the establishment of a natural disaster insurance pool in the Egyptian market, with the aim of providing insurance coverage for citizens against potential natural hazards and protecting state property.
The IRDAI has issued draft guidelines for Bima Vahaks, a new initiative aimed at enhancing insurance inclusion and penetration in rural areas.
A survey of around 2,000 people showed that two thirds (63%) of respondents bought earthquake insurance from the Turkish Catastrophe Insurance Pool (TCIP) without knowing what the acquired policy covered, says the insurance comparison platform, sigortaladim.com.
Several players in the insurance market in Egypt are pressing the authorities to set up a compulsory insurance pool to cover climate change disasters.
China's insurance claim services for policies sold through the Internet have three major features: they are almost totally online, intelligent, and paperless, according to a study by the Institute of Finance and the Insurance and Economic Development Research Centre, both of the prestigious think tank, the Chinese Academy of Social Sciences.
Insurance companies in China are continuing to increase their capital, after the implementation in 2022 of the China Risk-Oriented Solvency System (C-ROSS) Phase II regime.
The re-opening of borders between mainland China and the territory on 6 February 2023, after a three-year lockdown because of the COVID-19 pandemic, portends well for the insurance markets of the Greater Bay Area (GBA), including Hong Kong.