The concept of spreading risk dates back to the Code of Hammurabi from around 1750 BC in Babylon. In the case of a voyage, merchants could take out a bottomry contract – a maritime agreement where the borrower, often a shipowner, pledged the hull of their vessel as collateral. Matters have evolved: while bottomry was…
A trusted, frictionless experience is central to any fintech’s pitch. Without it, platforms fail. If the experience is anything less than integrated, secure and trustworthy, customers will switch to another fintech without hesitation. The problem is that too many fintechs think that offering the same thing and delivering on it is enough. It’s not. Customers…
Matthew Farquhar, CFP, Executive Director at SureStart. (Picture: Supplied) Most insurance distribution models scale the traditional way; more customers mean more staff – more brokers, more back-office support staff and a larger claims team. SureStart, an authorised financial services provider (FSP 47233), an independent digital insurance broker and embedded insurance expert, has taken a different…
Climate change could cause life insurers to rethink how they assess and price risk. According to the World Health Organisation, climate change contributes to humanitarian emergencies, from heatwaves and wildfires to floods and tropical storms. In recent years, these events have become more frequent, more intense and increasingly severe. Research shows that 3.6 billion people…
NTT DATA, a global leader in AI, digital business and technology services, today announced NTT DATA AI for Insurance, an AI-native agentic solution that converts complex core insurance workflows into governed, repeatable services. Built for highly regulated insurance environments, the Service-as-Software solution combines configurable AI agents, insurance-specific data models, workflow orchestration and enterprise-grade governance to…
Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb, with both waterways – critical channels for the global economy – now theatres of war. Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb…
Insurance is helping farmers recover from droughts and floods before crises deepen – as climate shocks intensify and the shadow of El Niño threatens. Farmers Aminata Tambedou and Hafia Salim have watched extreme weather rolling across their homelands, crippling harvests and killing dreams. Both have braced for business setbacks and growing hunger. But both Tambedou…
Commissioner for Insurance, Mr Ayo Olusegun Omosehin, has said that despite the recorded gap in Africa’s insurance penetration, the continent commands an estimated $68 billion premium pool, signalling strong underlying demand where access exists. Omosehin who spoke in a high-level panel discussion at the 52nd African Insurance Organisation Conference in Cairo Egypt, challenged the regional…
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Despite growing innovation in insurance products across Africa, particularly in climate and agriculture, weak trust at community level and persistent data gaps continue to undermine uptake and long-term sustainability. Tom Gitogo, the Group Managing Director and CEO of Britam, said that even where innovative products such as parametric insurance have demonstrated real impact in responding…
