Global insured disaster losses estimated $42bn for H1 2021,  Aon

By admin


Global insurance and reinsurance market losses from natural disasters and catastrophes are estimated to have reached $42 billion for the first-half of 2021 by broker Aon, which is 2 percent higher than the 10-year average.

The broking group said that while this US $42 billion of first-half catastrophe insured losses is only 2 percent higher than the 10-year average ($41 billion), it is 39 percent higher than the 21st Century average ($30 billion), and 101 percent higher than the average of all years since 1980 ($21 billion).

In total, Aon estimates that natural disaster cost the global economy around $93 billion in the first-half of 2021.

The economic loss tally is some 32 percent lower than the previous decade ($136 billion), 16 percent lower since 2000 ($110 billion), but 9 percent higher than the average of all years since 1980 ($85 billion).

All of these numbers remain preliminary, the broking group said today.
Aon’s data comes from a minimum of 163 natural disaster events that occurred in H1 2021, which was below the 21st Century average (191) and median (197).

Interestingly and having ramifications for the insurance-linked securities (ILS) market (in particular collateralised reinsurance), given its focus, the number of disaster events were notably below the 21st Century average in all regions except the United States, Aon said.

In terms of loss of life, natural disasters claimed 3,000 lives during the first-half, which is well below the long-term average (since 1980) of 38,900 and the median of 7,600.

Across the events, Aon counted 22 that drove billion dollar economic losses, the majority of which were weather related.

On an insured loss basis, there were at least 10 separate billion dollar industry catastrophe loss events, Aon said.

The costliest was the US winter storm and freezing weather delivered by the polar vortex, which Aon pegs at the generally accepted $15 billion level.

After that, the severe weather event in Europe in June drove a $3.4 billion industry loss, the Fukushima offshore earthquake a $2.5 billion loss and another US severe weather event $2.5 billion as well.

Naicom, SERVICOM pally for enhanced service delivery

By Favour Nnabugwu



The National Insurance Commission (NAICOM) is determined to help the
Service Compact (SERVICOM) achieve it’s objectives to Nigerians.

NAICOM is saddled with responsibility of ensuring the effective administration, supervision, regulation of insurance companies.

The commission is also to control insurance business in Nigeria and protection of insurance policy holders, beneficiaries and third parties to insurance contracts.

The Commissioner For Insyrance, CFI, Mr Sunday Thomas during SERVCOM courtesy visit to the Commission, assured the agency that the commission would set up a committee under the SERVICOM unit to meet and make recommendations so as to promote an effective service delivery initiatives in the sector.

“We are looking forward to the implementation of the service charter of the NAICOM and to take the service charters to Zonal offices to see the values we can add to rejig the unit through knowledge sharing.

“This will help NAICOM streamline its activities towards citizens engagements to get quality services as stipulated in the service charter of the Commission,” he said.

In a statement by SERVICOM Public Relation Manager, Mrs Henrietta Okokon, on Wednesday in Abuja, said the commission proposed collaboration with NAICOM during a meeting

National Coordinator SERVICOM, Mrs. Nnena Akajemeli, , made her intention known, when she visited Mr Thomas Olorundare, the NAICOM’s Commissioner in his office.

In order for the synergy to be effective, Akajemeli called on Olorundare to strategically position the commission through collaborative efforts with SERVICOM to achieve effective service delivery.

According to her, “Public service is the only contact that most citizens have with the government”

She said that SERVICOM was focused in improving the quality of contact with the public by working with Ministries, Departments and Agencies (MDAs) to ensure effective service delivery in Nigeria.

Akajimeli said that the commission had a crucial role in ensuring safety of lives and property of citizens by making sure that an effective administration was established for the conduct of insurance businesses in Nigeria.

She said that the commission was also positioned to ensure adequate protection of strategic government’s assets and other property.

Akajemeli, however, urged the management of NAICOM to provide SERVICOM Unit with needed support and resources for the implementation of its service delivery processes to strengthen the position of the SERVICOM in NAICOM.

“In achieving this, it required networking meetings, customers engagements forum and completion of service charter reviews,” she said.

The SERVICOM boss emphasised on the significance of Service Charter in NAICOM
Akajemeli explained further that the Service Charter would communicate promises and commitments of services provided to its customers.

She said that Charter could serve as operational performance enhancement tool that enshrined the trust between service providers and service takers.

She charged NAICOM on the need to develop a framework to monitor performances against service standards that would identify the gaps for service improvements, regular self-assessments and surveys on effectiveness of the services.

According to her, this will help to improve the performance of the commission.

“And this will be achieved through regular training and re-training of staff on all aspects of service delivery to equip them with prerequisites knowledge, skills and attitudes and to ensure sustained service improvements in the Commission,” she said.