All Posts in "Day: January 25, 2024"

NiMet epitomises commercialization of Meteorological data, capacity development

By Favour Nnabugwu

 

 

The  Nigerian Meteorological Agency (NiMet),has epitomises the commercialization of meteorological data and staff capacity development,

In line with the vision of the Honourable Minister of Aviation, Festus Keyamo, SAN, for the aviation sector., NiMET led by the Director General and Chief Executive Officer, Prof. Charles Anosike determined to achieve the feat

The Minister had charged Aviation agencies to prioritize staff welfare including training etc, improvement in safety, increase in internally generated revenue amongst others.

It is along this line that the management organized a training and interactive session between officials of the agency and officials of Tomorrow.io, a Boston, Massachusetts, USA – based weather intelligence company.

The session was held on Thursday, 25th January, 2024, at NiMet headquarters in Abuja, one day after NiMet and Tomorrow.io had signed a memorandum of understanding to collaborate on a whole range of areas including commercializing weather data, improving accuracy of weather and climate forecasts, and application of artificial intelligence (Ai) in weather and climate intelligence.

Patoma Admin by — January 25, 2024 in Aviation 0
Africa, Middle East step on game over cyber threats with innovation, collaboration – Allianz Risk Barometer 2024

By Favour Nnabugwu 

 

 

Cyber threats in Africa and the Middle East and climate-related disasters, the insurance industry is stepping up its game with innovation and collaborations according to Allianz Risk Barometer 2024.

The report highlights that cyber security has become the top global risk, with cyber-attacks and IT outages reaching record losses in 2023.

Similarly, natural hazards and extreme weather have surged to the third-highest major risk worldwide, emphasising the increasing impact of climate change. Business interruption, often caused by cyber or natural catastrophes, ranks second on this year’s Risk Barometer.

Insurers are investing in advanced technologies and richer data sets to enhance modeling and risk assessment. Machine learning and AI are being utilised to analyse vast amounts of data, identifying and predicting potential cyber threats.

Engineering expertise, powered by data, enables the assessment of sustainable materials and low-carbon technologies, fostering a proactive approach to understanding and underwriting emerging risks.

Recognising the evolving nature of risks, insurers are innovating new ways to transfer risk beyond traditional indemnity insurance.

The industry is exploring products that combine robust risk mitigation elements with insurance coverage. Parametric insurance, which pays a set amount based on a pre-determined trigger rather than the magnitude of losses, is expected to play a growing role in the insurance landscape.

Insurance is no longer just about paying claims. The industry is expanding its role by leveraging risk expertise for promoting prevention and preparedness. Insurers are encouraged to play a deeper risk consultant role, offering support for customers’ adaptation, mitigation, and resilience measures, the report noted.

This approach not only enhances preparedness but also increases resilience, reduces losses, and extends insurability to higher-risk cases and areas.

The industry is urging collaborative partnerships to foster preparedness and prevention against modern risks.

This involves working closely with businesses to enhance resilience, partnering with governments to find solutions to catastrophic scenarios, and engaging individuals, institutions, and society to provide comprehensive risk awareness, loss mitigation, and community resiliency

Patoma Admin by — January 25, 2024 in Insurance 0