In the news today: Belgium pledges €30m for land reform, Hurricane Florence is poised to hit the Carolinas, and John Neal is announced as the new CEO of Lloyd’s

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Belgium to contribute €30m to land reform

The Belgian government supports South Africa’s land reform process and has pledged €30m to ensure a smooth transition. “It is a difficult issue in many countries, so we need to be sure it is a balanced process,” said Belgium’s prime minister and foreign affairs minister Didier Reynders.  READ MORE

Hurricane Florence causes one million to evacuate

The Category 4 storm poised to hit the Carolinas is expected to be the strongest in 30 years – it is estimated it will cause damages of around $27bn in the region.  READ MORE

John Neal to head up Lloyd’s

Lloyd’s CEO Inga Beale will step down in October and John Neal is set to take up the reins. “His wealth of experience both at Lloyd’s and internationally, including the US, will bring new insights and fresh thinking at a challenging time for the global insurance industry,” says Lloyd’s chairman Bruce Carnegie-Brown.  READ MORE

Drop in engineering insurance rates “unsustainable”

According to the latest International Association of Engineering Insurers (IMIA) rating index for engineering insurance covers, rates continue a worrying downward trend across all classes of business.  READ MORE

Africa’s insurance industry poised for greater growth

A PcW insurance report entitled ‘Ready and Willing: African insurance industry poised for growth’ reveals that there are enormous opportunities for growth in Africa’s insurance industry, despite recent economic and political uncertainty.  READ MORE