Actuaries in Africa are eschewing the use of old mortality tables from other countries in favour of creating their own applicable ones, according to an article in the May 2024 edition of The Actuary, a publication of the London-headquartered Institute and Faculty of Actuaries (IFOA).
The West African Insurance Companies Association (WAICA) has stressed the need for the harmonisation of insurance regulation and education to strengthen regional cooperation and build a vibrant insurance market in the West African sub-region.
Africa stands at a key moment for developing funded retirement systems as its population sees explosive growth, according to Mr Tidjane Thiam, former group CEO of Prudential plc, and currently chairman of Freedom Acquisition Corporation and president of the Ivorian political party PDCI-RDA.
Africa Specialty Risks (ASR), the pan-African focused (re)insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa.
A common insurance market in West Africa will lead to important prospects as well as bring about cost savings, among other benefits to the population, according to Mr Mamadi Dampha, deputy permanent secretary at the Ministry of Finance and Economic Affairs.
Maksure Risk Solutions, an Afro-Global independent specialist insurance and reinsurance broker has been granted full Lloyd's Registered Broker Status.
Malawi, Mozambique, Zambia and Zimbabwe are likely to receive insurance payouts from African Risk Capacity (ARC) as they are severely affected by the current drought, according to early projections from ARC's season monitoring tools.
Remittances from migrant workers and foreign direct investments (FDI) are transforming the insurance landscape, particularly in emerging economies, says the non-profit, non-governmental organisation African Centre for Economic Monitoring and Intelligence (CAVIE).
Africa-focused reinsurers are rising to the challenge of the increasingly evolving risk landscape, even as persistent high inflation and slowing economic growth weigh on the continent, says Munich Re.
East African Insurance supervisors unveiled a strategic plan on 4 April aimed at increasing insurance penetration in the region through a unified cross-border framework.