Humanitarian agencies are setting up innovative climate risk insurance policies to protect up to 1.3m people in West Africa from catastrophic drought. The countries benefitting include Senegal, Mali, Mauritania, Burkina Faso and the Gambia.
Sub Saharan Africa represents the greatest growth potential for takaful, with Muslims making up more than 30% of the population, says the Islamic Financial Services Industry Stability Report 2019 released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).
Mining as well as retail and hospitality are the two sectors most exposed to terrorism risk in sub-Saharan Africa (SSA), says Marsh, a global leader in insurance broking and risk management, in its 2019 Terrorism Risk Insurance Report .
WAICA Re has formed a group following its establishment of several subsidiaries last year, Mr Kofi Duffuor, group chairman, says in the corporation's annual financial statements for 2018.
Regulators across the continent have displayed the propensity to enhance the operation and development of insurance and reinsurance business within their respective regions and the African insurance industry in general, notes Bahrain-headquartered Trust Re.
The non-life insurance sector in Africa is expected to see gradual recovery as economies in the continent continue to strengthen, says Swiss Re Institute in its World Insurance report released last week.
The strongest growth in life insurance in Africa in 2018 was led by Morocco, where savings products boosted growth while protection products grew only moderately, says Swiss Re Institute in its latest World Insurance report.
A high level of mandatory cessions in sub Saharan Africa has created a reinsurance sector that is dominated by local and regional players, notes specialist emerging markets investment bank Arqaam Capital in a recent report.
The Cameroon government and the Association of Insurance Companies in Cameroon (ASAC) have appointed consulting firm Finactu to provide support in the establishment of a national reinsurance company.
The Central Bank of Egypt (CBE) is preparing to launch a risk insurance company for exports to Africa before the end of this year, Mr Ramy El-Shaarawy, general department head, banking reform sector, at the bank.