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.
The insurance penetration rate remains notably low in the Inter-African Conference of Insurance Markets (CIMA) zone, an organisation of mostly French-speaking nations in sub-Saharan Africa that aims to harmonise insurance regulation in the region.
Finafrica, a pan-African provider of microfinance and insurance services and a subsidiary of the French group, Groupe Duval, has welcomed a strategic investor in Proparco which has acquired a 10% stake in the company.
Compagnie Commune de Réassurance des Etats Membres de la CIMA (CICA-RE) -- Common Reinsurance Company of CIMA Member States --has a track record of adequate operating performance, says AM Best.
2024 is called The Year of Elections with 83 national elections in 78 countries scheduled, by current estimates, according to WTW which offers data-driven, insight-led solutions in the areas of people, risk and capital.
The insurance industry in Cameroon posted a turnover of FCFA272.44bn ($454.76m) in 2023, 6.3% higher than the FCFA256.34bn recorded for 2022, according to provisional data from the Association of Insurance Companies of Cameroon (ASAC).
Africa Re has reported a net income of $129.15m in 2023. The figure is 444.16% higher than the $23.733m chalked up in 2022.
Africa Specialty Risks (ASR) has formed a landmark parametric reinsurance partnership with a leading European reinsurer, to increase its coverage for vulnerable populations and economies in Africa and the Middle East.