The non-life insurance sector posted an increase of 8.97% in premiums in 2023 compared to 2022, according to updated data from the Association of Insurance Companies of Cameroon (ASAC). Non-life insurance represents 67.42% of the overall turnover of the industry in 2023.
Microinsurance in Africa has shown significant growth and development, particularly in adapting to the unique needs of low-income populations and leveraging technology to increase accessibility, according to the 2024 edition of "Africa Insurance Pulse", a report launched last week by the African Insurance Organisation (AIO)
To help strengthen the disaster resilience of African economies and societies, insurance regulators need to be empowered with a broader mandate that includes market development, national and regional risk pooling, and fostering collaboration between the public and private sectors, says Dr Corneille Karekezi, CEO of Africa Re.
The (re)insurance industry has the potential, if enabled, to support Africa in building its resilience to disaster risk, according to the 2024 edition of "Africa Insurance Pulse" a report launched yesterday by the African Insurance Organisation (AIO) at its 50th Conference and General Assembly in Windhoek, the capital of Namibia.
Growth prospects vary across Africa's regions, reflecting differences in economic structure, commodity dependence, and policies, according to the African Development Bank Group's "African Economic Outlook" for 2024.
Many countries in Africa are projected to experience stronger growth rates in 2024 than they did in 2023, according to the latest African Development Bank Group's "African Economic Outlook". However, the report warns that Africa is off track to meet almost all of the Sustainable Development Goals by 2030.
Reinsurers do not control what insurance companies do, Mr Fola Daniel, CEO of FBS Reinsurance, has said.
Insurers should settle cross-border motor insurance claims swiftly to promote trade and the movement of people in the Economic Community of West African States (ECOWAS), according to Mr Henry Bukari, the chairman of the Council of Bureaux of ECOWAS Brown Card Insurance Scheme.
Wafa Assurance, a leading insurance company in Morocco, has received approval to operate a life insurance subsidiary in Gabon, in a strategic move to expand its footprint in Africa.
French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.