Experts meeting in Casablanca earlier this month called for regulatory convergence to strengthen the African insurance market, particularly within the framework of the African Continental Free Trade Area (AfCFTA).
The next big transformation in Africa's insurance industry will likely be driven by digitalisation, product innovation, and financial inclusion, according to Mr Emmanuel Mokobi, the CEO of Prudential Africa.
Optimus Assurances, which lays claim to being the first Ivorian insurance brokerage company to specialise serving small and medium-sized enterprises, has formed a strategic partnership with Casablanca-headquartered African Reinsurance Brokers (ARB), a leader in reinsurance and insurance in Morocco.
The ongoing unrest in Mozambique following the recent election poses risks to political stability, fiscal consolidation and economic growth, says Fitch Ratings.
Bundling agricultural credit with agricultural insurance has emerged as a promising strategy to mitigate climate-related lending risks related to smallholders, according to researchers.
Continental Reinsurance has emphasised the need for continuous leadership development to drive growth and expand the impact of insurance on the Nigerian economy.
Nigeria's National Insurance Commission (NAICOM) is promoting Islamic finance, including takaful, as a key solution to address shortcomings of traditional financial systems.
2024 is likely to be good for Africa Re, which has recovered from the losses of 2022, according to Mr Corneille Karekezi, group managing director and CEO of the reinsurer.
Natural disasters in Africa caused total economic losses of around $0.5bn in the first six months of 2024, says global reinsurance giant Munich Re in a blog, titled "The price of natural catastrophes in Africa: Insights into the most recent losses", posted on its website.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance and Heirs Insurance Brokers, have plans to expand their operations from Nigeria to other parts of Sub-Saharan Africa.