African insurance markets return to a growth environment

The 46^th African Insurance Organisation Conference and General Assembly is under way. Our friends from COVER are in attendance as a the official media partner, ensuring we stay informed. Thanks to RFIB Africa for their media sponsorship, allowing the COVER team to share key take outs from the event.

A key take-away from yesterday’s session was that according to the 4th Africa Insurance Barometer, the continent’s insurance markets are operating in a more stable environment following the economic downturn of 2015/16.

“The mood among Africa’s insurance executives polled for this year’s Africa Insurance Barometer is slightly more cautious than last year,” says Prisca Soares, Secretary General of the African Insurance Organisation. “Following the deep recession of 2015/16, insurers are less bullish. The crisis exposed Africa’s continued vulnerability to external shocks. In addition, the prospects for the global economy and for global trade have reduced for the near-term future. However, with the availability of technology and an expanding middle class, awareness and the understanding for the benefits of insurance are improving among policymakers, regulators and consumers. This will generate additional impulses for the industry.”

Read the full article here.