Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
London-headquartered Africa Specialty Risks (ASR), the pan-African and Middle East focused reinsurance group, has officially opened its Dubai office, its first in the Middle East.
Sanlam Limited (Sanlam) and MultiChoice Group have entered into an agreement for Sanlam to acquire 60% of MultiChoice's insurance business, NMS Insurance Services (NMSIS), as well as a long-term commercial arrangement to expand insurance and related financial service offerings into MultiChoice's extensive African subscriber base.
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.