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.
The East African insurance sector, still dominated by non-life insurance, has been on a rising trajectory, despite macroeconomic and geopolitical challenges in the region, says the global professional services firm, Deloitte.
There is a need to set a minimum level of harmonised legislation among African countries to facilitate cooperation between insurance companies on the continent, according to Mr Omar Gouda, who is the CEO of Misr Insurance Company, Egypt's biggest general insurer.
The InsuResilience Solutions Fund (ISF) has signed a grant agreement to co-fund the development of a climate risk insurance solution to protect smallholder farmers in southern Malawi from climate-related hazards.
African financial services group, Vista Group Holding, has launched Vista Assurances Burkina, a new entity called upon to offer innovative and accessible insurance solutions to the Burkinabe market.
The Microinsurance Network (MiN), the leading global community dedicated to developing and promoting inclusive insurance, has formed a strategic partnership with the African Insurance Organisation (AIO).
Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, has announced that Africa Specialty Risks Ltd (ASR Ltd), ASR's UK-based entity is operating as a Lloyd's service company, underwriting on behalf of ASR Syndicate 2454.