Global Parametrics, a CelsiusPro Group company, has partnered with One Acre Fund, an agricultural service provider offering financing and training to smallholder farmers, to provide financial protection to such farmers in Zambia and Malawi against the financial strain of losing their crops due to drought.
Hollard International, part of South Africa's largest privately owned insurance group, and Absa Group, one of Africa's largest diversified financial services groups, have reached agreement for the sale of Absa's insurance businesses in Mozambique, Botswana and Zambia.
Atlantique Assurance will offer accident insurance (100% coverage) and health insurance (80% coverage by the insurer and 20% by the insured) to all Bee motorcycle taxi drivers, announced the Cameroonian company Bee Group, engaged in motorcycle transportation and delivery services.
Mauritius-headquartered specialist reinsurance broker CG Re (Africa) has confirmed that it has established an office in London, its first outside Africa.
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.