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.
The underwriting results of sub-Saharan Africa's reinsurers have continued their trend of year-on-year improvement, benefitting from robust pricing actions on loss-affected lines of business, as well as the global hardening of the reinsurance market, according to a report from AM Best.
Current resource allocation for mitigating climate shocks is inefficient, according to Mr Luis Alton, senior financial-sector specialist at the World Bank's Disaster Risk Financing and Insurance Programme.
The African insurance market is experiencing significant transformation driven by various trends that present both opportunities and challenges.