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.
Insurers should settle cross-border motor insurance claims swiftly to promote trade and the movement of people in the Economic Community of West African States (ECOWAS), according to Mr Henry Bukari, the chairman of the Council of Bureaux of ECOWAS Brown Card Insurance Scheme.
Wafa Assurance, a leading insurance company in Morocco, has received approval to operate a life insurance subsidiary in Gabon, in a strategic move to expand its footprint in Africa.
French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.
Actuaries in Africa are eschewing the use of old mortality tables from other countries in favour of creating their own applicable ones, according to an article in the May 2024 edition of The Actuary, a publication of the London-headquartered Institute and Faculty of Actuaries (IFOA).
The West African Insurance Companies Association (WAICA) has stressed the need for the harmonisation of insurance regulation and education to strengthen regional cooperation and build a vibrant insurance market in the West African sub-region.
Africa stands at a key moment for developing funded retirement systems as its population sees explosive growth, according to Mr Tidjane Thiam, former group CEO of Prudential plc, and currently chairman of Freedom Acquisition Corporation and president of the Ivorian political party PDCI-RDA.
Africa Specialty Risks (ASR), the pan-African focused (re)insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa.
A common insurance market in West Africa will lead to important prospects as well as bring about cost savings, among other benefits to the population, according to Mr Mamadi Dampha, deputy permanent secretary at the Ministry of Finance and Economic Affairs.