LONDON, January 2013 – Insurance markets in Africa’s 54 countries are diverse, reflecting disparities in economic conditions and the approaches of the policymakers in individual countries and regional blocs, according to a new report from A.M. Best Co.
In this report A.M. Best describes how the African (re)insurance market offers potential for growth, given anticipated development of gross domestic product (GDP) in the region. Each country has different drivers for heightened insurance demand, ranging from economies dominated by the oil and gas and mining industries, to large populations.
A.M. Best’s new report also identifies challenges faced by African (re)insurers. These include competitive environments and the ongoing global financial uncertainty and political risk in many parts of the region. Increases in minimum capital levels have resulted in some industry consolidation, although A.M. Best still considers some markets to be crowded.
The report examines three of Africa’s largest insurance markets: South Africa, Nigeria and Kenya.
To access a complimentary copy of this report, please click the following link: A.M. Best: Africa Life & Non-Life Report (in English)