Risk transfer can help bridge Africa’s protection gap
Friday, 03 04 2016, Category: Insurance and Reinsurance, Country: Africa
Despite being the second fastest growing insurance market in the world, the majority of African countries report dangerously low insurance penetration, a gap that could be closed with the use of traditional insurance and alternative risk transfer solutions.
Speaking at a risk management event in London recently, Allianz Global Corporate & Specialty (AGCS) Chief Executive Officer (CEO) in Africa, Delphine Maïdou underlined the difficulties facing emerging markets as financial sector volatility continues, leaving numerous countries highly vulnerable to “economic shocks.”
Inadequate insurance protection across the region hinders economic stability, resilience, and growth in the face of a range perils, from natural disasters to fire and explosion, and terror or political threats, among many others.