Africa – Microinsruance growth calls for reinsurance capacity
Friday, 07 08 2016, Category: Insurance and Reinsurance, Country: Africa
Parametric or weather-index insurance cover through microinsurance schemes continues to expand its reach across Africa, a trend that could result in greater demand and utilization of reinsurance and insurance-linked securities (ILS) capacity.
During 2014 total identified microinsurance written premiums across Africa increased to $756 million, from $387 million in 2011, representing growth of roughly 50%, according to a new report from the Munich Re Foundation and the Microinsurance Network.
Approximately 61.8 million people across the continent were protected by at least one microinsurance policy at the end of 2014, compared with just 44.4 million in 2011.
Source: Seeking Alpha