African reinsurers are optimistic
Thursday, 12 01 2016, Category: Insurance and Reinsurance, Country: Africa
According to the annual survey “Africa Reinsurance Pulse”, African reinsurance will continue to reap the positive effects generated by the excellent condition of its economy. The abundance of natural resources, infrastructure needs, the emergence of a middle class and the presence of a young population are such enabling factors.
The growth rate of GDP is likely to be around 4% per year for the period between 2016 and 2020, which is going to support direct insurance, estimated today at 64 billion USD.
The 22 African reinsurers and brokers quizzed by Africa Reinsurance Pulse said that African reinsurance market, worth 8 billion USD, will also benefit from the growth of the insurance penetration rate which is now set at just 2.9%.
Source: Atlas Magazine