10% of African insurers ready for risk management
Thursday, 01 04 2018, Category: Insurance and Reinsurance, Country: Africa
The report prepared by FAIR - Federation of Afro-Asian Insurers & Reinsurers based on a survey about the future outlook of the insurance sector during (2018/2020) in both the African and Asian continents revealed that only 10% of African insurance companies are ready to face risk-based insurance regulation compared to 20% of Asian insurers. Therefore, more efforts have to be made by insurance and reinsurance companies.
Moreover, African insurance companies expect to achieve a growth rate ranging between 11% and 25% until year 2020 whereas Asian insurance companies are expected to grow by a rate ranging between 1% to 10% during this period.
Source: Al Mal News