Capitalising on African insurance opportunities
Tuesday, 03 20 2018, Category: Insurance and Reinsurance, Country: Africa
Consolidation is taking place in the East African insurance market due to rising capital requirements and mergers with international firms that want to gain a foothold in the region. Ashok Shah, Group CEO of APA Apollo examines the opportunities this brings.
In addition to operating in such a dynamic business environment, insurers in East Africa have access to a growing young population with significant purchasing power. This is especially the case in Kenya which EY ranked as one of the continent’s most mature insurance markets with strong growth potential.
Urbanisation and developing economies will likely spur increases in annual insurance premium income in the region. However, the market still needs to overcome challenges common to the sector in the emerging world.
Source: IT Online