African insurers confident following economic recovery
Thursday, 05 10 2018, Category: Insurance and Reinsurance, Country: Africa
The African Insurance Organisation (AIO) has reported that insurers and reinsurers are confident about the current outlook for their industry as the continent’s gradual economic recovery looks set to positively impact rates and earnings, and to ease the pressure of excess capacity and competition.
The AIO’s 3rd African Insurance Barometer, which polled re/insurers at the Organisation’s 45th Conference & General Assembly in Accra, Ghana, found that companies were more optimistic than in preceding years, due to visible improvement in the continent’s economy.
Africa’s insurance markets continue to benefit from abundant natural resources, young and growing societies, an expanding middle class, and the advent of new technologies, all of which are driving re/insurance demand.