Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

A.M. Best Special Report: Africa’s Insurance Markets: Gearing Up for Sustained Growth


Print article Print article
© Business Wire 2014
2014-03-24 09:04:01 -

Africa’s insurance and reinsurance markets continue to attract close scrutiny and rising interest from financial market participants in both the mature markets of the United States and Europe, as well as newer entrants from emerging BRIC (Brazil, Russia, India and China) countries.

In addition, robust regional cross-border activity with Africa-based insurance groups buying other regional insurance companies has created a vibrant landscape, according to a new report from A.M. Best.

A.M. Best’s report titled, “Africa’s Insurance Markets: Gearing Up for Sustained Growth”, states that a number of the 54 African economies are growing by 5% to 10% and more, much faster than the mature markets, with drivers such as energy, construction and mining projects. This has made them attractive to insurance

groups in the United States and Europe, where growth has been more limited.

Despite strong average GDP growth for the continent overall, many insurance markets in Africa are small by international standards.

Deniese Imoukhuede, associate director, analytics, said: “Insurance penetration, while growing, is low at less than 1% overall, and insurers have faced challenges that include political risks, greater competition and increases in minimum capital levels. However, from June 2011 to June 2012, 28 out of 46 governments in sub-Saharan Africa implemented at least one regulatory reform, making it easier to do business.”

Africa’s insurers and reinsurers are poised to benefit from strong economic activity on the continent. Dr Edem Kuenyehia, associate director, market development and communications, added: “There are significant opportunities for direct insurers and reinsurers in key markets in Africa, particularly in fast-developing sub-Saharan markets such as Kenya, Nigeria and Ghana. However, companies need to stay focused on the economic and regulatory environment, given the diversity of markets on the continent.”

To access a complimentary copy of this report, please visit www.ambest.com/press/032401africamarketreview.pdf : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .


A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

" title="http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140324005361r1&sid=16929&distro=ftp\"/>" target="_blank" rel="nofollow">cts.businesswire.com/ct/CT?id=bwnews&sty=20140324005361r1&am ..

A.M. Best Company, Inc.Deniese Imoukhuede, +(44) 20 7397

0277Associate Director, Analytics deniese.imoukhuede@ambest.com : mailto:deniese.imoukhuede@ambest.com orDr

Edem Kuenyehia, +(44) 20 7397 0280Associate Director,

Market Development and CommunicationsA.M Best -EMEA edem.kuenyehia@ambest.com : mailto:edem.kuenyehia@ambest.com orRachelle
Morrow, +(1) 908 439 2200, ext. 5378Senior Manager, Public

Relations rachelle.morrow@ambest.com : mailto:rachelle.morrow@ambest.com orJim

Peavy, +(1) 908 439 2200, ext. 5644Assistant Vice

President, Public Relations james.peavy@ambest.com : mailto:james.peavy@ambest.com


Author:
Hossam Abdel-Kader
e-mail
Web: www.pr-inside.com/
Phone: +43 1 9582319

Disclaimer: (c) 2014 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com