Africa’s largely untapped specialty lines insurance market has significant opportunities for insurers willing to enter the region. As the market develops, more difficult and unusual risks will be written.
Regulations which vary by country must be considered. For example, placing insurance with a locally licensed insurer is often a requirement or a percentage of the insurer may have to be locally owned. Therefore partnering with local insurers is an option. Apart from local ownership, issues of reinsurance and choice of law must also be examined.
War risks, political risks and expatriate operational risks remain high in Africa. Cyber-crime is also on the rise.
For more information on the risks and opportunities in the African insurance market, click here to read our more detailed article.