The African Reinsurance Markets Show Steady Growth and Stability in 2022 & 2023.
The African reinsurance landscape has shown growth and stability in both life and non-life sectors. South Africa plays a key role in the market, contributing to 77.8% of the total life reinsurance market in Africa. The combined contribution of Egypt, Kenya, Ghana, Nigeria, and South Africa constituted 93.7% of the total market share. The non-life reinsurance sector saw growth in the top 14 markets, with South Africa accounting for 56% of the total African non-life reinsurance market. Retrocession market in Africa saw stability amid increasing cessions, prices, and restrictive conditions in many countries. Furthermore, the African Reinsurance Corporation reported strong growth in net profit and gross written premium income for the first nine months of 2023. The reinsurer attributed the growth to improvement in underwriting price adequacy and new businesses written in the oil and energy line. Gross incurred claims saw a slight increase, but a reduction in retrocession share of incurred claims combined with an increase in highly retained claims led to a 16.2% increase in net incurred claims. (source: Jimenez-Sanchez.K, Nov 2023.Africa Re reports improved Net Profit of $75.4mn in 9M 2023,- Reinsurance News