Risk management is rising to the top of the boardroom agenda thanks in no small part to changing emphasis from regulators across Africa. Gareth Stokes reports from the Risk Frontiers – South Africa seminar, held last week in Windhoek by Commercial Risk Africa.
For a service-oriented industry, insurance customers can feel that they are far too low on the list of considerations. Delegates at the Organisation of Eastern and Southern Africa Insurers annual conference in Swakopmund heard that there needs to be a sea-change in approach if the insurance industry is to keep pace with looming challenges.
Renewed civil war is likely in north and central Mali and in South Sudan, while the US government has voiced concern around escalating violence in Central African Republic.
More than 61 million people in Africa are now covered by a microinsurance policy – a 63% increase in premium income compared to 2011 figures.