Global Risk Frontiers Survey 2014: Africa

Time to upskill Brokers, insurers and reinsurers are determined to work closely with risk managers across Africa and believe there are still enormous opportunities for future development. Generally, the response from the industry is that insurers and risk managers have opportunities to improve standards across the region, while the need to drive insurance penetration into many countries remains key. Broadly accepting of the need for more innovation and also to retain premium in country, the industry says much of the issue lies in talent and skills. The need for more and better qualified insurers is paramount, if countries are to make the most of the insurance business already being done.hideAbove all, there is a reminder that Africa should not be considered as a whole. Generalisations rarely work and the insurers agree that personal relationships and feet on the ground are crucial for not only understanding the different markets but for making a success of business there. And there is broad agreement that more should be done by insurers, working in partnership with risk managers, to help drive risk management up the agenda of boardrooms. Education, education, education In our survey of risk managers, it emerged many risk managers sought further education and possible certification to develop better defined career paths but also to be able to measure themselves against a common standard. In this survey, Commercial Risk Africa asked whether insurers are doing enough to educate risk managers on African challenges. Is there more the insurance industry can do to help African risk managers attain higher levels of understanding, and possibly qualification? Insurers feel more can be done to improve education both among insurers and risk managers, but concerns vary from country to country and also from sector to sector. As the insurers say, some areas such as oil and gas are mainly served from outside the region, while expertise has developed in markets that stay closer to home, such as motor or household. Udai Patel, CEO of Afro-Asian Insurance Services, says: “Generally I feel training and education in insurance, while available, is not affordable for all. As an employer in Africa myself, I find recruitment is a big problem. The well trained and professional insurance people in the industry are jealously guarded. So the answer is ‘no’ and I would suspect any multinational or large African corporation that has its own risk management team probably will have people who are much better trained than the people in insurance companies. It is probably the risk managers that have something to offer to insurance companies and not the other way around. “Markets are different. There are some which are developed and which have sophisticated systems in place. And you have other companies in other markets that are still emerging and have a way to go.” South Africa-based Frederick Madzikatire, Corporate Property, Hollard Broker Markets, agrees: “Different sectors of the business/economy have different risk perspectives and different approaches.” He believes the risk managers should understand the key risks that their businesses face and should be able to drive the discipline through the business in order to ensure quality control and business continuity. “Therefore it is important for the risk manager to know the risk business is exposed to,” he says. “I feel that insurers are not doing enough as yet. African challenges should be addressed per country level, since we have 54 African states and they all have their own unique challenges. Approaches have to be different and there is no one-size-fits-all when it comes to addressing challenges in the African Continent. More homework should be done by insurers and key issues will be addressing different cultures, market dynamics, regulatory issues etc.” Mr Madzikatire believes: “The insurance industry should introduce risk management from tertiary education and have standard qualifications across the industry. There should also be on-the-job training, including job rotation within similar sectors.” Mr Patel says he sees plenty of risk managers “at the top of their profession. Such people set the standards.” He says they understand their risk exposures and are able to make demands of insurers. Major international companies have risk managers who are qualified to work anywhere. That is a boost for Africa, he says, because they bring that expertise to the local markets, where they may help develop locally trained risk managers. Forming local associations would be one way to bring those talents to the wider market, says Mr Patel, allowing other risk managers to learn from the internationally qualified teams. Giles Ward, Regional President – Eurasia & Africa, ACE Overseas Group, agrees: “Perhaps above all, risk management discipline still has some way to go. “Standards of corporate risk management among African multinationals can be among the best in the world. Nevertheless, our underwriters continue to see the same problems within many individual companies – from poor design and maintenance of sprinkler systems to poor housekeeping of combustibles. At the same time, many important industries are growing fast in Africa, yet there remains room for improvement to bring safety records up to global standards,” he says. Mr Ward continues: “I think it is fair to say that we would like to see clients take a more rigorous approach to risk management, especially among those outside the very largest companies. “In the [first part of the] Global Risk Frontiers report, African risk managers themselves said there was still a considerable need for development of risk management as a corporate discipline. One specific theme that I see repeated is the need for a more defined career path, with recognised qualifications, to help the sector evolve. “Of course, this challenge is not unique to Africa. For example, FERMA has been driving a piece of work to address similar challenges in Europe. But meeting the challenge becomes even more important in a region where specialised talent can be in relatively short supply.” Mr Ward believes change will take time but that is no excuse for inaction. “Change,” he says, “will not happen by itself, and it is the responsibility of the insurance industry to help drive change. That is particularly the case for those insurers with operations on the ground in Africa. “Brokers, and of course risk managers, also have a major opportunity to share their expertise and help drive discipline and best practice. As their own businesses expand across the continent, this should have a positive effect.” Hope Murera, General Manager at Zep Re, is concerned there may be too much focus on insurance alone. “Risk management is so much more than underwriting and this is something we have grappled with.” Her words are echoed by Lukas Müller, Head Market Underwriting Middle East & Africa, who says: “We are not doing enough yet. We need to widen our scope and think about financial risk, operational risk, market risk. “Companies in Sub Saharan Africa are growing fast but are not yet equipped to handle some of the capital risks, for example. They need to widen their scope as their risk landscape is changing very fast.” Awareness is key, he says, in helping these companies meet the new challenges facing them. Ms Murera stresses that risk management spend is not a luxury but essential for these businesses. She fears that not enough is being spent on training and development in the risk management sector. More could be made of existing relationships, she believes, such as that between regulators and insurance associations. Risk managers could leverage such relationships and benefit from their training and experience. Mr Müller also questions the extent to which boards of directors engage with risk management within their own companies. He fears that boards do not consider risk often enough and put too much emphasis on production and profits without necessarily having all the risk factors on their radar. He agrees with the risk managers in the first part of the survey who say risk management needs to move into the boardroom and up the agenda at board meetings. “I don’t think risk management is discussed enough,” he says. Generally, the reinsurers believe that the South African move to risk-based supervision will only help the development of a strong risk management culture. They also believe that similar approaches to regulation will spread to other parts of the continent and that will help the risk management profession develop in those areas too. Is innovation that hard to do? The main concerns of risk managers surveyed concentrated around political risk issues, including expropriation and taxation but also reputational damage and exchange rate issues. Is there more that the insurance industry can do to help? Risk managers also wanted more proactive innovation from insurers. Are they missing out on what is already available or could insurers being doing more? Necessity is the mother of innovation, according to the old saying, so it would seem the ongoing financial crisis that hit so much of the world should have been fertile ground for innovators. However, in the first part of the Global Risk Frontiers Africa survey, risk managers complained that they rarely see true innovation from insurers. Combine this with their real concerns about political risk cover, in all its forms, and risk managers appear to want products that better suit their needs. But how easily can this be achieved? Stephen Cross, Chairman of Aon Global Risk Consulting and CEO of GRIP and Global GRIP Solutions, fears: “The industry is driven by committee rather than individuals and as such is not moving at an adequate pace to keep up with the world we live in. Being somewhat provocative, I would contend that the industry—meaning both insurers and brokers—has had a tendency to be providers of ‘product’ and not necessarily of ‘solutions’.” Mr Cross believes this has allowed other sectors to innovate in the insurance space so successfully. “I would always stress that bigger does not mean better, better means better. However, size and scale does in any industry generally provide a more diversified portfolio that empowers different approaches to the business. This is important when we think about the investments the broking industry needs to make to remain relevant in the eyes of its clients. “The same applies to the insurance carrier side as well,” he adds. “We have a few true global players followed by large regionals down to specialty players. They too must move with the times.” Udai Patel, CEO of Afro-Asian Insurance Services, believes not many African jurisdictions have capacity for political risk. “Even South Africa does not have sufficient capacity for the risk. It is all reinsured out into Lloyd’s,” he says. “One thing I find quite odd is the focus of some insurers on revenue stream from oil and gas. Take Nigeria—the Local Content Act of 2010 gives each of the 52 companies a right to share in every risk before it is ceded out. We have tried to spread the message in this market that there are other classes of insurance out there other than oil and gas.” Mr Patel says such laws have meant local companies with a capital base of, say, $15m will write a line size of $300m-$400m and then cede it out, taking their 25 points commission along the way. The danger of that, he fears, is that there is little incentive for insurers to bother to look for other markets or to try to improve insurance penetration in the country more generally. “When you have that sort of deal on your doorstep, there is not much incentive for greater insurance penetration,” he says. “For the first time, the GDP of Nigeria has overtaken that of South Africa and if you look at insurance penetration—it is around 22% in South Africa compared to 1% in Nigeria. With the volume of energy premium in the market there is little drive from the insurance industry to develop into other classes of business. “It is justifiable if risk managers are complaining. If, say for example, a large mobile operator wanted to have some form of political risk insurance from a local insurer, they will be hard pushed because the insurer will not know how to go about designing it.” Clients, says Mr Patel, would want to know what the cost of such policy would be but without the necessary expertise local insurers would struggle to correctly price such risks. As a broker, it is better news he believes, because brokers can have a valuable role in developing products. “Sometimes risk managers do not use brokers as a source of information and see them as competitors but they should use brokers to help develop such markets,” he adds. Frederick Madzikatire, Corporate Property, Hollard Broker Markets, believes that harmonisation of regulation across borders would help insurers develop new products, however risks such as political will remain a challenge. He says: “Insurers are still restricted in terms of what they can do because of different government policies.” Like Mr Patel, Mr Madzikatire believes risk managers also have a role and challenges the risk managers, saying: “Risk managers should also help to drive these processes.” Mr Patel says innovation does exist and he believes it is being driven by reinsurance brokers and reinsurers in terms of available insurance—and there have been other initiatives. “In Kenya there has been huge innovation, using mobile telephones for the distribution and sale of micro insurance. Much of that was driven by Mpesa but the likes of APA and UAP have made the most of it too.” He says that it needs the large companies to drive through change in any market. “Ideas spin off other ideas,” according to Mr Patel. Mr Cross agrees: “There is a fundamental difference between game-changing innovation and incremental innovation.” Looking at Progressive Insurance Company as an example, he argues: “It has had a focus on being different, pushing technology, thinking about differentiation and quite frankly, understanding what the customer may actually want… hardly a novel concept.” Among the incremental innovations, he lists reducing the time of dealing with a claim from four days to 15 minutes and usage-based insurance in motor. Looking at the small commercial space, Mr Cross says: “There are very few reasons why this area of our business is not a pure commodity and underwritten directly into facilities… in other words, pre-underwritten. We now have incredible data on which to place and underwrite this level of risk. Satellite maps, construction data, flood plain data, improved regulation and building codes, occupancy data etc. “Are there really any good reasons why these risks require individual underwriting? Can a properly written code not simply and more accurately price the risk? And issue the policy, and receive the payment from a smartphone? We already know the answer is yes, the question is really how far up the value chain this really goes and where does it stop?” However, looking at large corporates and multinationals, Mr Cross believes the opposite is happening. “Everywhere we look, the magnitude, complexity and speed of risk are increasing. The challenges are bigger than ever. The obstacles to achieving their business objectives and seizing opportunity for growth are more numerous and complex. The pace of change is unparalleled. “Risk advice is required on many levels and brokers are challenged to keep up with these changes. Volatility remains a key issue, indeed quite pronounced here in Africa.” Looking at the Aon Global Risk Management Survey produced last year, Mr Cross explains it is a ranking of the top 50 risks identified by more than 1,400 clients worldwide. He said it clearly shows that: “As an industry, we are not providing the solutions to our clients’ real problems. If we don’t start to address these unplaced risks we will find ourselves displaced and no longer relevant. So how do we remain relevant? We change, we innovate, we provide solutions.” One of the challenges for the industry is introducing something new, only for the rest of the sector to follow very quickly. Innovation can also require investment and Mr Cross says many would argue that this is not the time for such spending. However, he points to the great depression when, despite the economic chaos, some of the greatest innovations were founded or greatly accelerated. Companies like Motorola, Hewlett-Packard and Xerox, for example, while GE brought the first Freon refrigerators to the market. In this global financial crisis, Mr Cross says: “We see developments such as the e-cigarette, 3D printing… and, of course, Big Data.” Giles Ward, Regional President—Eurasia & Africa, ACE Overseas Group, sums it up: “As the risk management needs of Africa’s businesses become more sophisticated, the need for specialist insurers with experience in more complex property and casualty risks will grow. And as Africa becomes more internationally connected, demand for global insurance programmes will also increase. “This is all, I believe, also good news for the brokers among us. It seems certain that the broking sector will benefit from increased demand for risk consultancy and for specialist capacity, areas where they can add real value both to the client and to overall insurance market development.” Plug the leak What about re/insurance capacity leaving Africa? Several risk managers mentioned that too much insurance is placed outside the continent, which not only takes money out of the local economy, but also reduces the opportunity for improving local expertise. Insurers gave Commercial Risk Africa their response. Movement of insurance premiums is linked to capacity and innovation, according to Souvik Banerjea, Senior Marketing Officer at African Trade Insurance Agency, who says political risk insurance typifies the problem. “We work in 10 countries across Africa and we know that these are risks which are very particular to Africa,” he says. Mr Banerjea explains that much of the political risk cover is not directly suited to the “man on the ground” and while governments will look to support certain key industries, the available insurance in local markets is not necessarily meeting demand. Lukas Müller. Head Market Underwriting Middle East & Africa, says: “What we are seeing at the moment is a lot of anti-selection, with only the mega companies buying such covers. When an election is on the horizon, awareness grows and people buy the cover.” Mr Banerjea agrees awareness grows at election time but says what makes the real difference is the perception of cost against the potential savings. Hope Murera, General Manager at Zep Re, says one of the problems in Africa is that insurance is not considered a priority . Even businesses will not buy insurance unless it is compulsory or something happens to drive the decision—again she points to the recent general elections in Kenya when there was a surge of demand for political risk cover. All of which makes it hard for local insurers to develop a profitable functioning market. Mr Banerjea believes insurers need more dialogue with government to ensure the right legislative framework is in place to support the local market. Mr Müller wondered whether building a pool would help local insurers to retain business, which, in turn, would encourage local firms to insure against certain risks that they otherwise consider unaffordable. “We are very much in favour of building such pools in close cooperation with regulators,” he says. Business is still done in the “old way”, according to Udai Patel, CEO of Afro-Asian Insurance Services, with people wanting to meet face to face and placing a lot of emphasis on personal relationships. As a result, he says, international players do not automatically break into Africa and are more likely to make that move in a specialist market where there is less competition. “The risk will be placed out of necessity and then the relationship will build,” he says. There are different criteria at play, he believes. “For example, in Europe you would not place insurance unless the company met a certain rating criteria but in Africa it will be about the relationship first and such criteria second.” However, he sees change afoot as oil and gas fields develop in East Africa. This, says Mr Patel, may drive innovation and product development. It may also drive insurance out of Africa as demand for greater levels of cover outstrips local capacity. “In fact if it is retained in the region there is a high potential danger of a spiral as the business gets passed around without sufficient capacity behind it.” Frederick Madzikatire, Corporate Property, Hollard Broker Markets, concurs with the risk managers surveyed. He says: “I fully agree with the statement. Global companies are buying insurance outside the continent and mostly at lower terms than what the local market would have charged. This is eroding the local market premiums, investments are not ploughed back into the continent and does not help in terms of improving local skills.” Nick Sorgo, Partner, JLT Specialty, believes: “If we are talking about standard risks—household, motor etc—then there should be no reason why these get exported, with the exception of the catastrophe element for which reinsurance will come into play. “But if you are talking about larger risks it is unreasonable to expect that local industry can deliver enough capacity to cover them because it will be impossible for the local carriers to spread the risk sufficiently,” he says. Insurers, Mr Sorgo argues, need to be able to balance one type of risk against another within their portfolios and local carriers cannot always do that because of the nature of the risks and overall premium volumes in their domestic markets. For example, some insurers seek to limit energy risks to 5% or 10% of their portfolio. “When you consider the worldwide insurance capacity for energy risks is around $5bn, you cannot expect local carriers to retain much of that—it is simply unattainable in almost any country.” Countries like Nigeria, Angola and, more recently, Ghana, have very large energy values to insure, well over $2bn each, he says. The local market cannot support that without adequate reinsurance, which is only available from the international markets. Regulators across the continent have started to enforce local content laws to increase retention and develop their industries. Nigeria, for example, introduced such rules back in 2010, while others are still moving in that direction. However, Mr Sorgo says reinsurance arrangements will always be needed since the local insurers simply cannot provide sufficient capacity and keep their portfolios balanced. So far, he says, the regulators have acknowledged that and are mostly happy to support arrangements in which the local market passes on a large part of the risk internationally. “The whole point is to have a local policy with the support of international capacity,” he adds. The insurers agreed more generally that often it is the risk manager who wants insurance outside the country, believing it is more secure and more likely to meet rating criteria. Risk managers want security in claims payment and need to be sure insurers can deliver on that. “If you insure a property in Namibia, for example, on a direct basis and then make a claim, you want to be sure it will be paid,” says one insurer. The arguments then circles round to relationships and the general need across Africa to be able to meet your insurer, look them in the eye, shake hands on a deal and be confident of future settlements as required. As the insurer sums it up: “If you are a businessman in Africa in a country where there is a national strategy to help the local insurance industry, you should want to support that. But people are going contrary to that because they do not have enough faith in the local system, if something were to go wrong.” Faith in the system is something risk managers need to have if they are to trust their insurance cover to local players, agrees Coenraad Vrolijk, Chief Executive Officer of the Rosebank Group. He has major concerns about a major loss in some markets, as he believes the actuarial data is not necessarily sufficient. Mr Vrolijk says: “What happens if there is a major claim against your biggest exposure? Too few locally-based insurers are stress testing against the worst case scenario. But risk managers have to consider what would be the resulting impact on the insurance industry locally if it was exposed to that worst case scenario.” The lack of necessary skills remains an issue across the continent, he believes. Not wanting to undermine some extremely able professionals, Mr Vrolijk says the depth of talent still has to be developed, in turn enabling risk managers to trust local markets. Ultimately, however, much of the issue comes down to insurance penetration and the fact that many African countries remain frontier economies with relatively little insurance. As a result, the global corporate really have no option but to look for global programmes based outside the continent, in which they can include their African risks and spread the risk at the same time. A call for harmony on regulation Increasing regulation was acknowledged by all the respondents in the first part of the survey, with some believing this is a good thing because it creates a level playing field and helps to raise standards more generally. Brokers, insurers and reinsurers were also unanimous in their belief that regulation is playing a part in shaping the market. But what they want above all is regulatory certainty. The need for greater regulatory certainty and the possibility of greater harmonisation was raised by brokers, insurers and reinsurers alike. They argued that harmonisation, certainly on a regional basis, would cut costs and allow players to develop in new markets or with new products more confidently. As Frederick Madzikatire, Corporate Property, Hollard Broker Markets, says: “We should always explore ways of simplifying the way we do business in Africa and the regulatory framework is one important area where focus is required. Examples will be countries where there are dominant state-owned insurance companies, not allowing other private-owned companies to operate. There should be open market systems, which allow players more product choice.” Giles Ward, Regional President—Eurasia & Africa, ACE Overseas Group, adds: “I know that insurance regulators across Africa understand the importance of this debate, as well as the arguments for clearer cross-border insurance frameworks. So too do our clients, who are seeking the certainty that allows claims to be paid effectively and compliantly. After all, this is the acid test of the insurance promise. “So it is encouraging to see some signs of progress, such as discussions on how to achieve harmonisation among the SADAC countries,” he continues. “Yet, in many ways, Africa remains highly fragmented and regulation is at different stages of development. This results in enormous opportunities for cross-border insurance not being exploited. And it prevents the insurance market from realising its full potential as an enabler of (and a provider of contingent capital for) business growth.” Udai Patel, CEO of Afro-Asian Insurance Services, does not see regulation as an altogether bad thing. “Ever-developing markets need to have an evolving regulatory framework,” he says. And he applauds the various initiatives on regional harmonisation but the tricky part remains how those changing regulations play out in the domestic arena. Another major issue for the market is the cost of compliance. The cost remains constant, almost regardless of whether it is a major international player or a small domestic insurer, but the impact on the two businesses will be quite different. Mr Patel says it is not a problem unique to Africa—he points to the UK and the regulator’s approach, which he says can be disproportionate for the smaller operators. However, overall, he believes the evolving regulation will be good for the markets, particularly in areas like Kenya where the idea of risk-based capital and financial modelling is emerging. Nick Sorgo, Partner, JLT Specialty, says ultimately the problem lies in Africa being a continent of 54 countries, which all want to do the best for their own domestic industries. “To spread risk and build capacity we need to move into a more regional structure,” he believes, while applauding the existing regional and continental reinsurers for their efforts in crossing those barriers, complementing the efforts of local insurers. Hope Murera, General Manager of Zep Re, worries that the experiences in Europe are different but the African markets are still following the same path. The key, she says, will be in learning from the European experience and doing it better. “South Africa has moved to risk-based supervision and Kenya will be next. But as a market, how do we evolve? We must learn from the European experience,” she says. For example, Zep Re is structured very differently from domestic market players, with a very different board structure and a different approach. Both structures need to be accommodated in any changing regulatory framework. Calisto Ogaye, Managing Director Continental Reinsurance (Kenya) fears “that sometimes boards of particularly smaller insurance companies lack adequate appreciation of risk”. He continues: “The current trend of change in regulatory framework with emphasis on risk-based capital will definitely change this scenario.” Mr Ogaye’s comments are echoed by Lukas Müller, Head Market Underwriting Middle East & Africa, but he believes these are mostly small companies that are likely to remain relatively small into the future. Souvik Banerjea, Senior Marketing Officer at African Trade Insurance Agency, says changing capital requirements can make a major difference to the number of smaller players in the market. He cites the Nigerian example, where more than 115 firms were reduced to 42 after the Nigerian regulator imposed higher capital requirements. Kenya, too, he says has upped requirements although that has yet to impact in the same way as in Nigeria. As far as risk managers are concerned, Mr Müller has “a feeling that risk management is driven by regulation and maybe it does not come along by itself but out of necessity”. However, Ms Murera believes regulation will not always work on its own. “For example,” she says, “it is also about market levels; $5m in capital requirements may not be enough because 80% of the players can satisfy that easily. If the market includes many of these smaller players, you will find many are family-owned. Because they are family-owned, they view risk differently and are exposed to different risks. They do not necessarily see risk management as a priority as a result. “If you look to the larger Kenyan companies, for example, you will see the size and quality of boards are very different. If the regulator raised the capital requirement to $20m then you would see four of the smaller companies come together as one—and then you would see change in terms of the risk management approach. At that level, risk management becomes a priority.” Ms Murera also sees the argument for increasing the scope of compulsory insurance covers across Africa. Most markets, with the notable exception of South Africa, have compulsory third-party motor cover, however Ms Murera believes more compulsory covers would help drive insurance penetration. “We know that in the developed world, legislation/regulation has in a way driven the growth of certain classes of insurance especially the liability classes. We too can learn from their experience.” “And regulation can help in terms of claims payments. It can give people confidence that their claim will be paid and that the insurer involved will remain solvent in the event of a major incident. It all needs regulation,” she stresses. Mr Banerjea supports her, but adds the caveat that is important for the insurance and risk sector to be involved in the government discussions and help evolve the regulation so that it remains workable. “A few technicians can make a lot of difference to the end regulation,” he says. Mr Müller would like to see a little more in the way of pooling development. By having pooling arrangements in play, he says, insurers can decide to participate in certain risks. But he also believes that building pools should be done in cooperation with local regulators because, without regulatory frameworks, the pools will not succeed. Mr Müller understands that no one wants to be overregulated but he believes regulation is particularly necessary in high growth markets. “The ultimate goal,” he says, “is to build a sustainable market where there is a sound basis for doing business.” Regulators too can play a part in sustaining pricing to keep markets sustainable. Ultimately, the insurers agreed risk managers need sustainable markets, even if prices are slightly higher as a result. But they questioned to what extent regulators should actually interfere on pricing, as insurers themselves should be able to accurately underwrite the risk and price accordingly. The insurers also addressed the issue of capacity leaving Africa and what part regulators are playing. Mr Müller is not so sure about how much premium is leaving Africa and he prefers to be able to support local players. He says there are issues around knowhow and the talent pool in Africa is not necessarily as big as it needs to be to keep the insurance markets local. He also says some players are risk-averse and so prefer to reinsure the risks out of the continent. “We try to make sure premium stays in the markets so local companies can grow,” he says. But Ms Murera says the argument comes back to size and cooperation. “If you have a US$1bn infrastructure project, no one local insurer/reinsurer is going to take it on alone. However, there is an opportunity to share the risk and I believe if African reinsurers were able to pool together capacity, create more synergies, then more insurance would be retained in Africa.” Mr Ogaye believes: “You have to start somewhere even if it is only 1% that is retained in Africa. We have some mega infrastructure projects where most of the insurance is placed in Europe and China despite the fact that the local insurance companies have the capacity to write some shares of these risks. Regulators are working hard to enforce local involvement where there is capacity.” And that, the insurers agreed, is only something that is likely to be driven further by regulation.

Global Risk Frontiers Survey 2014: Africa

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