Emerging markets including African Countries are key drivers of the global marine Insurance Industry. The reason for this is simple, emerging markets are expected to grow by 5% this year exceeding the global growth rate of 3.2% this year.
Advanced markets on the other hand, will grow by only 2% said Thea Fourie, a Senior economist at IHS Markit singling out Ethiopia, Ghana and Ivory Coast as best performers. Africa’s three largest markets Nigeria, Angola and South Africa according to Fourie will be dragging Africa’s economic growth down.
Lize’ Lambrechts, Chief Executive Officer of Santam confirmed Africa’s role in growing the marine Insurance sector. ” Africa is growing in terms of importance and opportunities. We see Africa as a very exciting growth area she said.