The opportunities for growth in Africa’s Insurance Industry are huge despite recent economic and political uncertainty. The Insurance Industry has done well to adapt to continuous disruption, with technological advances now considered the most important global trend disrupting the Industry.
Despite the additional pressures of unrelenting regulatory and Insurance accounting changes plus the huge costs associated with the changes, there are also some positive developments and opportunities for growth. According to the recent PWC Insurance Survey report “The Insurance Industry across Africa continues to be one of the most disrupted but at the same time, the Industry continues to innovate and adapt to take advantage of the many opportunities for growth that are also emerging. Leading Insurers are already implementing key strategies to focus on new Customer behaviours and demographic shifts.