2024/25 Africa Insurance Outlook

Contents

1 2 3 4
Introduction Results matter Regional insurance view Regulation
Overview of the 2023 East Africa Insurance Navigating liquidity risk
financials overview within insurers

Ghana: The Regulator’s

Response to IFRS17

5 6 7 8
ESG Transforming the business Digital Endnotes
Sustainability and Climate - Is the future still African? Africa’s insurance industry:
beyond risk to impact and keeping pace in the digital
stakeholder value creation Product range rationalisation: race
the next big thing?
AI in insurance and road to
GenAI enablement

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 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Introduction

The African insurance industry is at a pivotal juncture, The 2023 financial results of South Africa’s largest insurers highlight products with Sustainable Development Goals (SDGs) and innovating
shaped by evolving economic conditions, regulatory the industry’s resilience amid economic challenges. These groups, for inclusion and resilience, insurers can transform challenges into
transformations, and rapid technological advancements. representing over 80% of the market, navigated a tough environment opportunities. This shift not only enhances societal impact but also
marked by high interest rates, inflation, and slow GDP growth. The secures long-term viability, positioning the insurance industry as a key
introduction of IFRS 17, with its focus on the Contractual Service Margin agent of change in a more sustainable and equitable future.
The 2024/25 Deloitte Africa (CSM), brought significant changes but did not materially affect insurers’
Insurance Outlook delves into critical capital positions. The industry continued to adapt, expanding into new Furthermore, the implementation of IFRS 17 has significantly changed
markets and leveraging digital platforms to enhance efficiency and financial reporting. Ghana’s National Insurance Commission, for
developments and emerging insurance customer engagement. example, has facilitated this transition through stakeholder training
trends, offering insights from various and the development of various reporting templates for the insurance
A first insight is that liquidity risk management has gained importance, industry. These initiatives ensure compliance and enhance transparency,
regions across the continent. driven by regulatory changes and market volatility. In South Africa, the despite the operational challenges posed by the new standard. Ghana’s
Prudential Authority emphasises robust stress-testing frameworks phased approach eases the burden on insurers, whilst seeking to align
We explore regulatory responses, digital innovations,
tailored for liquidity risk. Effective liquidity management involves local practices with global standards.
market trends, and future outlooks to provide a
comprehensive governance, precise measurement, and timely reporting.
comprehensive view of the industry’s current state and
Insurers are expected to establish contingency plans and design stress We note that rationalising product ranges is critical for achieving
future potential.
scenarios that encompass various market conditions, aligning with operational efficiency. South African insurers face challenges with
global standards to maintain sector stability. legacy products that increase costs and impede strategic initiatives.
Consolidating these products into modern versions can lead to efficiency
As climate catastrophes and economic inequality intensify, the insurance gains and reduced key person risk. Successful rationalisation requires
sector faces a critical juncture. Insurers must transition from traditional careful consideration of customer outcomes, regulatory compliance, and
risk aversion to proactive stakeholder value creation, leveraging their actuarial perspectives, ultimately enhancing competitive advantage.
unique position to drive sustainable development. By aligning financial

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 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Digital transformation is reshaping Africa’s insurance landscape. Insurtech

innovations, such as those by BIMA and Pineapple, leverage mobile technology
to offer affordable insurance solutions. These advancements improve market
penetration and cater to tech-savvy consumers. However, true digital maturity
requires a holistic approach, focusing on a digitally ready workforce and a culture of
continuous innovation.

Generative AI (GenAI) is set to transform Africa’s insurance sector, offering

opportunities for innovation and efficiency. GenAI enables insurers to automate key
processes like underwriting and claims management while personalising product
offerings and expanding market reach. However, the adoption of GenAI brings
challenges, including ethical concerns, data privacy, and regulatory compliance.
With thoughtful integration, GenAI can drive significant growth and innovation in a
highly competitive digital landscape.

Africa’s insurance market has faced serious economic challenges over the past
year. However, the East African insurance market in particular has shown resilience
and growth despite obstacles. Kenya, Tanzania, Uganda, and Ethiopia have varying
degrees of insurance penetration, driven by public awareness and new distribution
channels. Kenya saw a 4% growth in gross written premiums in 2022, while Tanzania
experienced significant life insurance premium growth. The region’s insurers have
shown increased focus on digital transformation and innovative products to meet
diverse customer needs.

Africa’s insurance future is promising. The continent’s youthful and growing

population presents vast market opportunities. Insurtech start-ups use mobile
technologies to offer microinsurance products to underserved segments.
Regulatory bodies promote financial inclusion and innovation, creating a conducive
environment for growth. Ongoing reforms and the adoption of global standards like
IFRS 17 pave the way for a robust insurance sector.

The African insurance industry navigates a complex landscape marked by

regulatory changes, technological advancements, and economic challenges.
Embracing these changes and leveraging emerging opportunities can drive growth,
enhance efficiency, and better serve customers. The future of insurance in Africa
holds immense potential for those willing to innovate and adapt.

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Overview of the 2023 financial and

embedded value results of the largest
insurance groups in South Africa
Setting the scene The 31 December 2023 results presentations by CEOs and CFOs of and slightly kinder investment markets continued into 2023. On
As is customary during the March reporting window, the larger South African domiciled insurance groups profiled in this article set aggregate, the five insurance groups covered in this article reported
insurance groups in South Africa released their annual or half- the scene by referring to the economies in which they operate. Most of profit from continuing operations after tax of R33.7 billion (refer to the
year financial results for the period ended 31 December 2023. this economic context did not make for good reading. Whilst the JSE All- table on the next page).
This article focuses on the themes reported by the five largest Share Index delivered a return of 9.3% over the 12 months to the end
insurance groups in South Africa, referring to their International of December 2023, which helped asset-based fees and shareholder Growth reported on life insurance business
Financial Reporting Standards (IFRS) and embedded value investment returns, the consumer also had to deal with high interest All five insurance groups reported an improvement in new business
(EV) results. These insurers collectively represent more than rates and inflation that limited disposable income. The South African volumes relating to life insurance. Sanlam and Old Mutual, which have
80% of the local industry’s premiums and assets. An analysis Reserve Bank’s Monetary Policy Committee (MPC) increased the substantial operations in Africa and Asia, were able to augment the new
of the results in aggregate is presented, forming an industry repurchase rate (repo rate) to 8.25% at the end of May 2023, where business achieved locally with growth in some of their key territories.
view, rather than commenting on the results of the individual it remained for the year. One has to look back as far as 2009 to see a Similarly, Discovery was able to point to growth in its UK businesses.
insurance groups. period where interest rates were at these levels. The South African
economy grew by a pedestrian 0.6% in 2023, which was down from The higher life insurance business volumes did not always lead to
The authors of this article normally look forward to the release the 1.9% recorded in 2022, and inflation hovered at 6%. All this pointed an increase in Value of New Business (VNB) for all companies. Whilst
of these results as it allows us to identify key themes underlying to customers being under pressure. Understandably, in light of this in most instances the VNB margins are comparable with those of
the industry’s performance. This year, though, had the added operating environment, insurers are nervous of a deterioration in lapse the previous year, in some instances insurers reported lower VNB
complexity and excitement of the first-time publication of the rates as well as planned new business volumes not coming to fruition. margins than the year before. We unpack the underlying trends in the
insurers’ financial results under IFRS 17. We know that openly discussion below on the movement in EV.
admitting to being excited about financial results prepared Nonetheless, as the South African insurance industry has proven time
in terms of IFRS 17 squarely puts us in the “nerd category”. and again, it does find a way to navigate these choppy seas. The theme
Nonetheless, it is a badge that we wear with pride. It is not we reported on for 2022 that the industry was restoring its profitability
every day that an accounting standard that took 20 years to post the pandemic through digital enablement, operational efficiency,
implement comes to fruition. More on that later in the article.

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Growth reported by the non-life insurers Overview of the industry results reported under IFRS 17
Premiums reported by non-life insurers in South Africa Three of the five insurance groups referenced in this article have 31 December year ends, and two have 30 June year ends. For the
exceeded R207 billion, solid growth of 13% from 2022’s latter two groups, their 2023 interim results and historic announcements were used to prepare pro-forma IFRS results for the 12-month
R183 billion. These amounts were extracted from the period ended 31 December 2023. The table below summarises the IFRS results for the five insurance groups on the basis described.
South African Reserve Bank (SARB) statistics for the The “total” or “aggregated” calculations are the sum of the five insurance groups. Comparative information is not presented as it was not
12 months ended 31 December 2023 for all the non-life available for all insurance groups.
insurers (primary, cell captive, and captive insurers). Momentum Liberty
When viewed against the sum of the country’s growth Old Mutual Sanlam Metropolitan Group Discovery
in Gross Domestic Product (GDP) and Consumer Price Rand million Limited Limited Holdings Limited Limited Limited Total
Inflation (CPI) during the same period at 6.5% this is a Extracts from the consolidated statement of financial position at 31 December 2023
healthy increase. Insurers or divisions that reported
Total Assets 1 156 582 990 452 661 328 453 258 261 924 3 523 544
notable growth included Old Mutual Insure (17%) and
Guardrisk Insurance (22%). In the case of Old Mutual Total liabilities -1 098 007 -893 547 -631 940 -436 844 -209 718 -3 270 056
Insure, the growth reported takes account of recent Equity 58 575 96 905 29 388 16 414 52 206 253 488
acquisitions of subsidiaries that were consolidated for
the first time.
Extracts from the consolidated statement of profit or loss for the 12 months ended 31 December 2023
Profit/(loss) before tax from continuing operations 13 966 20 682 8 235 4 921 9 324 57 128
Whilst at face value this is good news, the message is
more nuanced: Tax 6 333 7 079 -5 030 -2 455 -2 553 -23 450
Profit/(loss) after tax from continuing operations 7 633 13 603 3 205 2 466 6 771 33 678
• Catastrophe losses have been elevated in the
past decade due to high-loss events from storms
and floods. The same SARB statistics show that The financial results in the table above were compiled from the insurance groups’ first financial reporting using IFRS 17 as their basis
reinsurance premiums also increased by 12% to of preparation for insurance contracts. Over the past four to five years, the groups have deployed project teams that interpreted the
R70 billion in 2023. Reinsurance premiums for the requirements of the standard and developed the data and system and processing requirements that facilitated the measurement
industry in aggregate form about a third of gross models required by the standard.
premiums. A sizeable portion of the growth in gross
premiums did not flow to shareholders but funded The standard requires reporters to restate their equity (net asset value) position at a date one year prior to the implementation date
the higher cost of reinsurance. using methods that approximate the requirements of the standard as if it had always been applied. It is no surprise that with the
implementation of IFRS 17 there is no consistency in the transition adjustments by reporter. The impact varies by type of insurance
• Not all parts the non-life market experienced the contract as well as how insurers previously set up, and then released, margins for uncertainty in their actuarial provisions. Put another
same growth. Some insurers reported muted way – the impact of the change to IFRS 17 on the net asset value was as much to do with the accounting policies elected under IFRS 4
growth in their direct personal lines portfolios due (the standard that IFRS 17 replaced) as the requirements of the new standard. The table below shows the IFRS 17 transition impact by
to consumers being under financial pressure. In insurance group.
contrast, certain speciality insurance divisions and
Momentum Liberty
niche risk underwriters were able to rerate policies
Old Mutual Sanlam Metropolitan Group Discovery
to recoup past losses. It therefore remains important Limited Limited Holdings Limited Limited Limited
to understand the types of risks underwritten by Rand million 31 Dec 21 31 Dec 21 30 Jun 22 31 Dec 21 30 Jun 22 Total
an insurer to benchmark its volume metrics and
Impact of IFRS 17 restatement
profitability against the industry.
Equity as previously reported 65 301 82 896 24 942 14 683 53 555 241 377
IFRS 17 transition adjustment, net of tax -4 463 13 638 3 084 -1 800 -12 570 -2 111
Other - - - - -163 -163
Equity after the restatements 60 838 96 534 28 026 12 883 40 822 239 103

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On an aggregated basis, the reduction in equity of R2.1 billion is less than 1% of equity. A take-away is that Another notable observation is that for some of its long-boundary portfolios, Discovery Limited made an
the industry’s capital position under an IFRS reporting basis did not change materially, which should also accounting policy choice per the standard to disaggregate its insurance finance income or expenses (mostly
be good news for the prudential regulator. changes in the time value of money) between profit or loss and Other Comprehensive Income (OCI). In its
investor presentation, Discovery highlights that, for them, the use of the OCI option removes the volatility from
A key feature of the new reporting standard is the introduction of a profit deferral liability on each book changes in economic assumptions in profit or loss. For the 12 months ended 31 December 2023, Discovery
of business, for longer duration contracts.. This is referred to as the Contractual Service Margin (CSM). included insurance finance income or expenses of R1 153 million (expense) in OCI before taxation.
The CSM represents the unearned profit for providing future insurance coverage, and a portion of it is
released into revenue and therefore operating profits each year. Put more simply, it is the expected future Turning to the reporters’ statements of changes in equity, we note that all groups paid dividends. Sanlam and
profit to be earned from in-force insurance contracts. Naturally, shareholders have taken an interest in this Old Mutual also continued with their share buy-back programmes.
disclosure. The table below shows the CSM as reported by the insurance groups at 31 December 2023.
In next year’s article the authors intend to start providing commentary on the movement in the CSM from
Overview of the EV results
one year to the next as this information becomes available.
Earlier in the article we mentioned that the CSM is sometimes compared to Value of In-force business, and some
industry commentators even argue that EV reporting will no longer be relevant after the implementation of
Momentum IFRS17. Nonetheless, EV reporting still offers valuable insights into shareholder value, and based on the extent of
Metropolitan Liberty EV reporting by the insurance groups in 2023, the industry is not yet ready to abandon it. Moreover, we have not
Old Mutual Sanlam Holdings Group Discovery
witnessed any significant changes in the way EV is reported following the introduction of IFRS17. The table below
Rand million Limited Limited Limited Limited Limited Total
shows the analysis of the earnings on EV.
Extracts from the consolidated statement of financial position at 31 December 2023
CSM for contracts not
62 368 29 732 21 448 20 957 48 150 182 655 Aggregated change in EV for the 12 months ending 31 Dec 2023
measured under the PAA
R’millions
300 000
Whilst the CSM is a useful value metric for shareholders, and it has been compared with the Value of In-
290 000
force for covered business reported in EV results, it does come with a health warning. The CSM should be
280 000
seen in the context of: 280 808 280 808 284 764 284 764 285 589 285 589 279 397 268 345
270 000
268 345
• the product mix - reporters with relatively more short boundary business will report a lower CSM. The 260 000
value of future renewals of existing contracts is therefore not captured in the CSM. 251 404 257 838
250 000
251 404
• the approach for determining the risk adjustment that has a consequential impact on the CSM. An 240 000
insurer with a larger risk adjustment due to the insurer applying an increased confidence level will result 230 000
in a lower CSM.
220 000

• interest is accreted to the CSM annually using the historical yield curve at the inception of the group of 210 000
contracts (annual cohort). Yield curves in South Africa are upward sloping with the effect that interest 200 000

EV
Start

VNB

Expected
earnings

Operating
assumption &
model changes

Operational
experience

Economic
assumption
changes

Investment
experience
accreted (expensed) in the later durations of the CSM unwind are more pronounced.

Extraordinary
expenses/
development costs

Dividends, other
capital flows and
transfers
Foreign currency
movements

EV End
Other
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While demographic experience has improved, resulting in positive shareholder value, the economic Overview of the industry regulatory Solvency Capital results
environment continues to erode this value. Nevertheless, there is still a net positive shareholder value being Insurance groups have continued to report relatively healthy regulatory Solvency Capital Requirement (SCR)
created, and as noted earlier, insurance groups are paying some of this value back to shareholders in the form cover ratios, ranging from 150% to 188%. However, over the past few years, there has been a general trend of
of dividends. decreasing SCR ratios, with some insurance groups lowering their solvency target ranges. In addition, there
appears to be a convergence in SCR cover ratios across the industry in the most recent year, with the range
The insurance groups have experienced a mixed set of results in terms of the VNB sold, as can be seen from narrowing from approximately 150% to 185% in 2021, to around 170% to 180% in 2023.
the graph.
The graph below illustrates the group SCR ratios.
Value of New Business and VNB Margins
for the 12 months ended 31 December 2021, 2022 and 2023 SCR Cover Ratios
3 000 3.50% 210%
181% 184% 188% 178%
2.87% 172% 176% 170% 173%
169% 170%
2.85%
3.00% 160%
2 500 160% 150%
2.72%
2.31% 2.50%
2 000
Rands (millions)

110%

Cover ratio
2.18% 2.00%
1.94%
1 500
1.50% 60%

1 000
1.09% 1.00%
0.60% 10%
0.47%
500 0.50% Liberty Old Mutual MMH Sanlam
0.27% 0.50%

SCR Cover Ratios at 31 Dec 2021 SCR Cover Ratios at 31 Dec 2022 SCR Cover Ratios at 31 Dec 2023
0%
Liberty* Old Mutual MMH Sanlam Discovery**
Discovery has been excluded from the above graph because the Group does not disclose group solvency ratios. However, it is
VBN 12 months to 31 Dec 2021 VBN 12 months to 31 Dec 2021 VBN 12 months to 31 Dec 2021 worth noting that the Discovery Life SCR ratio was 180%.
New Business Margin Dec 2021 New Business Margin Dec 2021 New Business Margin Dec 2021

*The Standard Bank group did not publish Liberty’s VNB margins for 31 December 2023.
**Discovery Group discloses VNB and APE but does not disclose PVNBP. In summary
The 2023 financial year continued to be a period of recovery but with signs of organic growth. “Robust” was a
word favoured by management teams to describe their financial results.
Overall, the industry has witnessed improvements in new business volumes, although in some instances, at
the expense of a lower VNB. Some insurance groups also reported lower VNB margins than the year before Whilst the authors of this article, being from the accounting and actuarial professions, took much delight in
- attributing their lower margins to expense inflation, poorer persistency, and a new business sales mix that analysing how the reporters applied IFRS 17, even we need to acknowledge that the results as reported do not
favours lower margin products. The economic pressures on the consumer and intermediary behaviour tell the full story.
requires insurers to constantly monitor VNB margins and tune the distribution machine when volume and
profit are not aligned. Some insurers with a foothold in the more affluent markets also commented on The industry keeps repositioning itself driven through seeking diversification and scale benefits. Just in the
policyholders reducing their policy benefits in order to manage the affordability of their policies. past year there are clear examples of where the insurance groups in this article bolstered their banking and
healthcare capabilities, acquired smaller insurers for a specific skillset or scale, started distributing products
digitally that better service customers, and further developed joint venture relationships that provide them
access to markets they have not operated in previously. The results of these efforts will be evident in the 2024
results, and beyond.

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East Africa Insurance Overview

The East African insurance sector has been on a rising trajectory, Kenya Uganda
despite macroeconomic and geopolitical challenges in the In Kenya, the insurance industry saw a 4% growth in gross written There has been a consistent upward growth in the Ugandan
region. The region has experienced an increased demand for risk premiums in 2022, reaching $2.5 billion. However, despite this insurance market. In Uganda, both life and general insurance
transfer solutions and insurers are focusing on digital and market growth, the insurance penetration rate slightly dropped from products recorded an average of 21% growth in FY22, driven
operation transformation. The total insurance penetration rate 2.16% to 2.14%. Non-life insurance remains the dominant sector, by the opening up of the economy following the removal of
for the region in 2022 stood at 1.39%, with insurance penetration contributing 54% of the industry’s gross written premiums, with a state-imposed Covid-19 restrictions, and increased insurance
at 2.14% in Kenya, 0.62% in Tanzania, 0.74% in Uganda, and 0.3% growth rate of 3.5%. The life insurance market showed a moderate penetration, propelled in turn by the increased awareness of
in Ethiopia. increase of 4.5%, diverging from the previous year’s substantial insurance protection in times of crisis. The insurance penetration
16.9% growth. The lower growth rate is mainly attributed to the rate grew slightly from 0.7% to 0.73%, indicating an improved
increase in the inflation rate of KSH against the USD. contribution of the insurance industry to the economy. Despite
non-life insurance dominating, the life insurance sector is
Tanzania experiencing faster and steady growth, averaging 36% of total
Insurance penetration rate Tanzania experienced a 14% increase in gross written premiums, insurance revenue over the last three years.
3.0% reaching $450 million in 2022, with a slight improvement in
insurance penetration rates from 0.58% to 0.62%. Non-life Ethiopia
2.5% insurance dominates, contributing 83.2% of the industry’s gross The insurance industry in Ethiopia is still a very small part of its
2.0% written premiums and showing a 9.27% increase from 2020. The economy. With its gross written premiums of USD 315 million in
growth is attributed to increased public awareness, new distribution 2022, the insurance industry formed only 0.3% of the GDP of the
1.5% channels, and demand-driven insurance products. country. There was a slight drop in gross written premiums from
1.0% 2020 to 2021, resulting from the depreciation of the Ethiopian
In 2022, the life insurance industry experienced a noteworthy 33.9% Birr to the USD, an adverse effect of 2020’s COVID-19 pandemic.
0.5% surge in gross written premiums, maintaining its steady upward However locally, there was a growth in premiums over the period.
0% trajectory since 2015 with a 17.2% compound annual growth rate. As with most African countries, the non-life insurance sector
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 The main driver of this growth has been an increase in premium dominates the overall insurance market in Ethiopia. This sector of
revenue from the group life class of business. This expansion the industry accounted for 93% of the total industry gross written
Tanzania Uganda Kenya was propelled by heightened awareness resulting from various premiums in 2022.
educational and sensitisation programs. Further growth is expected
due to the increasing number of bancassurance agents, who are a
key sale channel for distributing life insurance products.

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efficiency of their operations and developing new products. However,

Insurance Market Composition 2022 responses to the potential role of generative AI in the industry remain Conclusion
mixed. While some anticipate it as a game changer and the future of Insurance companies must navigate the ever-changing
100% landscape of business. The insurance penetration rate has
insurance, others remain cautious, considering it in need of further
90% been on the rise but is still relatively low compared to other
development, or expecting minimal impact.
80%
markets such as southern and northern Africa. The market
70%
In addition, cloud technology has become an important part of is still dominated by non-life insurance to accelerate growth
60% as well as increase penetration insurers must emphasise
modern insurance, given the benefits for data storage. This move
50%
is especially important for the large insurance companies that were data-driven insights, use technology in innovations, adapt
40%
facing issues with enormous data volumes. to the evolving regulatory environment, and employ better
30%
practices by implementing more ESG considerations in their
20%
The regulatory environment businesses.
10%
As of 1 January 2023, the new financial reporting standard for
0%
Kenya Tanzania Uganda
insurance contracts, IFRS 17, has taken effect, replacing IFRS 4. This
financial reporting standard aims to provide a more transparent
Non Life Life and consistent approach to reporting for insurance contracts. The
implementation of IFRS 17 poses some challenges to insurers but also Authors
provides opportunities. This change in the regulatory landscape has
Insurance trends forced insurers to make comprehensive changes to their reporting Charles Luo
There are four pivotal trends impacting the East African insurance practices and to the systems they use to ensure compliance with the Partner, Audit & Assurance:
industry: new standard. Furthermore, governments may revise certain local East Africa Financial Institutions
• Data analytics regulations, necessitating insurers to adapt their business operations Services Team (FIST) Leader
• Technology and innovation in the insurance industry accordingly. Deloitte Africa
• The regulatory environment cluo@deloitte.co.ke
• ESG reporting and climate change impact. ESG reporting and climate change impact
With the increased focus on the effects of business practice on the Timothy Machira
Data analytics environment, insurers must incorporate Environmental, Social and Senior Manager:
Data analytics is becoming one of the cornerstones of the insurance Governance (ESG) factors into their operations. With climate change East Africa Financial Institutions
industry. Advanced analytics enables insurers to harness the vast becoming a particular concern, insurers need to begin actively Services Team (FIST)
amounts of data they have access to and extract valuable insights exploring ways to mitigate risks arising from extreme weather Deloitte Africa
to better inform decision making. With proper investment in and conditions. tmachira@deloitte.co.ke
application of data analytics, insurers will be able to enhance their
operational efficiency and better understand their customers’ needs. In East Africa, some insurance market players have started adopting
more sustainable practices by offering micro-insurance products.
Although there is a clear argument for the implementation of data Over the past five years, the number of insurance and insurtech
analytics in insurance companies, its wholesale adoption comes with companies targeting low-income earners has grown. This trend has
challenges. Currently, the main challenges facing insurers are the poor been boosted by policies like the “Nairobi Declaration of Sustainable
quality of data and the high cost of changing their data management Insurance,” an Africa-wide agreement to develop more sustainable
systems and processes. and accessible insurance products.

Technology and innovation The insurance industry in East Africa must embrace ESG principles
Rapid technological advancements are ushering in a new era in and innovate in response to climate change, ensuring sustainable
the insurance industry. With the constant improvements in and practices and resilient risk management for future stability.
development of artificial intelligence (AI), insurers are improving the

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Ghana: The Regulator’s

Response to IFRS17
The introduction of IFRS 17 – the IASB’s financial reporting standard
Regulatory response in Ghana Implementation deadlines
for insurance contracts – has arguably been one of the biggest
Recognising the significant impact of IFRS 17 on financial reporting, The NIC released an implementation roadmap that included timelines
recent changes to the insurance industry. This is not just true in
the NIC has implemented a series of measures to facilitate a smooth for all streams from submission of vital policy documentation to audited
Ghana, but across the continent and in many global insurance
transition for Ghanaian insurers. The Deutsche Gesellschaft für financial statements fully compliant with IFRS 17. To ease the burden,
markets. In addition to requiring significant accounting policy
Internationale Zusammenarbeit (GIZ) has provided the requisite funding the Commission has considered a phased approach to implementation,
changes, the standard has had a massive impact on actuarial and
to support the NIC in implementing IFRS 17. The following were the key allowing insurers to gradually adopt the new standard. This has reduced
finance processes, and data and technology systems.
NIC initiatives: the impact of the operational changes needed to support the change.

In response to the global implementation of IFRS 17, Ghana’s

Stakeholder training and capacity building Development of IFRS 17 reporting templates and manuals
National Insurance Commission (NIC) has taken proactive steps
The NIC, in partnership with the big four accounting firms in Ghana, The Commission has developed reporting templates for the industry in
to ensure that the country’s insurance sector remains compliant,
organised numerous workshops and training sessions to ensure their supporting manuals, the Illustrative IFRS 17 Financial Statement and
competitive, and financially stable.
that relevant stakeholders are well-versed in the requirements and Supervision Department Reporting (SDR) Templates. These templates
implementation challenges of IFRS 17. These educational initiatives are were issued to enable insurance industry players to report their IFRS 17
When studied carefully, this new standard has one major goal:
crucial in bridging knowledge gaps and equipping insurers with the numbers per the requirement in the standard.
standardisation. Despite obvious implementation challenges, IFRS
necessary skills to adapt to the new standard.
17 is expected to improve the comparability of insurers’ financial
IFRS 17 Industry Guide
reports. Furthermore, the use of IFRS-based metrics as a primary
The participants in these workshops included C-suite executives, board In addition to the training of stakeholders, the NIC has issued an IFRS 17
consideration for regularity standards will have a favorable effect
members, and staff of insurance companies. Other training content Industry Guide, as well as a guide on the estimation of discount rate – a
on overall financial stability.
was developed to build on existing knowledge of IFRS 4 in insurers’ particular complexity given recent challenges in the Ghanaian capital
implementation programmes, as well as the basic principles guiding the markets – to aid industry players in the estimation of their insurance
In order to achieve the goal of comparability of financial
new standard. contract liability. The guide delves into technical aspects such as
performance reporting in the insurance sector, IFRS 17 requires
grouping of insurance contracts, measurement models, discount rates,
significant changes to the measurement models of the insurance
risk adjustment, and expense allocation.
accounting standards.

The Ghanaian regulator, just like many of their counterparts

throughout the world, has responded to this shift in a number of
ways to ensure that they continue to fulfil their regulatory mandate,
despite the difficulties presented by the new standard.

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Industry readiness
The emergence of COVID, the economic downturn resulting from the Russia-Ukraine war, and the Government of Ghana
debt exchange programme have caused Ghanaian insurance companies to be overly relaxed about the implementation
of IFRS 17. However, with NIC support, insurers and reinsurers are navigating the implementation of IFRS 17, despite being
faced with data challenges and implementation costs.

Next steps
The NIC, in collaboration with the Ghana Revenue Authority (GRA), is formulating the tax regime for insurers and reinsurers
on how taxes will be paid based on IFRS 17.

Additionally, the NIC is engaging external stakeholders (like journalists) to provide an understanding of the financial
performance of insurers and reinsurers under the new reporting standard.

The implementation of IFRS 17 will augment and accelerate the NIC’s efforts to institute a risk-based capital (RBC) regime
in Ghana. While IFRS 17 is a global financial reporting standard, we at Deloitte believe it will still form a key component of
the measurement model of local RBC frameworks that are under development. Ghana’s planned RBC regime shares many
common traits with similar regimes such as Solvency II in the European Union (EU) and the Solvency Assessment and
Measurement (SAM) framework in South Africa. As such, regulators implementing RBC frameworks will look to insurers Authors
leveraging the capabilities they have built for financial reporting. This compatibility supports the development of robust
capital adequacy models, enhances regulatory oversight, and ensures that insurers maintain sufficient capital to cover their Kwabena Situ
risks. In turn, this contributes to the overall stability and resilience of the insurance sector. Partner, Assurance:
Financial Services Industry (FSI)
Deputy Leader
Deloitte Africa
Conclusion ksitu@deloitte.com.gh
The regulatory response to IFRS 17 in Ghana is indicative of the sensitive and delicate balancing act regulators must
perform between advancing financial stability, improving transparency, and aiding insurers in their implementation
efforts without undue cost. Hagar Opoku Agyemang
Assistant Manager:
Even though there are still obstacles to overcome, proactive involvement and cooperative efforts from the regulator, Actuarial & Quantitative Solutions
insurers, and other stakeholders are crucial to navigating this new standard and the ever-evolving insurance reporting Deloitte Africa
landscape. tmachira@deloitte.co.ke

2024/25 Africa Insurance Outlook 10

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Navigating liquidity risk

within insurers
Globally, insurance regulators continue to evolve
their oversight and reporting requirements for
Current regulatory backdrop Good liquidity management practices for insurers
The Financial Soundness Standards for Insurers (FSI) are a collection Good liquidity management practices require specific core elements
liquidity risk management practices. Interest
of Prudential Standards published in 2018 to enable the effective tailored to the size and complexity of the insurer. At a basic level, an
rate shocks, such as those observed in the
implementation of the Insurance Act 18 of 2017. Specifically, FSI 6 speaks insurer requires a comprehensive and robust set of governance
United Kingdom in late 2022, have highlighted
to the liquidity risk assessment of an insurer and outlines the calculation processes and controls that encompasses how liquidity risk is
the importance of liquidity risk management
of the Liquidity Shortfall Indicator (LIQ). The LIQ is designed to provide identified, measured, managed within explicit and approved
within insurance companies, especially those
the regulator with an assessment of the potential magnitude of liquidity risk measure limits, and reported to all stakeholders. Reporting
with significant derivative positions and duration
risk that an insurer may be exposed to and that must be disclosed to the requirements should be consistent across all governance documents,
mismatches between assets and liabilities.
Prudential Authority (PA) annually. It does not form part of the Pillar 1 with a minimum set of inclusion requirements. A contingent funding
Managing liquidity risk with the same stress
capital requirements but should be disclosed under Pillar 2 as part of the plan should be included as part of the governance structure. A contingent
testing framework as that of solvency risk and
Own Risk and Solvency Assessment (ORSA). funding plan is the response protocol to liquidity stress events specifying
capital risk is insufficient. Therefore, differentiating
guiding management actions.2
the requirements for stress testing is essential
The LIQ is a vital liquidity monitoring tool, however, its ability to capture
for insurers in developing comprehensive risk
certain risk elements is limited. The forward-looking time horizon of the Stress scenarios should include severe but realistic scenarios spanning
management frameworks.
LIQ is set at 12 months, therefore it does not consider any liquidity gap risk different time horizons. Furthermore, these scenarios should include
shorter than that. This can have significant implications as market stress idiosyncratic stresses, market stresses, and combinations thereof.
events typically happen abruptly. The assumption that all listed assets Liquidity stress scenario design should not rely on those scenarios used
could be liquidated immediately is unrealistic, particularly during periods for capital stress modelling, as capital and solvency measures do not
of severe market disruption. The scenarios used to calculate stressed move in tandem with liquidity risk measures.3 A deep understanding
cashflows for the LIQ are also standardised capital shocks and may not be of asset and liability duration gaps and specific cash flow timing
appropriate for liquidity stress analysis. mismatches is required. Having a clear and granular view of all liquid
assets and all sources of liquidity risk will enhance the level of
In recognition of the importance of liquidity risk management, and understanding required to appropriately manage the asset and liability
to align with global standards, the PA is currently advancing liquidity components of liquidity risk.
risk management requirements and guidance for insurers towards
best practice. PA Guidance Notice 1 of 2022 illustrates liquidity risk
management approaches that should be considered.

2024/25 Africa Insurance Outlook 11

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

The importance of differentiating stress testing for liquidity

The PA, in their Annual Report 2022/234, highlighted how rising interest rates have
ar g in c alls
increased liquidity risk, but have positively affected solvency measures for small to et m
me
o
medium-sized insurers. Margin calls on interest rate derivative hedges or mass policy st

e
surrenders drive the increase in liquidity risk. The contrasting movements in liquidity

al
ts
risk and solvency measures are consistent with the upward shift in the yield curve

se
As
during this period,5 particularly when insurers did not intentionally hedge their liabilities
completely or where the duration of the liabilities exceeds that of the assets. The long
duration convexity implies that liability values decline more than asset values when

Insurance product

mp ac t
Yields push
higher
interest rates rise, strengthening solvency.6 However, this will not result in a cash inflow Liabilities with

nd I
offset against margin calls on derivatives and hence could adversely impact liquidity. future payment
obligations

ou
This highlights the need to differentiate liquidity stresses from those used for capital

dR
and solvency and to tailor these stresses to each insurer’s products and specific risk

n
Market stress event Hedge

co
profile.

Se
– sharp increase in yield curve instruments
– reduced cash and asset decline in
liquidity value causing

Hedge market risk

Breakout Box – increased credit rick significant margin
requirements • Long duration convexity imply
Interest rate shocks and liquidity risk Interest rate liabilities may decline more than
The South African market experienced two notable upward yield curve shocks in derivative hedges assets.
or long bond
December 2015 and March 2020, both causing severe liquidity stress in recent
portfolio Liquidity Stress Circularity • Liability changes does not release
years. Longer-dated bonds lost approximately 7% of market value over three days cash to offset margin calls.
in December 2015 and approximately 15% over 20 days in March 2020,7 illustrating
the magnitude and time scale of these shocks. More recently, in October 2022,
we observed a liquidity stress event play out in the UK pension fund crisis, when Source: Deloitte
the combination of severe interest rate hikes resulted in material margin calls on
interest rate derivatives. To raise cash for posting margin, pension funds liquidated Authors
significant holdings of gilts,8 thereby driving down prices and creating a circularity
of further margin calls. James Henshall-Howard
Associate Director:
Financial Services Advisory
Deloitte Africa
Conclusion jhenshallhoward@deloitte.co.za
Liquidity risk has a real-time dimension, which is reflected by the trend toward
more granular and timeous reporting capabilities, both to management and
Cecile Lotter
regulatory bodies. While the interest rate cycle might have peaked, market stress
Senior Manager:
events may still occur. By ensuring that their liquidity management and reporting
Financial Services Advisory
capabilities are detailed, comprehensive and robust enough to accommodate a
Deloitte Africa
range of complex stress scenarios, insurers safeguard their own interests as well as
celotter@deloitte.co.za
the robust functioning of the market as a whole.

2024/25 Africa Insurance Outlook 12

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Sustainability and Climate - beyond risk

to impact and stakeholder value creation

When faced with the heightening tumult of The toll on the insurance sector from the Durban floods alone, Impact on society and stakeholder value creation
according to the Insurance Council of South Africa, reached billions of
climate catastrophes and economic inequality, Rands, highlighting the economic impact of such climate events. These
The long-term viability of corporates is about delivering value to
stakeholders, beyond monetary returns. Value encompasses concepts
the insurance sector – both long term and short incidents cost the insurance sector dearly – not just in monetary terms, such as job satisfaction, career development and growth, local economic
term – stands at a crossroads between risk but also in the potential shrinkage of insurable items and clientele. development, environmental restoration, economic upliftment, and
This is a worrisome trend, which is impacting both the industry’s profit
aversion and innovation. By shifting the focus margins, and the socio-economic stability insurers aim to uphold. The
access to education. The impact of the insurance industry extends far
beyond its financial products. It is about the peace of mind afforded
from risk management to proactive stakeholder very essence of insurance is to offer a safety net for those blindsided to individuals, the economic stability provided to communities, and
value creation, insurance companies can by unforeseen events. When insurance becomes unattainable, either the capacity-building that comes through employee training and
due to cost or unwillingness to underwrite, individuals bear the brunt development. Insurers have a responsibility to ensure that their actions
transform adversities into avenues for growth and are compelled to dip into personal funds to recover from previously contribute positively to society.
and social upliftment. insurable losses.

Challenges facing the insurance industry Long-term insurers face a different set of challenges. Their focus is on
Short-term insurers are at a pivotal junction as climate-related risks, the performance of investments they hold and the risks that could erode
epidemics, endemic diseases, frail social structure, and sustainability returns: the transition to a new economy, stranded assets, and emerging
are no longer mere buzzwords, but pressing realities shaping both risks technologies.
and opportunities. For example, Malawi has experienced catastrophic
flooding due to heavy rainfalls, while South African provinces Gauteng, Both short-term and long-term insurers need to navigate these
Mpumalanga and KwaZulu-Natal have suffered damaging thunderstorms, treacherous waters, but within the challenges lies a silver lining. If banks
the latter still reeling from the aftermath of social unrest. These natural decline to finance, or insurers refuse to underwrite certain projects,
and human disasters have not only inflicted significant human suffering, the financial services sector is uniquely positioned to effectively
but have also resulted in substantial financial losses for the insurance redirect government and corporate behaviours, steering the course
industry, local economies, economic value chains, and people’s livelihoods. of development to truly sustainable development. Here is where the
unparalleled opportunity for insurers lies: to redefine their role in society.

2024/25 Africa Insurance Outlook 13

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Innovating for inclusion and resilience Managing risks and creating opportunities
Insurance companies should view the changing dynamics as a The rise in natural disasters as a result of climate change has
catalyst for innovation. Rather than narrowing the scope of available raised the spectre of uninsurability. Insurers need to become
financial products, there is a vital need to expand and tailor these more sophisticated in their risk assessment and management
products to meet the evolving needs of society. This is not just about strategies. The use of advanced analytics and climate modelling can
creating new insurance products as such; it’s about forging a new help insurers better understand and price these emerging risks.
path that recognises the interconnectedness of environmental, Moreover, by underwriting innovative products that encourage
social, and economic factors. Businesses need to recognise that risk-reducing behaviours, insurers can create opportunities out of
if society fails, their operations will also fail. It is imperative for challenges.
insurance companies to operate with this understanding. It is only
then that they can function as agents of change, driving corporations For example, insurers can offer premium discounts to homeowners
and government towards sustainable, inclusive, and resilient who invest in weather-resistant home improvements or businesses
practices. that adopt sustainable practices. Such initiatives not only mitigate
risk but also promote societal resilience.
For example, active participation in initiatives such as the Nairobi
Declaration of Sustainable Insurance, as seen with Old Mutual in A sustainable environment enables thriving
South Africa, drives the kind of change that will make markets more businesses
sustainable. South African banks, such as Nedbank and FirstRand, Insurance companies must evolve from a traditional risk-centric view
are also demonstrating leadership by divesting from environmentally Authors
to a broader perspective that encompasses impact and stakeholder
detrimental projects or industries. The insurance industry too is value creation. The industry’s response to heightened risks, such as
gradually moving away from underwriting high-pollution industries, Jayne Mammatt
the increasing frequency of uninsurable events, will define its future
like coal. Partner:
relevance and viability. Insurers that embrace this call to innovate
ESG, Sustainability and Climate Change
will not only secure their own sustainability but will also play a pivotal
But the journey doesn’t end with exclusionary tactics. The real Deloitte Africa
role in the broader economic and social landscape.
opportunity lies in the creative reinvention of financial products that jmammatt@deloitte.co.za
foster inclusivity and resilience and support a “just transition”. For The creation of inclusive, forward-thinking financial products that
example, insurers can introduce products that protect smallholder Lindy Schmaman
address the realities of climate change and social inequality will
farmers against climate variability, thereby securing food sources Associate Director:
pave the way for a more resilient and equitable future. It is through
and livelihoods. They can also develop affordable insurance ESG strategy and Climate Risk Management
this lens that insurance companies must operate, looking beyond
packages that support low-income households in becoming more lschmaman@deloitte.co.za
immediate profits to the long-term sustainability of both their
resilient against disasters, thereby addressing issues of affordability business and the communities they serve. By doing so, insurers
and accessibility. become more than just financial safety nets; they become integral
partners in the journey towards a more sustainable and resilient
Linking insurance products to Sustainable world.
Development Goals (SDGs)
We at Deloitte see successful insurers of the future aligning The insurance sector has the unique potential to not only protect
products with SDGs and contributing to global priorities such as against risks but also to actively shape a better future. By developing
poverty alleviation, clean energy, and climate action. By aligning innovative products, advocating for responsible public policies, and
products with the SDGs, insurers can not only enhance the social investing in sustainable initiatives, insurers can create substantial
impact of their offerings but also open new markets. For instance, value for all stakeholders. As the industry adapts to the changing
microinsurance products designed for low-income populations landscape, it must ensure that it does not simply react to risks but
can support SDG 1 (No Poverty) by providing safety nets against also seizes the opportunities to make a positive impact, fostering an
personal or business losses, while insurance products that environment where economic growth and societal wellbeing go hand
incentivise the installation of renewable energy solutions can in hand.
advance SDG 7 (Affordable and Clean Energy).

2024/25 Africa Insurance Outlook 14

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Is the future of insurance still

African?
Prior to the COVID-19 pandemic, many African insurance Relatively high GDP growth rate
leaders recognised the continent’s attractiveness based on its
relatively high GDP growth, low insurance penetration, rapid 9.00% Regional GDP Growth
population growth, youthful population, and improvements 8.00%
in the regulatory landscape. This encouraged some players to 7.00%
believe that ‘the future of insurance is African’. 6.00%
5.00%
However, the future turned out differently, and African 4.00%
economies currently face a variety of challenges, including 3.00%
lower-than-usual economic growth, increased debt levels, and 2.00%
repayment challenges, exacerbated by the economic impact 1.00%
of COVID-19. These difficulties have led to unstable markets, 0.00%
rising interest rates, and increased food and fuel prices in Advanced East Asia and Europe and Latin America and Middle East and South Asia Sub-Saharan Africa
economies Pacific Central Asia the Caribbean North Africa
many countries.
2021 2022 2023e 2024f 2025f
Globally, there is an increasing trend for businesses Source: https://www.worldbank.org/en/publication/global-economic-prospects
from different sectors to converge. For example,
telecommunications and retail are entering the financial Sub-Saharan Africa continues to experience lower real GDP growth than cuts (‘loadshedding’), poor performance of state-owned entities, and
services sector and offering new insurance products. This is South and East Asia, where growth is driven by India and Bangladesh in the depreciation of the rand against major currencies are some of the drivers
the ideal opportunity for African insurance players to leverage South, and China in the East. of this low growth forecast.
convergence to increase insurance penetration in their
markets. The deceleration of Africa’s real GDP growth can be attributed to various However, sub-Saharan Africa’s real GDP growth remains higher than that
national and global challenges. For example, Nigeria, once dubbed the of Europe and Central Asia. This presents opportunities for sustained
largest African economy, is dependent on the oil and gas sectors, which investments and continued economic growth.
saw slow growth due to declining demand for oil and gas during the
COVID-19 pandemic, and the subsequent downward pressure on oil prices. For example, Kenya’s real GDP growth increased from 5.0% in 2023 to
5.2% in 20249. Unfortunately, the economy remains dependent on the
The International Monetary Fund (IMF) foresees the South African agricultural sector, which was severely impacted by drought.
economy growing by less than 1% in 2024. Factors such as power

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 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Insurance penetration Population and technology

Africa has a relatively low insurance penetration rate, standing at only 1.47% in 2022, well The population of Africa, specifically sub-Saharan Africa, is large, youthful, and growing. The
below the global average of 5.6%10. region is home to over 1.2 billion people, expected to grow to 2.5 billion by 205012. This growth is
attributable to high fertility rates, particularly in Nigeria and Kenya13. Improved access to medical
Insurance penetration rate - 2024
care also contributes to the high population growth. Furthermore, the region is home to a young
South Africa 11.54% population, with 70% of the population below the age of 3014. However, approximately 45% of the
Namibia 7.41% African population aged 15 years and older did not have access to a bank account in year 202115.
In the same year, 46% of sub-Saharan Africa’s population had access to mobile telephones16.
Global Average 6.80%
It is expected that the cell-phone penetration rate will grow to 50% by the end of 2025, further
Mauritius 4.97% increasing the opportunity to insure this population via their mobile devices.
Morocco 4.10%

Botswana 2.46%

Tunisia 2.28% African population size (billion people) from Year 1990 to 2050
Kenya 2.25% 3

Eswatini 2.23%
2.5

Population (Billions)
Zambia 1.32%
2
Zimbabwe
1.5
Nigeria

Source: Fitch Solutions 1

Apart from South Africa, where the insurance penetration rate is at 11.54%, the rest of the 0.5
continent remains relatively untapped. Africa has been attracting several innovative start-up
0
insurance companies aiming to bridge the insurance gap. These start-ups have been leveraging
1990 1996 2001 2006 2011 2016 2021 2026* 2031* 2036* 2041* 2046*
mobile technologies to provide microinsurance solutions to underserved and previously
Year
unreachable customers. They offer affordable, sometimes instant, and accessible insurance
coverage, including life, health, and crop insurance, reaching millions of previously uninsured
Source: Fitch Solutions, UN Medium Projection17
individuals. Examples of start-ups include the following:

• Turaco, a Kenyan insurtech, with additional operations in Uganda and Nigeria, offers tailor-
made and affordable health insurance cover to low-income individuals and families11.

• Pula, an agricultural insurtech in Kenya, leverages partnerships with insurance and

reinsurance companies to offer innovative agricultural (crop and livestock) insurance and
digital products to assist small-scale farmers to withstand yield risks. Their yield index
insurance cover protects farmers against the risk that purchased inputs will result in low yield
due to climate-related perils, including drought, flooding, pests, and diseases.

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 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Traditional insurers explore new ways of doing

The higher population growth and youthful population present Conclusion
a vast market for innovative insurance companies.
insurance
The African insurance market still offers immense opportunities
Acknowledging the necessity to remain competitive amidst emerging
for insurance players, fuelled by the emergence of insurtech and
disruptions from insurtech players and non-insurers entering the
Insurtech start-ups are capitalising on this opportunity and fintech start-ups and coupled with strong population growth and
insurance space, traditional insurers in Africa are undertaking strategic
finding new ways of reaching more customers via mobile low insurance penetration levels. Although the COVID-19 pandemic
measures to adapt so as not to be left behind. Old Mutual, a prominent
technology. For example: may have delayed the anticipated boom in the African insurance
insurance company in South Africa, has made substantial investments
market, it has also highlighted the industry’s resilience and potential
• BIMA, a micro-insurance company servicing low-income in its digital transformational efforts, including revamped online portals
for growth.
customers in Ghana, Kenya, and Tanzania, leverages mobile and mobile apps. Sanlam Group (Africa’s biggest insurance group) has
technology to offer affordable health, life, and personal teamed up with MTN Group (Africa’s biggest mobile network provider)
Innovative insurance players are addressing low insurance
accident insurance cover to over 30 million customers18. to form a strategic alliance to distribute insurance and investment
penetration, leveraging technology to offer tailored products and
BIMA has partnered with mobile money providers, mobile products across Africa20.
enhancing customer experiences.
networks providers, and insurance underwriters.

• Pineapple, a South African-based insurtech, has introduced

Regulators embrace innovation and promote financial Players without an insurance license are increasingly moving into
a peer-to-peer insurance model. By deploying a mobile inclusion the insurance space, competing with existing insurers and providing
app, Pineapple enables users to form groups with friends Regulatory considerations are crucial in shaping a firm’s strategic choices new ways of servicing and reaching customers.
or families, pooling premiums to cover claims. Any surplus around product and partner selection and market entry timing. South
funds at year-end are returned to the members, providing African regulatory authorities, for instance, have been clear about the Regulators are creating supportive environments that promote
transparency in insurance operations, while catering to aim of promoting financial inclusion, innovation, and competition, and innovation and financial inclusion, which could ultimately lead to
younger and tech-savvy consumers. have introduced the relevant reforms. increased insurance penetration.

• Some insurtechs are revolutionising premium payment and The Insurance Act of 2017 introduced a new licensing framework
collection systems, making it easier for customers to pay that allows for the creation of micro-insurers in South Africa. This
insurance premiums via their mobile phones. An example has enabled retailers and telecommunications companies to acquire
is Ayo, a mobile insurance policy available to MTN prepaid or partner with micro-insurers to offer insurance products to their
Authors
customers, providing life and hospital insurance cover19. customers. Non-insurance players in South Africa are also finding their Takalani Sikhavhakhavha
seat at the table through cell captive insurance, where they benefit from Senior Associate Director: AIS
Customer expectations and behaviour are constantly evolving. an insurance license of a cell captive provider, allowing them to focus Deloitte Africa
Retail giants such as Amazon and Takealot have contributed to on their core distribution capability and meeting the needs of their tsikhavhakhavha@deloitte.co.za
shortening the value chain such that customers now expect customers at a reduced cost.
a frictionless engagement providing instant gratification.
Gone are the days where customers would engage with their Governments across Africa are recognising the potential of insurtech
Lauren Lanz
provider multiple times to purchase a single insurance product. and fintech start-ups in driving financial inclusion and economic growth.
Senior Manager: AIS
Furthermore, millennials are more willing to change insurance Regulatory sandboxes and innovation hubs are being established to
Deloitte Africa
providers than older generations if they are not satisfied with foster collaboration between start-ups and established insurance
llanz@deloitte.co.za
the customer engagement process – and competitors are companies. In South Africa, the Financial Sector Conduct Authority
making it easy for them to do so. (FSCA) has launched an innovation hub to support insurtech and fintech
start-ups, facilitating regulatory compliance and fostering industry
partnerships . This helps to create an environment that promotes
increased insurance penetration and encourages innovation by players
in the industry

2024/25 Africa Insurance Outlook 17

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Product range rationalisation:

the next big thing?
From our analysis of the life insurance industry’s Building a legacy What is to be done?
future strategies and past financial performance, Many South African insurers, particularly those who have been in the market Firstly, it is imperative to offer clients, at appropriate terms, opportunities
one theme that cuts across insurers is delivering for a long time, have accumulated a significant number of legacy product to meet their evolving insurance and savings needs through up-to-date
operating efficiency to improve financial lines sold over the last 30 to 40 years. These products are normally closed products. Given the barriers to exiting old products (surrender penalties,
performance. This is crucial for insurers in to new business, have outdated product design and features, and are inabilities to surrender, or the unwillingness to give up the sunk cost
economies struggling to generate customer experiencing increasing diseconomies of scale as the book shrinks. They of already paid premiums) and the entry barriers to new products (re-
growth and where new business margins and are also often administered on older systems and come with associated key underwriting, a significant difference in premium rates or benefit levels),
volumes are under pressure. One aspect that person risk, with fewer people within the company still understanding the policyholders are naturally unwilling to migrate to new product versions,
continues to thwart large-scale operating efficiency product designs and features. Hence, the products demand an increasingly even if the original products no longer meet the evolving client need.
transformations for life insurers is the complexity disproportionate amount of time, effort, systems capabilities, and costs in Therefore, insurers are obliged to act to address these challenges.
of legacy insurance products and the subsequent order to meet customer promises. In certain cases, similar observations
challenges related to the consolidation of the can be made regarding historic reinsurance arrangements, which often are
product back-book. attached to such legacy products. Secondly, from a business perspective, companies can increase efficiencies
by consolidating product lines into newer and more modern versions. These
Insurers are aware that these products are becoming an increasing cost efficiency gains result from, for example, improved economies of scale (as
burden relative to the value they provide to the insurer and the customer several smaller books are consolidated), more efficient processes, fewer
as the book shrinks. The cost burden is not limited to administering the overheads, less key person risk, and less reliance on older systems and
products, but extends to all the insurer’s operations, including financial approaches.
reporting, risk management, and product management. In addition, our
local and global experience shows that maintaining such complexity within
a life insurance product portfolio impacts future strategic projects, such as
systems migration and finance or actuarial process transformations. They
also increase insurers’ customer conduct risk - regulators are increasingly
focussing on ensuring the policyholders are getting fair outcomes. For
example, in the UK, the Financial Conduct Authority (FCA) now requires all
legacy products to comply with the latest conduct requirements, irrespective
of how long ago such products were designed and sold. Product design and
innovation has evolved notably in the last few decades, and insurers need
to ask themselves whether continuing to provide inefficient and outdated
product designs treats customers fairly and still meets their needs.

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 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

The long and winding road

If the case is so obvious, and the benefits to consumers so apparent, Practical considerations in product rationalisation
why has this not been done before at scale across the South African • Defining what a ‘fair outcome’ is and how equivalence
insurance industry? There are several reasons. of products is to be measured. A range of possible
metrics is available, both point in time, and over the
Firstly, companies tend to do nothing. Secondly, a proper rationalisation remaining expected book lifetimes – a clear definition
exercise is not a trivial undertaking. And thirdly, from our experience, of and agreement on these is essential.
older legacy products often have relatively healthy profit margins
locked into them, which insurers are unwilling to give up. Newer, more • Identifying the correct or matching blocks of business
competitively priced product designs, sold in more competitive current to consolidate, not only from an actuarial perspective,
markets, may not be able to match the profit margins, so despite the but also from a systems and customer outcome
burden that legacy products create, there is more focus on keeping the perspective.
margins. • Establishing a clear path and sequencing of
transitioning customers to new or different
Another complexity relates to proving that policyholder promises that products. Can this be done unilaterally, or is consent
were made years ago when such legacy books were sold would still be required? What happens if, for example, 1% of your
met by new product designs (e.g., meeting customer risk and savings policyholders reject the move?
needs by having separate new generation risk and savings products Authors
as opposed to an integrated universal life product offering). Practically, • Measuring the benefit of this exercise against costs Yura Kaliazin
such a streamlining exercise can take many forms. For example, an is not trivial, given that both sides of the equation Senior Associate Director: AIS
insurer can combine different investment portfolios on different have many subjective and unquantifiable factors to Deloitte Africa
investment products, collapse smaller bonus series into larger ones, consider. ykaliazin@deloitte.co.za
replace older products with an appropriate blend of new generation
products, or pay out customers their policy values if no suitable
product replacements can be found. There are also several practical Just do it!
considerations that an insurer would need to weigh. As daunting as the above may sound, none of these
challenges are insurmountable. Insurers in the European
Regulatory involvement, including that of the FSCA, would be essential markets, particularly the UK, have successfully navigated
to this process. The legislative framework for such rationalisations does such exercises, and there are already some South African
not exist, with Section 50 of the Insurance Act, which deals with book success stories from which to learn.
transfers between insurers, the only legislative framework available.
The regulatory requirements in this space are still evolving, including With the increasing pace of change in the life insurance
the finalisation of the Financial Sector Conduct Bill and amendments to space, focus on the customer, and the ability of the products
the Policyholder Protection Rules, both of which are still underway. offered to meet the customer needs fairly, we believe
insurers with large legacy books must consider streamlining
Having a well-articulated rationale for this project, well-defined, specific them and follow Nike’s advice and just do it. Ignoring the
objectives, and clear measures of success is essential. Without a situation will increasingly endanger the company’s ability
planned endpoint, it is difficult to decide which form of rationalisation to swiftly respond to the changing landscape, to remain
to follow (e.g., system merge, product merge, etc.) and how to deal with competitive, and to protect its reputation in the market as a
practical issues. To ensure that everyone tackles the problem from a fair and honest service provider.
common point of view, it is essential to get buy-in from key stakeholders
involved in the process (higher management, product teams,
distribution networks, systems teams, actuarial and finance teams, etc.).

2024/25 Africa Insurance Outlook 19

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Africa’s insurance industry:

keeping pace in the digital race
Where is Africa in the digital race? How are global insurers future-proofing to keep pace? Investing in digital usually means forgoing other priorities, such as
It is well-established that the pace of digital Competing in this evolving digital landscape can be a daunting task, and to avoid expanding offerings or rewarding shareholders. Being trapped in this cycle
change has been rapid and unrelenting. falling behind, many organisations typically prioritise making significant investments requires that additional digital spend continually is justified and the value
Whilst the financial services industry has been in the latest technology or applications in order to be a digital organisation. However, from this spend is demonstrated. The value, however, is not extracted
reacting to the ongoing advancements in without the cross functional flexibility to embrace this technology and use it to shift the without the right workforce. As such, digitally-ready organisations have
emerging digital technology, some sectors have business, operating and customer models, many organisations get trapped in a cycle moved away from asking whether they have the right technology and have
been reacting more quickly and effectively than of implementing new technology without necessarily achieving the desired impact – an started to ask whether they have an engaged digitally ready workforce
others. The pace of digital transformation in illusion of being digital. In a recent assessment of the digital maturity of a range of African who will take advantage of the technology that they have available now.
the insurance industry has lagged other sectors insurers, it was interesting to note that most insurers, on average, are stuck in this illusion,
like banking21. and are not looking at their organisation holistically in their attempts to be digital24. Rather than focusing their efforts on the newest technology or application
and how to implement them, the most digitally forward thinking insurers
With the proportion of smartphone users Range of digital ratings of African insurers surveyed have focused on how they create an environment that is receptive to
projected to grow to 75% in Sub-Saharan Africa change, including the change any new technology may bring. This is the
by 202522, and with digital channels becoming idea of digital readiness – ensuring an organisation is primed and ready
the most popular channels of engagement to adopt emerging technologies and adapt digital processes as they
for African consumers23 the opportunity continually optimise the experiences for their customers, employees, and
for African insurers to leverage digital and other stakeholders.
mobile friendly capabilities to rapidly increase
awareness of the benefits of insurance and These digitally mature organisations are not driven by having the most
create more seamless access and customer advanced application or cutting-edge technology but are obsessed with
engagement is immense. In doing so, African Digitally-ready organisations enabling their organisations to rapidly test and adopt new technologies
insurers can leapfrog the typical market for the purpose of enhancing customer and employee experiences; and
Average player in the market is stuck have intentionally shifted their organisation cultures to be more digitally
penetration trajectories that insurers have
here - an illusion of being digital
experienced in other regions in previous mature.
decades. Range of Digital Maturity Ratings along the Deloitte Digital Readiness Curve among
African insurers 4

Source: Deloitte

2024/25 Africa Insurance Outlook 20

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

A GLOBAL CASE STUDY Why is digital readiness difficult to achieve? Challenge of measuring success
Generali wants ‘a robot for every The primary purpose of embracing digital is to be able to deliver Even under the best circumstances, where leadership teams have
person’ enhanced experiences to stakeholders, most critically, to customers. recognised the need for a shift in culture and ensured stakeholders
Generali, one of the world’s largest insurance In a recent consumer study, 75% of customers of the world’s top are committed to do so, it can be difficult to measure success. The
providers, has recognised the importance of having 100 insurance providers, reported that they encountered issues success of changes in culture are particularly tricky to measure
every employee “think digitally” in their quest in navigating websites and struggled to find the information they objectively as they result in differences in behaviours and attitudes,
to be a truly digital underwriter. As such, their needed when trying to purchase insurance digitally26. This begs the rather than changes in process or financial results. A common
strategy focuses on ‘enabling employees to create question, why are so few insurers achieving a positive customer consequence is that leadership is given too little runway to truly
their own automations’, establishing ‘a robot for outcome when so many are investing in digital? impact culture, as value is usually expected to be demonstrated
every person™’. Automating larger, more complex within each budgeting cycle. Alternative proxy measures should be
processes requires time and significant resources. A failure to recognise that digital transformation requires a introduced, such as number of transactions delivered digitally or
While these initiatives are likely to result in larger holistic view number of digitally-enabled processes.
savings, Generali has focused on smaller, less Instead of creating a culture, that prepares their workforces to
complex and repetitive tasks, where technologies embrace and leverage new technologies, many insurance companies In addition to the aforementioned difficulties, Africa has unique
such as Robotic Process Automation can be still view technology as the key driving force for transformation. overarching challenges, such as relatively inflexible regulatory
implemented quickly and effectively5. As such, this investment has often focused on introducing new systems, which exacerbate the problem. While these present
technology, while not ensuring the organisation is ready to receive it, additional impediments for Africa, there are also unique
To do this, Generali provides training to ensure leading to low adoption rates or processes which are not receptive opportunities available, to make an impact digitally in Africa.
employees have the skills and knowledge needed and suitable for these technologies.
to utilise the technology available to execute on
Unique challenges and opportunities for the African insurance sector4
their task. They piloted this training for interested The inherent difficulty in transforming culture
employees; and then armed with success stories Even when leadership teams have prioritised their investments
Particularly manual, cumbersome
from the pilot they successfully rolled it out across in creating a digitally-ready cultures, changing an incumbent
legacy systems, which makes Significant, growing
the organisation. As a result, Generali has managed culture is not always easy. The fear of change, a lack of buy-in from
integration with new technology difficult mobile penetration
to create a digitally ready workforce by putting the stakeholders or the difficulty to articulate why change is need are
power to transform any part of the business, in ‘the among the most common obstacles. Furthermore, culture change
hands of employees’ at every level25. has to be driven from the top, and a common reason why culture
transformation initiatives fail is due to a lack of ownership by Significant and observable
Designing today’s architecture to support the next leadership. Leaders often fail to or lack the commitment to change Rules-based regulatory
success of other
systems leading Challenges
wave of technology is not practicable, since we their own behaviour. This creates the impression that no one is truly industries converging
to less room from
cannot predict what it will look like in the future. But accountable for change and therefore reduces commitment across Opportunities into financial services,
senior management to
an organisation can foster a culture which values the organisation. creating greater
experiment
approaching new technology with curiosity, flexibility, opportunities to partner
and nimbleness. This is a people-led approach,
which digitally mature businesses are using to
future-proof in these digitally turbulent times. Insufficient awareness Access to virtual/
of benchmarks of what gig-workforce to
good looks like support talent gaps

Source: Deloitte

2024/25 Africa Insurance Outlook 21

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

How are digitally-ready organisations executing on their new digital

initiatives?
Digitally-ready organisations recognise that testing and implementing new technology
usually requires investment and often requires new skills, depending on the scale of the
initiative. Due to the high degree of specialisation of these skills, most of these skills come
at a high cost and are often in short supply. This often makes building solutions in-house
impracticable.

Most digitally-ready organisations utilise a digital ecosystem that they have established
around themselves. Suppliers within these ecosystems perform specialised functions along
the value chain, thereby allowing insurers to access these specialist skills, technologies,
and processes expeditiously and at a fraction of the cost. Furthermore, they can test the
impact and effectiveness of what these supply partners offer in pilot-like environments,
without requiring massive investments or disrupting their core functions. By not designing
all these systems or processes in-house, they also improve the speed of integration of new
technology, and ease some of the burden related to governance and change management.
Authors
This approach focuses an organisation’s workforce on identifying and acting on
opportunities to leverage external capabilities, without the need for in-house expertise. Katlego Thaba
However, it requires a workforce which thinks digitally, spots opportunities to improve the Senior Associate Director: Actuarial and
business using technology, and shows a willingness to experiment with technology. It is Insurance Solutions
a people-led approach, not purely a technology-led approach; one which empowers the kthaba@deloitte.co.za
end-users to identify and enable the most pressing digitalisation opportunities, and one
where IT departments become true enablers of business transformation. Insurers who don’t
recognise the importance of a people-led digital transformation journey and fail to make Lily Xu
significant strides to create a digitally-ready workforce that is quick to adopt and quick to Senior Manager: Actuarial and
adapt to new technologies, run the risk of widening the gap between themselves and the Insurance Solutions
digital leaders in the industry. lxu6@deloitte.co.za

Jodi Christensen
Manager: Actuarial and
Insurance Solutions
jodchristensen@deloitte.co.za

2024/25 Africa Insurance Outlook 22

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

AI in insurance and the road to

generative AI enablement
Industry Challenges AI as an Enabler and forms, such as documents, images, videos, or voice. For example,
The insurance industry is facing turbulent times due to changing Artificial intelligence (AI) is a key enabler for disruption and generative AI-powered chatbots can record and respond to first
customer expectations, regulatory requirements, competitive differentiation in the insurance industry, helping insurers process large notice of loss and give customers real-time information on triage
pressures, and technological innovations. Traditional insurance amounts of data and create value for customers and stakeholders. and repair services, while generative AI models can assess the risk
players are often slow to react to the new demands and Generative AI is a branch of artificial intelligence that can create new and damage of a claim based on the data from sensors, cameras, or
possibilities of the digital era, opening up the playing field to content without explicit programming, such as text, images, audio, drones.
InsurTech startups and Tech incumbents which capitalise on new or video. It can augment human creativity and imagination, enabling
• Enhance product offerings: Generative AI can help insurers
business models and improved customer experiences. higher-order opportunities for the insurance industry, such as new
personalise and customise their products and services, by using
Two key challenges in the insurance industry are the high level services, business models, and improved productivity. Generative AI
data mining and machine learning to understand customer needs,
of manual work and the fraud risk involved in the insurance can help insurers automate repetitive tasks, optimise their processes,
preferences, and behaviour and generate tailored recommendations
processes, such as underwriting, claims, and customer service. enhance their product offerings, generate insights, and expand their
and solutions. For example, generative AI can help insurers design
Manual work is costly, time-consuming, and prone to errors, while market reach, by leveraging the power of large language models (LLMs)
customised group insurance plans and benefits packages for
fraud risk can result in significant losses and reputational damage and other generative AI techniques.
employers or create personalised health tips and financial advice for
for insurers. Meanwhile, the insurance industry is expected to
individual customers.
provide on-demand, personalised digital services to appeal to Use cases of Generative AI for Insurance
their NextGen customers. In this article we will review how the More and more insurance companies are experimenting with • Expand market reach: Generative AI can help insurers identify and
insurance industry can leverage advanced technologies such as generative AI in the insurance value chain. For example, AI and tap into new growth opportunities, by using generative adversarial
generative AI to not only address the above challenges, but also generative AI can be used to identify fraudulent behaviour, make networks (GANs) and other generative AI techniques to create
thrive in a highly competitive market. knowledge accessible in real-time, and improve customer self-service novel and creative content, such as marketing and sales materials,
solutions like biometrics authorisations and chatbots. Here are a few product summaries, or illustrations, that can attract and engage
applications of Generative AI in the insurance industry: potential customers. For example, generative AI can help insurers
create compelling stories and scenarios that showcase the value and
• Automate and optimise processes: Generative AI can help benefits of their products or generate realistic and diverse images of
streamline insurance processes, such as underwriting, claims, and customers that reflect their target segments.
customer service, by using natural language processing (NLP) and
computer vision to analyse and extract data from various sources

2024/25 Africa Insurance Outlook 23

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Regulation: Ethical and responsible use of generative AI

As with any new technology, there are risks associated with the implementation and use of AI. It is
important that organisations are aware of the potential risks and the need for proper oversight and
governance. Some of the risks associated with generative AI can include data privacy and security
concerns, hallucination, and bias and discrimination risk, which can lead to loss of customer trust.
It is imperative that insurance companies are aware of the ethical and regulatory implications of
using generative AI and implement appropriate guardrails and governance mechanisms to ensure
the robustness and reliability of their AI systems. Proper data management practices, transparency,
and collaboration with regulators can also help to mitigate these risks. Some of the best practices
for ethical and responsible use of generative AI are:

• Stay aware of the ongoing legislation and guidance frameworks for compliance, such as the AI EU
Act, the AI regulation proposed by the European Commission, and other applicable data privacy
regulations such as the POPI Act, GDPR and local adaptations such as NDPR in Nigeria.

• Ensure regular surveillance and governance of AI systems, both internally and with vendors,
by using tools and methods such as auditing, testing, monitoring, and reporting, to ensure the
quality, accuracy, and fairness of the AI outputs.
Authors
• Be transparent and accountable to customers, by providing clear and understandable
Jania Okwechime
information about the use and purpose of generative AI, the data sources and methods used, and
Partner:
the potential risks and benefits involved, and by allowing customers to opt-in or opt-out of the AI
Africa AI & Data Leader
services, or to challenge and appeal the AI decisions.
Deloitte Africa
• Carry out regular training throughout the organisation on generative AI use. Educate and jokwechime@deloitte.com.ng
empower employees, agents, and partners on the potential and risks of generative AI, by
providing them with the necessary skills and tools to use generative AI effectively and responsibly.

At Deloitte, we have developed our Trustworthy AITM Framework which guides organisations to
mitigate such risks. The framework defines specific governance requirements and states that any
AI solutions should be developed based on the following six pillars, whereby AI should be Private,
Transparent & Explainable, Fair & Impartial, Responsible, Accountable, Robust & Reliable, and Safe
& Secure.

Generative AI as a game changer for insurance

Generative AI has the potential to transform the insurance industry, providing numerous
opportunities for improved efficiency, customer satisfaction, and competitive advantage. However,
it is important for insurers to approach the implementation of AI with caution, taking into account
the potential risks and challenges. By embracing generative AI with a clear strategy and in a
responsible manner, insurers can position themselves for long-term success in the dynamic and
competitive insurance landscape.

2024/25 Africa Insurance Outlook 24

 Introduction Results matter Regional insurance view Regulation ESG Transforming the business Digital Endnotes

Endnotes
1
Liquidity within the Life Insurance industry, Deloitte South Africa, 2021, https://www.deloitte.com/za/ 16
Account ownership at a financial institution or with a mobile-money-service provider, secondary
en/Industries/financial-services/analysis/liquidity-within-the-life-insurance-industry.html. education or more (% of population ages 15+) -
Sub-Saharan Africa | Data (worldbank.org)
2
Guidance on liquidity risk management for insurers, Guidance Note 1 of 2022, Financial Sector
Regulation Act 2017, Prudential Authority (South African Reserve Bank). 17
https://www.gsma.com/solutions-and-impact/connectivity-for-good/mobile-economy/wp-content/
uploads/2022/10/The-Mobile-Economy-Sub-Saharan-Africa-2022-Infographic.pdf
3
Guidance on liquidity risk management for insurers, Guidance Note 1 of 2022, Financial Sector
Regulation Act 2017, Prudential Authority (South African Reserve Bank). 18
https://bimamilvik.com/the-bima-model
4
Prudential Authority Annual Report 2022/2023, South African Reserve Bank 2023. 19
https://momo.mtn.com/insurance/
5
The differential between the R186 (2026 maturity) and the R2040 (2040 maturity) used as a proxy 20
MTN Group and Sanlam announce strategic Insuretech alliance | MTN.com
for the shape of the yield curve (Refinitiv).
Statista (2024) – Insurance industry in Africa
21

6
Life insurance companies – the missing relief from rising interest rates; Bank for International 22
Further Africa (2022) – African countries with the highest number of mobile phones
Settlements Quarterly Review, Bettina Farkas, Ulf Lewrick, Tomas Stastny and Nikola Tarashev,
4 December 2023. 23
Pivotal data (2023) – The State of Customer Experience – chapter 3
7
Refinitiv data, R2030 government bond was used as a proxy. 24
Deloitte (2023) - Digital Maturity Assessment research performed by Deloitte AIS
8
United Kingdom Government Bonds 25
Uipath (2024) – Generali: Building a smart automation ecosystem
9
World Bank. 2024. Global Economic Prospects, January 2024. © Washington, DC: World Bank. 26
Ultmedia (2023) – The Top 100 Global Insurance Companies
http://hdl.handle.net/10986/40715 License: CC BY 3.0 IGO.
10
https://stats.oecd.org/Index.aspx?QueryId=25444
11
Turaco | The inclusive insurance solution for emerging markets.
12
Home - Pula (pula-advisors.com)
13
Africa: total population forecast 2020-2050 | Statista
14
https://www.economist.com/special-report/2020/03/26/africas-population-will-double-by-2050
15
Young People’s Potential, the Key to Africa’s Sustainable Development | Office of the High
Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island
Developing States

2024/25 Africa Insurance Outlook 25

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