Africa key driver of global marine insurance sector

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It is no surprise  the world we live in, our economy included, is subjected to unprecedented technological, economic, geopolitical, social, and climatological change. These factors translate in new risks, which are in one way or another affecting the marine insurance sector.

There are opportunities too, we were told during the 2018 Union of Marine Insurance (IUMI) conference. These exist in emerging markets, first and foremost because of economic growth rates in these economies, including African countries, are exceeding global growth rates and those in established markets.

As Lizé Lambrechts, Chief Executive Officer of South African insurance firm Santam, said: “Asia has always been an important marine insurance hotspot, but Africa is growing in terms of importance and opportunities. We see Africa as a very exciting growth area.”

Dieter Berg, head of marine business development at Munich Re, agreed. Whilst Asia will remain a key region, the company is focusing on Sub-Saharan Africa. “Priorities are Nigeria, Kenya and South Africa,” he said, noting that Francophone countries are on the list too.”

Lambrechts and Berg weren’t the only ones expressing their optimism in Africa. Find out more in one of our most recent stories.  READ MORE