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We read a lot about the shortage of power that is constraining economies from Nigeria to South Africa and from Zambia to Egypt. Less than 13% of Africa’s trade is with other countries on the continent, constrained by road and rail infrastructure and border crossing issues. There are concerns about insurgencies across North Africa to West Africa and in East Africa. These three examples show that despite the forecasts for strong growth of over 5.5% for Africa ex SA over the next 5 years (by the IMF amongst others) the continent could be growing significantly faster if some of these constraints were removed. Of course key to the continent’s future is to ensure that this growth is both inclusive and sustainable.
NIC Ghana, GIA, Sterling Assurance, GIZ, PwC and many more to gather at the Insurance Penetration West Africa Summit this October in Dubai.
The motor business plays a huge role in the South African short-term insurance industry. According to the most recent statistics available, motor insurance makes up about 45% of the insurance industry’s gross underwritten premium.
What do you believe will be the biggest challenge when the COFI framework is finally implemented?