Old Mutual, Sanlam top list of Africa’s Top 100 insurers - The Africa Report.com

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The repercussions of the pandemic, along with the trend of major African corporations establishing their own insurance systems, are taking a toll on industry professionals.

With a combined turnover of $47bn in 2022, our top 100 insurers on the continent report a nearly 7% drop in their overall revenues compared to the previous year.

“Only now are we seeing the effects of the Covid crisis on the insurers and reinsurers of the continent,” says Ridha Meftah, partner at EY and expert in financial services. Added to the lack of assignments and sales are the non-renewals of expired contracts signed several years ago, as well as “renegotiations of certain terms, especially those related to fire and life insurance”.However, this doesn’t fully explain these poor results.

Source: News Formal (newsformal.com)

 

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