Natural catastrophes trigger losses worth 712 million USD in Sub-Saharan Africa

AON Insurance’ latest report stated that 712 million USD is the cost of the natural catastrophes that have occurred since the beginning of 2017 in Sub-Saharan Africa. More than 214 704 claim reports of natural catastrophe events have been submitted in the markets covered by British broker in Ghana, South Africa, Madagascar, Angola, Mozambique, Kenya and Ethiopia.

The same source found that poor insurance penetration rate remains a major issue for the foreign players operating in the region. Nevertheless, analysts seem to be upbeat as to the future improvement of the situation. The rise of the middle class and awareness about the risks incurred will contribute to the development of the market.