Atlas Magazine January 2008

It gets moving!

Even though it is only the first, yet again slim, heralding signs, the information is worth underscoring at least to refute alarmist forecasts according to which the insurance business in Africa is struggling.

To begin with, reassuring news picked up from the magazine Sigma. In 2006, Africa holds the world's highest premium progression rate with 17.5%, leaving Europe, the second continent, far behind with only 7.5% in annual growth.

In 2005, the African continent has already reported a 7.3% growth while the world average rate did not exceed 2.9%.

The second positive element to mention regards the emergence of big insurance groups. After the foundation of Colina, NSIA and others like SUNU, it is now the turn of another association of 21 countries to see the light of day, Globus. The same trend in Egypt where Misr Insurance has become a large-scale holding endowed with 565 million USD in shareholders' equity.

Another sign of improvement on the horizon, the completion of the restructuring process of the insurance sector in Nigeria where the recapitalisation of companies shall undoubtedly send a positive signal to this country's market.

At the start of this New Year, it is legitimate to dream and to believe in better days lying ahead.

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