Continental Re [4] has organized the 7th edition of the CEO Summit in October 2022. The event, held in Marrakech, Morocco, brought together 70 economic leaders.
For this occasion, the pan-African reinsurer conducted a survey among key insurance partners to assess the risks facing the African economy.
According to the study, 45% of respondents consider financial risks, including inflation and currency depreciation, as the biggest concern for the 54 African economies.
The need to adapt to climate change came second on the CEOs' list of concerns.
The study found that Nigeria, South Africa and Zimbabwe were the countries most vulnerable to these threats.
Among the other challenges that were identified were the impact of the Russian-Ukrainian war, food security, rising energy costs, the lack of an appropriate regulatory framework and the high dependence on external economic factors.
In terms of opportunities, the CEOs believe that the insurance market is capable of assessing risks more effectively and moving towards the development of new products tailored to customer needs.
The insurance sector is a key driver of the African economy. A total of 63% of respondents expect insurance business to expand by 2023, particularly in Kenya, Botswana, Ghana and Rwanda.
For every risk, there is a business opportunity," said Lawrence Nazare, Group Managing Director. The insurance sector, which is often seen as a reflection of the economy, is well versed in risk assessment and, given its role as the oil in the engine of our economies, is a reliable predictor of future events.