Insurance in the frontier markets ±enya is the most advanced amon ”f the frontier markets… ±enya has the most sohisticated insurance sector and the ŽŽ‘ frontier markets… ut there reuatory framework… and aso the hihest eve of insurance enetration‡ In the are initiatives to increase insurance other countries… awareness of the imortance of insurance for economic and socia enetration esewhere in the reion‡ roress is rowin… and overnments and reuators are increasin their efforts to foster rowth of an effective insurance industry‡ ”ne area of activity is eimination of maractices… such as non†ayment of eitimate caims… eiminatin fake insurance oicies/comanies… and the enforcement of a “cash and carry” rincie an insurer may ony issue a oicy after he has received the remium ayment„‡ In the western 14 reion of ŽŽ‘… the Inter†‘frican Œonference on Insurance ˜arkets ŒI˜‘„ … a suranationa oranisation… has een drivin this trend‡ ‘t the same time… imroved reuation and suervision shoud eventuay ead to industry consoidation and stroner caitaisation… which in turn wi aso increase consumer trust in insurers‡ Table 2 ±ey economic and insurance indicators of ŽŽ‘ countries… 201™ €‚ƒ… €‚ƒ er caita… €‚ƒ rowth ƒouation… Non†ife enetration… ›ife enetration… ˆota enetration… ¥Ž‚ iion ¥Ž‚ 2016–2020—„ miion in of €‚ƒ in of €‚ƒ in of €‚ƒ ‘noa 126 ™0¡ ¡‡’ 2™‡0 0‡’ 0‡02 1‡00 Œote d’Ivoire ¡0 1¡0 6‡¢ 22‡¢ 0‡¢ 0‡¢™ 1‡62 Ethioia ™ ™¡ 6‡™ ’’‡4 0‡™¢ 0‡04 0‡62 €hana ¡’ 1412 6‡0 2¢‡4 0‡™¢ 0‡™1 1‡0¢ ±enya 64 1¡1 6‡2 46‡1 1‡’1 1‡0¢ 2‡’ ˜oŠam išue 22 ¢’4 6‡¢ 2‡0 1‡0™ 0‡1 1‡2¡ Nieria ™02 2¢™¡ ™‡0 12‡2 0‡21 0‡0 0‡2’ Žource: ”xford Economics… Žwiss ‹e Economic ‹esearch Ÿ Œonsutin‡ €o a and reiona insurance comanies ˆhere has een more ˜Ÿ‘ activity in the ŽŽ‘ frontier markets of ate… with Nieria have increased their ace of acšuisitions and ±enya deemed articuary attractive‡ ˜any markets remain hihy framented… in ŽŽ‘‡ rovidin ame scoe for further consoidation‡ ˆhe reion is increasiny attractin uyers from ¦estern Euroe… and aso from northern ‘frica and Žouth ‘frica‡ ˆhe insurance exertise o a and reiona ayers rin into the markets wi he cose some of the human caita ski as sti revaent in certain markets‡ Œommercia risks are the main ine in ‚ue to the imortance of are commercia risks oi and as… enineerin… minin… many ŽŽ‘ markets… with risks often infrastructure construction„ coued with the sma caita ase and ack of rokered and underwritten in the underwritin skis of oca comanies in these sements… much of ŽŽ‘ frontier internationa markets‡ market insurance usiness is rokered and underwritten in the internationa markets‡ €o a reinsurers ay an imortant roe in rovidin know†how‡ ‘ainst this ackdro… many reiona reuators are ookin to uid oca caacity y deveoin rues to utiise avaia e oca re/insurance resources… oo certain risks and enforce comusory cessions to nationa reinsurance comanies‡ 14 ˜em ers: ‰enin… ‰urkina —aso… Œameroon… Œentra ‘frican ‹eu ic… Œomoros… Œono… Œôte d’Ivoire… €a on… Ešuatoria €uinea… €uinea ‰issau since 2002… first non†francohone mem er„… ˜ai… Nier… Ženea… Œhad and ˆoo‡ ŒI˜‘ has reuatory and suervisory authority in the mem er states to reare for a common insurance market‡ Swiss Re sigma No 2/2016
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