The insurance sector is made up of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.
As an industry, insurance is regarded as a slow-growing, safe sector for investors. This perception is not as strong as it was in the 1970s and 1980s, but it is still generally true when compared to other financial sectors.
Trends in the African Market
Africa is one of the world’s hot regions for insurance. Steady economic growth in most countries combined with a largely underdeveloped insurance sector have positioned the continent as the second-fastest-growing region for insurance globally after Latin America. Prior to the impact of COVID-19, the insurance market was expected to grow at compound annual growth rates (CAGRs) of 7 percent per annum between 2020 and 2025, nearly twice as fast as North America, over three times that of Europe, and better than Asia’s 6 percent.
The African insurance industry currently holds a valuation of $68 billion as measured by gross written premiums, which the International Risk Management Institute defines as “the total premium (direct and assumed) written by an insurer before deductions for reinsurance and ceding commissions.” In comparison to other emerging markets, Swiss Re reports Latin America and the Caribbean contain a $157 billion insurance market, and Asia (excluding China) occupies a $194 billion insurance market in 2019. Moreover, Africa’s insurance market is highly fragmented and maintains inconsistent distribution among countries
Where Does Summit Recruitment & Search Come In?
Our specialist recruiters have experience within the industry and are fully certified practitioners in Lumina Select, the preferred psychometric tool used by Summit. We have worked with major players in the industry, posting both junior and senior level jobs with individuals who have acted as valuable assets to the organizations. With our history in the field, we have acquired the necessary skills and experience to be able to effectively meet our clients needs. For your recruitment, executive search and head-hunting, get in touch with us today. Call or text +254 707 293 147 or write to us firstname.lastname@example.org