Logs of wood float on the Lagos lagoon near the Makoko riverine slum, in Lagos, Nigeria February 27, 2022. REUTERS/Temilade Adelaja JOHANNESBURG, June 9 (Reuters) – The world’s biggest insurers are expanding in Africa, looking to tap growth promised by a rising population and middle class, but climate change could complicate their quest for profits. That is roughly four times the level across Africa, based on African Insurance Organisation estimates for 2019. Other major African banks and insurers including Standard Bank SBKJ.J, Absa ABGJ.J and Sanlam SLMJ.J have also put expanding into African markets at the core of their strategies. Strebel pointed to the importance of innovative products such as parametric insurance, which Scor also said would be key.

Source: The North Africa Journal June 09, 2022 11:56 UTC