Best’s News & Research Service - September 20, 2023 08:30 AM (EDT)
Best's Market Segment Report: Underwriting Performance of Sub-Saharan Africa’s Reinsurers Remains Resilient Despite Challenges
- September 20, 2023 08:30 AM (EDT)
London //BestWire// - The declining creditworthiness of many African debt issuers has led to increased asset risk and will test the resilience of the continent’s reinsurers’ balance sheets, according to a new AM Best report.
The Best’s Market Segment Report, “Heightened Macroeconomic Challenges for Sub-Saharan Africa’s Reinsurers While Underwriting Performance Remains Resilient”, is part of AM Best’s look at the global reinsurance industry published as part of its high-profile participation at the Rendez-Vous de Septembre in Monte Carlo. Additional reports, including in-depth looks at the insurance-linked securities, life/annuity, health and other regional reinsurance markets, are also available at Best’s Research.
Despite challenging macroeconomic and political conditions, underwriting results among the region’s reinsurers remain resilient, largely underpinned by a long-standing focus on local risks. However, business tends to be concentrated in some of the largest markets on the continent, giving rise to some concern about risk accumulation.
“Notwithstanding the global economic challenges that persist, AM Best has observed continued positive steps being taken by regulators and other important stakeholders in the region,” said Ben Diaz-Clegg, senior financial analyst, AM Best. “Among others, these developments reinforce expectations that the improving trend in performance is sustainable.”
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=335827 .
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.