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Competition from foreign reinsurers remains low in sub-Saharan Africa

Posted On: Oct. 4, 2022 9:51 AM CST

A report by U.S.-based A.M. Best Co. Inc. said that while the sub-Saharan Africa's reinsurance market has expanded over the past decade due to high international investments and economic growth, competition from foreign reinsurers remains low, Middle East Insurance Review reported. Barriers to entry in several African reinsurance markets along with significant cultural and fiscal policy differences between countries and expansive geography have hindered the entry of foreign reinsurers in the market.