The COVID-19 pandemic has tested the world’s resilience, exposing both its strengths and its weaknesses. This is particularly true for the insurance sector.

Insurers and reinsurers are having to manage pressures on their balance sheet arising from increased claims and decreased investment returns. Simultaneously, the industry is facing a backlash from its clients, particularly businesses, for a perceived evasion of their responsibility to provide support in the face of a major risk event. In some cases, pandemics were explicitly excluded from insurance policies, but the crisis has still resulted in many questioning the relevance of insurance for large systemic risks. Many lessons can be learnt from the pandemic on what the implications and opportunities are for the insurance sector for future large risks.

Our webinar explored how the reinsurance sector has been impacted by COVID-19, what lessons can be learnt for future big risk events and how the sector has a whole can be better prepared for the next crisis.

The webinar was moderated by Thomas Wiechers, FSD Africa, with the following panellists:

• Cassim Hansa, Group Head, Underwriting and Claims, Continental Re
• Lesley Ndlovu, CEO, African Risk Capacity (ARC)
• Mario Wilhelm, Public Sector Solutions, Middle East & Africa, Swiss Re
• Riaan Botes, Chief Actuary, Santam Reinsurance
• Patty Karuaihe-Martin, Managing Director, NamibRe and Board Chairperson, OESAI

This was the fifth and final webinar of our series in partnership with Cenfri, the Organisation of Eastern Africa Insurers (OESAI) and the African Insurance Organisation (AIO) on the impact of COVID-19 on insurance markets in Africa.

This work forms part of the Risk, Remittances and Integrity programme, a partnership between FSD Africa and Cenfri.