Cenfri has deep insurance expertise from working with the insurance markets in Africa, Latin America and Asia. Insurance penetration in these markets is often low and we understand the need for responsible market innovation so that insurance fulfils its optimal role in building resilience, supporting business growth, and contributing to broader policy and development objectives.
The breadth of Cenfri’s insurance and resilience work spans diagnostic studies, development of global and regional standards and national regulations, technical assistance and innovation support (to regulators and the private sector), innovation studies, MSME-tailored resilience solutions, improved risk management in response to climate-related events, and definitive work on cell captives.
Our partners include GIZ, Access to Insurance Initiative (A2ii), the UK’s FCDO (formerly DFID), the FSD Africa and other financial sector deepening trusts, the Swiss Capacity Building Fund, FSCA, Hollard, Santam, Old Mutual, AXA, Britam, Generali, the Microinsurance Network, UNCDF, UNDP, The World Bank, IFC, IADB and ADB.
The impact of COVID-19 on SSA insurance markets The COVID-19 health crisis is already turning into an economic crisis that will see a broad range of sectors affected. The IAIS and IMF deem the insurance sector to be relatively resilient as a result of the steps taken in response to
The construction sector – which accounts for 4.5% of GDP in sub-Saharan Africa – forms a critical component of economies, but it faces significant challenges related to shortages of skilled labour, low technology adoption, and payment disputes. Partly supported by digital platforms, digitisation and associated data infrastructure support contractors and
The COVID-19 pandemic has exacerbated a number of existing challenges in the sub-Saharan African (SSA) insurance industry and has placed further pressure on the need to address these challenges. The lack of digitisation across the continent has been strongly highlighted in the last few months, with many insurers’ operations heavily
Though much of the global conversation is, understandably, focused on the COVID-19 pandemic, climate change continues to have devastating effects on communities, businesses and governments around the world. For instance, in 2018 alone, there were 53 climate-related disasters in Africa, which caused economic losses totalling $1.3 billion and insured losses totalling
In the midst of the COVID-19 crisis, insurance should be a primary mechanism for many people across the world to cope. Instead, the limited penetration of insurance products in developing countries has pushed insurance to the periphery. However, all is not lost. Insurers still have a key role to play
Challenges and opportunities for insurance providers and regulators across sub-Saharan Africa The COVID-19 pandemic and accompanying restrictions by many governments across sub-Saharan Africa (SSA) have forced insurance providers, insurance regulators and consumers to rethink how they interact and maintain operations through this period. Furthermore, the economic crisis resulting from the
Health – and the welfare implications of illness – has rarely been more front of mind than in light of the ongoing COVID-19 pandemic As a think tank looking at the role of the financial sector in society, we have been tracking trends in health insurance for a number of
For the last decade, Cenfri and other development partners have focused our approach to insurance development on the welfare implications for individuals and households. This remains valid – insurance plays a critical role in ensuring that people and households have the ability to mitigate unexpected financial shocks, preserve their assets
The rise in climate-related hazards and catastrophic weather increases economic risks for low-income and middle-income countries. While insurance allows for faster recovery from disasters and increases resilience to future disasters, low-income and middle-income countries have large insurance protection gaps. The Insurance Development Forum estimates that USD160 billion of assets are
Egypt’s first hackathon focused on creating an inclusive and tech-enabled insurance sector The Insur;Hack (focusing specifically on insurtech) was a collaborative effort with Promotion of Access to Financial Services for Small and Medium Enterprises (PAFSMA), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Egypt, Financial Regulatory Authority (FRA) of Egypt, Insurance Federation
