Now reading: Understanding the impact of COVID-19 on insurers in Eastern and Southern Africa

The impact of COVID-19 on insurance markets


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 pandemic is likely to have substantive impacts on insurance markets across the continent in both the short and the long term.

At Cenfri, through our RRI programme funded by FSD Africa, we are identifying and tracking the major challenges faced by both insurance regulators and providers from COVID-19 across SSA and the responses to these challenges. Whilst the focus for many insurance market participants is on the immediate challenges and responses, COVID-19 will result in both risks and opportunities over the longer term. In particular, COVID-19 has highlighted many of the pre-existing weaknesses in markets and placed further pressure on these. We are particularly interested in identifying what these are, how the current crisis may affect these and what can be done to both mitigate the risks and take advantage of the opportunities that do arise.

Through a combination of interviews with a range of insurance providers and regulators that between them cover more than 30 countries across the continent, combined with desktop knowledge and pre-existing contextual understanding of many of these markets, we will be sharing a series of articles, notes and presentations that capture the experiences of insurance markets across the continent. We will also be sharing thematic notes that highlight some of the longer-term implications, risks and opportunities that we expect to see resulting from the current crisis.

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

Never waste a crisis – how sub-Saharan African insurers are being affected by, and are responding to, COVID-19
COVID-19 containment and mitigation measures in sub-Saharan Africa (SSA) have restricted the movement of people, [...]
Leading from the front
Why visible and proactive policy leadership matters more than ever for insurance in the wake of COVID-19 [...]
Implications of COVID-19 for the sustainability of insurers in sub-Saharan Africa
Webinar: The impact of COVID-19 on the sustainability of African insurance markets Our resear [...]
Webinar: The impact of COVID-19 on the sustainability of African insurance markets
The COVID-19 health crisis has turned into an  [...]
Staying afloat: The sustainability of insurers
The impact of COVID-19 on SSA insurance markets The COVID-19 health crisis is already turning [...]
The impact of COVID-19 on digitisation in the insurance sector in sub-Saharan Africa
The COVID-19 pandemic has exacerbated a number of existing challenges in the sub-Saharan African (SSA) insurance [...]
Insurers can play a key role in getting societies back to work
In the midst of the COVID-19 crisis, insurance should be a primary mechanism for many people across the world to [...]
The impact of COVID-19 on African insurance markets
Challenges and opportunities for insurance providers and regulators across sub-Saharan Africa  [...]
Insurance in the age of COVID-19: The pandemic highlights the need for a new approach
For the last decade, Cenfri and other development partners have focused our approach to [...]