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Malaysian Insurance Highlights 2020

 
Faber Consulting and the African Insurance Organisation launched the Africa Insurance Pulse 2022 at the 48th AIO Conference and General Assembly, held in Nairobi, Kenya, from 25 to 30 June. This year's edition focused on "Climate Change and its Impact on the African Insurance Sector".

According to the study, Africa is particularly vulnerable to the effects of climate change due to its exposure to extreme weather conditions, low adaptive capacity and widespread poverty.

For East and West Africa, climate change is projected to reduce GDP per capita growth by about 15% until 2050 due to severe warming. In Northern and Southern Africa, the negative impact of climate change is estimated to knock off 10% and in Central Africa about 5% of GDP growth.

The report, based on interviews with senior executives from insurers, reinsurers and brokers operating in Africa, finds that floods and droughts are the two most common climate risks of the African insurance markets. The frequency of climate risks and the severity of extreme weather events, especially tropical storms and floods are also increasing significantly.

Although awareness of climate change is increasing in Africa, this has not yet translated into a significant increase in insurance demand. While the penetration of commercial insurance to protect businesses from climate change is higher, it remains very low among consumers, due to a combination of affordability, awareness and accessibility.

However, most respondents also see climate change as an opportunity for the insurance industry. Business opportunities are emerging from the rise of renewable energy investment as the continent seeks to move away from its dependence on fossil fuels towards carbon neutrality and capitalise on the fact that Africa has more hours of sunshine than any other region. 

 

Download the 2022 Africa Insurance Pulse

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Africa Insurance Pulse 2022

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Africa Insurance Pulse 2022

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Malaysian Insurance Highlights 2020

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Malaysian Insurance Highlights 2021

Malaysian Insurance Highlights 2020

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AIO Annual Report 2021

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MX Underwriting, Fieldfisher, WindEurope – “Barriers to Wind” market study

Malaysian Insurance Highlights 2020

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2021 ASEAN Insurance Pulse

Malaysian Insurance Highlights 2020

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Africa Insurance Pulse on the "African Continental Free Trade Area (AfCFTA)"

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Faber to take on the role of project coordinator for an ISF insurance project

Malaysian Insurance Highlights 2020

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Malaysian Insurance Highlights 2020

ASEAN Insurance Pulse 2020

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Launch of ASEAN Insurance Pulse 2020

Africa Insurance Pulse 2/2020

Launch of the Africa Insurance Pulse 2/2020

Africa Insurance Pulse 1/2020

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The Africa Insurance Pulse on the digitization of Africa's insurance markets is now available

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CAT risk pooling effective in mitigating climate change-related risks

Symbolbild Faber Consulting / Free Partners

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Faber Consulting announces a partnership with Free Partners

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Dr. Schanz, Alms & Company is now called Faber Consulting!

New partner Simone Lauper

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Kai-Uwe Schanz leaves Dr. Schanz, Alms & Company and Simone Lauper joins as partner

ASEAN Insurance Pulse 2019

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FAIR conference 2019, launch of the Africa Reinsurance Pulse 2019 and of the ASEAN Insurance Pulse 2019

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Axa XL Agricultural Insurance Survey 2018

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Size versus diversity in reinsurance - An empirical study of the European market

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The African Insurance Regulation Directory

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GCC Insurance Barometer (No.1)

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GCC Reinsurance Barometer (No.2)

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GCC Reinsurance Barometer (No.1)