Low growth in their home market is pushing South African insurers to look north to Kenya, Nigeria and Ghana for expansion, PricewaterhouseCoopers LLP said, citing a biennial survey of 31 industry executives.
Insurers are attracted by the countries’ projections of high economic growth, low insurance takeup and the expectation of increasing demand for policies, PwC said in the survey published in Johannesburg today.
It is against this background that PwC has conducted this survey. Hopefully, PwC’s report will achieve its primary goal: to help industry executives recognise the significance of these changes and use them to shape strategies for the future. The survey includes the views of long-term and short-term insurance CEOs.
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