ASR’s CEO, Mikir Shah, recently caught up with Reinsurance News to discuss how (re)insurers like ASR work to help close Africa’s protection gap and reduce the shortage of insurance capacity across the continent.
Mikir highlighted how this substantial shortage of capacity is one of the main hindrances to insurance and reinsurance market growth in Africa, and noted that consistent capacity will be key to the continent’s growth.
Mikir also touched on ASR’s parametric solutions being one of the main tools used to help fuel growth in Africa: “If you want to cover more of the population, more of the continent, more of the businesses, then we have to deliver a different way of insurance. Parametric is that different way. In fact, the take-up of parametric insurance across Africa is substantial. Probably more successful than anywhere else in terms of Continental development.”
He concluded how there are different opportunities in Africa to create more innovative insurance products and styles that allow for corporates to get insurance and be paid quickly.
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