Africa – Insurers’ new frontier
An article published on 17 August 2012 on Business Day‘s online forum BDLive outlines some of the challenges facing local insurers as presented by Gerdus Dixon, national head of insurance at KPMG.
These include a wave of regulatory reforms, tough competition and exploitation of new revenue streams via organic and acquisitive growth.
And, even though the industry has remained largely unscathed by the last credit crisis, it will not escape the prospect of tighter and more intrusive regulatory scrutiny, according to Dixon.
Jaco van der Sandt, a director of insurance at KPMG, adds that growth into Africa is no longer an option, but a strategic imperative for insurers, in the same way it has become critical for banks and other consumer-facing companies, such as retailers, to look north.
“Whoever gets there first will reap the benefits (in the future),” he says.
KPMG is a global network of professional services firms that provide audit, tax and advisory services.
To read the full article click here.