Insurance in Africa - A view from the top

We caught up with the CEO of Allianz Global Corporate & Specialty, Thusang Mahlangu, to get his thoughts on the opportunities and challenges that insurers and brokers faces over the last 2 years.

Highlighted questions covered:

How has the broker fraternity responded to the challenges in 2021?
What advice do you have for brokers going forward into 2022?
In terms of business lines, segments of the industry, where do you think opportunity is going to come from for the insurance industry?
Has the past two years made any difference to how you look at business in general and business strategy?
With cyber being an evolving risk, in an evolving environment, when it comes to skills with regards to underwriting, assessing claims, and even the skills to assist brokers, do you use local skills? How do you tie up with your global experience?

Highlighted take away points:

Relationships are very important in the industry, it's a people business and the lockdown has hampered innovation and exploring news ideas on a face to face basis.
Clients are looking for brokers to come up with alternative structures, for example, virtual captives, and alternative risk transfer solutions
The cyber market is expected to quadruple to about $20 billion in the next three to five years.
Renewable energy has a large growth opportunities for the market.
Business resilience and business continuity planning should be at the heart of your business.
Employee wellbeing is a critical aspect of a business.