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Africa - Strength in diversity

Africa - Strength in diversity

This article provides an overview of the general profitability ratios observed for these twelve insurers as well as some insights into the split of premium volumes by class of business for Kenya and Nigeria.

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africa-strength-in-diversity

This article provides an overview of the general profitability ratios observed for these

twelve insurers as well as some insights into the split of premium volumes by class of business for Kenya and Nigeria. 

 

The average loss ratio of the twelve companies was 41% while the average combined ratio was 79%. This implies an average expense ratio of 38%, reflecting a 14% improvement on the 52% we observed in our prior year survey. The spreading of fixed costs could be a key contributor to this improvement as most of the insurers surveyed experienced real growth in premium volumes during 2019. However, the expense ratio of 38% remains relatively high compared to the average ratio of 26% in the South African market during 2018.

© 2021 KPMG Services Proprietary Limited, a South African company with registration number 1999/012876/07 and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


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