Do not consider Africa as a single country:
- 54 countries, 8 regional communities, 4 business languages
- National or regional regulations
- Few insurers operating across multiple countries
Respect insurance regulations:
- Highly regulated markets - Regulation is not static
- Protectionist markets/Domesticated markets
Do not “risk” with non-admitted business:
- Non-admitted insurance is an illegal practice throughout Africa
- Regulators regularly audit insurance programs
A co-ordinated approach is essential:
- All parties to the transaction need to be aware of the requirements of the company and employees
- Include all partners up front and define clear roles and incentives
Do not expect that regulatory requirements & best practice are the same:
- Workmen’s Compensation is compulsory in the majority of markets
- Few countries have minimum requirements for “Any cause” Group Life Benefits
- Social insurance benefits are often confused with Pension, Group Life and Workmen’s Compensation
- In the majority of cases social insurance programs offer inferior or inadequate benefits
- Best practice is more market practice
Refine your health insurance strategy:
- A comprehensive Health Plan does not result in comprehensive coverage or care
- Administration & control is limited
- Evacuation benefits are essential
Do not expect “insurance science”:
- Little or no statistics exist at the moment
- There is almost no mortality, morbidity or health tables in Africa
- Claims experience is scarce
- Mortality, Aids, Accidents & access to Healthcare drive differences in cost
In collaboration with Hollard Life Insurance