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World major insurers target Africa for profits

World major insurers target Africa for profits

THE world's biggest insurers are expanding in Africa, looking to tap growth promised by a rising population and middle class, but climate change could complicate their quest for profits. With Western markets overcrowded, the continent provides a rare chance to grow. In the United States, insurance premiums, including life, and general insurance, make up the equivalent of 12% of economic output or gross domestic product, according to Swiss Re. That is roughly four times the level across Africa, based on African Insurance Organisation estimates for 2019. However, the region faces some of the fastest-warming globally. Temperatures in southern Africa rose…
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