2022: slow growth, but recovery is in sight

Coming off the back of two difficult years for the insurance sector, it was hoped that 2022 would show signs of recovery, as markets around the world stabilised. While that has been the case to a large extent, growth has been slower than anticipated.

Looking back, one of the highlights of the year was undoubtedly the chance to travel abroad again. In October I travelled to Europe for stakeholder meetings, and came to sincerely appreciate in-person engagement, and the fact that there is no substitute for this type of interaction.

Yes, the content of some of these meetings, like the impacts of the energy crisis and rising inflation on global reinsurance, could have just as easily been conveyed through a virtual discussion.

However, the personal connections established and the relationships built during my time abroad could not have been replicated online. There is simply no substitute for the human element, which is so important in a partnership-based industry like ours.

Allowance to travel once again also opened up an opportunity for Reinsurance Solutions to host an international event of our own, and in November we proudly partnered with Swiss Re to hold a market seminar for the African reinsurance sector in Mauritius.

The event was incredibly well received by delegates, who travelled from across the continent to attend this important knowledge-sharing initiative.

The seminar came at a time when the reinsurance industry is facing a steadily hardening market, with inflation and prices across the board increasing. It is becoming more imperative than ever before that we as a sector understand the drivers of price increases, and how we can prepare the market accordingly.

Aside from hearing the views and insights of the expert speakers, the seminar provided the industry with an opportunity to come together and meet new colleagues from the various regions.

From my travels abroad and this recent reinsurance industry gathering it is clear that the sector as a whole is anticipating slower renewals in the year ahead, as reinsurers start to ask tough questions of their insurers and implement stricter requirements.

This is where having a broker comes into its own, enabling insurers and reinsurers to reach agreements that work for both parties. This will become even more important in 2023 if we are to see a recovery in the sector and real, positive growth.

That being said, the team here at RSIS is looking forward to next year, as we continue to innovate and evolve in servicing our growing African client base, and driving the reinsurance sector forward.