Despite commodity market instability, Africa remains one of the fastest growing regions in the world with South African organisations focusing their growth strategies beyond borders. Yet these new growth strategies are creating complex new risks for organisations which demands sophisticated crossborder insurance solutions. Compliance is becoming increasingly complex and it is an ongoing challenge to keep pace with regulatory changes. Some 37.9% of respondents in this study say this area of risk is causing them the greatest concern in a multinational setting.
The reality is that the insurance environment is not as interconnected and omogenised from a regulatory perspective as we might wish it to be. With no global standard for insurance regulation or a consistent application of insurance law across borders, a thorough compliance analysis and understanding of local regulations governing insurance and risk is vital.
Our report highlights concerns that African risk managers and insurance buyers are facing, and draws attention to the trend risk managers have towards managing specialist and emerging exposures within a multinational programme structure.
