WEF Africa 2015: financial resilience key to sustaining Africa's transformation
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Keeping the momentum of growth through measures such as risk prevention and mitigation, infrastructure investment and more main topics.
The first WEF summit was held in Africa in 1990. At WEF Africa 2015, more than one-thousand world leaders are gathering in Cape Town to review the remarkable progress the continent has made over the last 25 years. Even more importantly, they will discuss how the momentum can be sustained.
Climate change is increasing the risks of drought and flood in particular, threatening health, livelihoods and food security across the region. The recent outbreak of Ebola pointed out the very real risk of pandemic. Without deliberate risk prevention and mitigation, Africa's economic and social development gains can be wiped out in a moment.
Although insurance penetration has been growing, Africa still has a huge protection gap. Improving insurance penetration can mitigate the impact of economic shocks and even make growth more robust following a disaster or weather-related event.
Infrastructure still lagging
Investments in infrastructure also help to build resilience and sustain growth. According to the World Bank, Africa needs to double current rates of investment to about USD 93 billion per year over the next decade. Insurers can play a key role – especially if infrastructure investment can be treated as a separate asset class, as Swiss Re advocates.
A long-term partner for the region
Swiss Re has been present in Africa for more than 60 years and is proud to be expanding its footprint further. We work in partnership with governments, insurers, industry and smallholders to improve resilience and sustain growth. We aim to be the leading reinsurer in Africa.