The East African insurance industry has overall been on an upward trend in the aftermath of the global pandemic. However, the industry faces a variety of macroeconomic and geopolitical challenges that could impact the rate of growth over the short to mid-term. The slower economic growth in East Africa, rising inflation and the ongoing Russia - Ukraine war are just a few issues that executives need to navigate amidst their strategic initiatives. 

Companies that are preparing for the inevitable disruption from the rapidly changing needs and evolution of consumers, as well as the change in ways of working will have significant first mover advantage in capitalising on the opportunities that these trends present. 

The change in the regulatory landscape, including IFRS 17 and ESG standards, have increased the operational burden and cost of compliance. However, this also comes with opportunities – the onerous data requirements form a baseline for insurers to enhance their data & digital transformation strategies.

There are clearly new trends that come with new challenges in 2024 and beyond. It is critical that insurers are positioning themselves to protect their market share and take advantage of new opportunities to grow their businesses.