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Analysis-Warming Africa threatens insurers’ quest for profit

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Reuters UK

By Emma Rumney JOHANNESBURG (Reuters) – 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. H…

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