Page 11 - Continental Reinsurance 2022 Annual Report

09

Chairman’s
Statement

Dear Shareholders and In 2022, Africa's mean real Gross Domestic “Our gross written “
Stakeholders, Product (GDP) growth decelerated to premium grew by
3.8%, attributed to geopolitical tensions, 47% from NGN
I am pleased to present the Chairman's climate change hazards, and the lasting 70.39 billion (USD
Report for 2022, highlighting our impact of the COVID-19 pandemic. 175,132 million) in
commitment to redefining excellence in Tightened global financial circumstances 2021 to NGN103.21
our business. This year has yielded have exacerbated these challenges, billion (USD 242,589
commendable results in the midst of a amplifying domestic debt obligations. million) in 2022. This
dynamic industry landscape. Our success growth underscores
is a result of our unwavering dedication to Despite these external challenges, Africa our ability to capture
innovation, strategic partnerships, and exhibited remarkable resilience in 2022, market opportunities
sustainable growth. The theme of our with all but one nation achieving positive and meet evolving
report, "Redefining Excellence," growth. Prospects remain stable for 2023 client needs.
encapsulates our continuous pursuit of and 2024, with projected GDP growth of
higher standards and committed efforts to around 4%, surpassing global averages.
deliver value to all stakeholders. The top five African economies are
expected to achieve growth exceeding
Market Insights: 5.5%, potentially reclaiming their status as
Significant macroeconomic factors and the world's fastest-growing economies.
trends shaped the African insurance
industry of 2022. These elements have However, optimism must be balanced with
influenced the landscape, as analysis from the anticipation of ongoing global financial
reputable market players shows a notable restrictions, market instability, and supply
shift toward digitalization, customer- chain disruptions. These factors could
centricity, and innovation. strain exchange rates, heighten debt
vulnerabilities, and sustain elevated
Insurers across the continent are moving domestic inflation, particularly impacting
towards embracing technological food and energy security.
advancements to enhance operational
efficiency, boost customer engagement,
and offer personalized solutions. The
increasing global proliferation and
adoption of data analytics, artificial
intelligence, and blockchain technology
will, hopefully, pave the way for more
accurate risk assessment and streamlined
processes on the African continent.

Macro-Economic Insights Shaping the
Industry Landscape:
According to analysts, in the face of
complex global and local challenges,
African economies are navigating a
demanding terrain. Persistent global and
domestic pressures continue to hinder
progress toward macroeconomic stability
and societal well-being. Escalating living
costs, driven by mounting inflation, are
impeding sustained economic resurgence.