LONDON, Oct. 8, 2026 — Reinsurers across sub-Saharan Africa have maintained strong underwriting performance despite a moderation in market conditions, supported by adequate pricing and stronger capital positions, according to AM Best.
The credit rating agency said in a new market segment report that the region’s reinsurance industry continued to deliver robust underwriting results over the past year, while retaining the potential for further profitable growth.
AM Best said sub-Saharan Africa’s considerable natural-resource base, long-term economic growth prospects and relatively low insurance penetration provide room for reinsurers to expand.
The outlook is nevertheless facing greater uncertainty from geopolitical risks, particularly the continuing conflict in the Middle East.
The impact on individual reinsurers is likely to vary according to their geographic exposure, with business diversification providing an important buffer against regional or market-specific shocks, AM Best said.
“Overall, AM Best-rated reinsurers in the region are expected to remain resilient amid this dynamic risk landscape,” said Naz Botea, a senior financial analyst at AM Best and one of the report’s authors.
That resilience is supported by “good capital buffers that have grown in recent years through robust internal capital generation,” Botea said, alongside increasing geographical diversification of invested assets and revenue.
The report comes as global reinsurance markets move into a more moderate phase following several years of firm pricing and improved underwriting discipline.
For sub-Saharan Africa, AM Best said the underlying growth opportunity remains significant. Rising economic activity, development of natural resources and increasing insurance penetration could support demand for both primary insurance and reinsurance capacity over the longer term.
At the same time, reinsurers face the challenge of managing geopolitical, catastrophe and investment risks across markets with differing economic and regulatory conditions.
AM Best’s assessment forms part of its broader review of the global reinsurance industry, covering major reinsurance groups as well as insurance-linked securities, Lloyd’s, life and annuity, health and regional reinsurance markets.
The report, titled “Sub-Saharan Africa’s Reinsurers Maintain Robust Performance Amid Moderating Market Conditions,” is available through AM Best’s Reinsurance Information Centre.
AM Best is a global credit rating agency and insurance-focused data and analytics provider headquartered in the United States, with operations in more than 100 countries.
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