African policymakers and industry leaders have raised concern over a growing insurance gap across the continent, calling for urgent reforms to strengthen financial resilience and shield economies from escalating risks.
At the ZEP-RE Annual Meetings 2026, held on Monday in Kigali and organised by ZEP-RE (PTA Reinsurance Company), a specialised institution of Common Market for Eastern and Southern Africa, stakeholders warned that millions remain exposed to shocks ranging from natural disasters to economic disruptions.
Rwanda’s Finance Minister, Yusuf Murangwa, noted that insurance penetration in Africa stands at just 2.7 per cent, far below the global average of 7 per cent, leaving vast populations vulnerable to financial ruin in times of crisis. He stressed the need for enabling policies, regulatory alignment and stronger financial inclusion.
Hope Murera highlighted the importance of strengthening risk financing mechanisms, warning that disaster recovery is often debt-financed, placing strain on public finances.
Meanwhile, Simon Chikumbu called for deeper collaboration among governments, regulators and industry players to expand coverage, while Soraya Hakuziyaremye emphasised that over 80 per cent of catastrophe-related losses in Africa remain uninsured.
The meeting, which runs through Tuesday, has convened senior officials, regulators and private sector actors to explore solutions, including disaster risk financing, protection of public assets and inclusive insurance, as the continent seeks to reposition insurance as a strategic pillar of economic stability and growth.