Pan-African credit rating agency and business information provider, Agusto & Co. Limited, has predicted that the insurance industry will survive the weak macro economy and continue its steady growth in 2023.
According to Agusto & Co, “Initiatives such as the bancassurance model, which would enable insurance operators to partner with the banking industry to deepen their reach in the retail market will also bolster the Industry in our view. The rate hikes for third-party motor insurance and the bullish growth track for micro insurance, takaful insurance and some new entrants in the conventional insurance landscape are also growth drivers for the Industry.
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