Gross domestic product (GDP) growth for the domestic market is forecast at 2.7% and South Africa is the world's 25th largest insurance market. "These facts in isolation amply demonstrate the opportunity in the domestic market, which Chartis intends to take advantage of," says Mike Durek, MD of Chartis SA. The company will draw on its global experience to introduce innovative insurance solutions to cover more risks than ever before - and that's something the company will take further into Africa.
"South Africa represents an ideal market for further investment and development by Chartis, particularly given our focus on data and analytics that we can leverage locally, our in-country talent base and domestic growth projections," says global chief executive officer, Peter Hancock.
In terms of African expansion, the continent's population is expected to exceed two billion by 2050, with 128 million households with discretionary spend by 2030 and a $517 billion financial services market emerging by 2020. "With seven sub-Saharan countries in the global top ten for projected annual GDP growth rates to 2015, these nations, governments, businesses, households and people have and will continue to seek insurance solutions to complement their lifestyles. These are markets that Chartis will target with sustainable insurance solutions," says Hancock.
As it prepares to expand its footprint beyond the offices it already maintains in South Africa, Uganda and Kenya, Hancock explains how Chartis will assure quality. "Our top priorities are to strengthen all aspects of our underwriting, claims management, reserving, and risk management. This underpins the ability to create better products and services for our clients, which in turn, will drive growth," he says.
