Sub-Saharan Africa has emerged as a promising global market, with improving economic conditions and a rising consumer class leading to increased foreign investment. GDP in the region will grow at about 5 percent each year for the next 10 years, roughly double
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A.M. Best Co. has estimated crop insurers' gross underwriting losses as of the third quarter of 2012 to be about $15.5 billion, against estimated premium of $11 billion.
Additionally, crop insurers' 2012 net combined ratio, as detailed in a recent Best's Briefing, is projected to reach 107.
However, A.M. Best expects the net impact to insurers, after third-party reinsurance, will not materially affect any insurer's capital position.
According to a release on Dec. 28, data in the Best's Briefing, titled, "As Drought Lingers, Crop Insurers Face Worst Underwriting Results in 25 Years," are derived from the results of an A.M. Best survey of select multiple peril crop insurance writers that represent more than half of the direct premium written in that market, and for nonrespondents, A.M. Best estimates based on market share.
A.M. Best Company is an insurance rating and information source.
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