THE ESSENTIAL REFERENCE IN AFRICAN AFFAIRS
Booking deadline: 2 April 2014 Material deadline: 7 April 2014 Publication date: 21 April 2014
60 May
n°
FRONTLINE
issue – Out 21 April
FOCUS
ETHIOPIA
URBANISATION
Ethiopian Renaissance
Building Africa’s Cities
ETHIOPIA is Africa’s second largest country in terms of population. 8 years of double‐digit growth ended in 2011. ► OVERVIEW Government figures put GDP growth at 9.7% in the 2012‐13 fiscal year. Expansion in the service sector has remained steady at 10% while growth in agriculture and ● Overview: Insurance penetration remains low across Africa. The whole of Africa, with the industry was up to 7.1% and to 18.5% respectively. The government says FDI doubled to $2bn in the financial year notable exception of South Africa, has an 2012‐13, with growing interest from Europe and the US.
ANNUAL DOSSIER
Insurance & Reinsurance
insurance penetration of roughly one per cent. The sector in African countries is at different stages of development and relatively diverse product offering with only 7 countries having a penetration rate exceeding 2 percent. The industry is mostly dominated by the non‐life insurance business, with life insurance at an early stage of development. ● Products & Services: Products that can usefully be developed include health insurance, micro‐insurance, agricultural & Life insurance. The African life insurance industry is one of great potential and contrasts. The South African market generates 90% of Africa’s life insurance income. South Africa has the second highest life insurance penetration in the world after South Korea. ● Reinsurance: Africa’s reinsurance market represented in 2011 a mere 0.8% of the world share in direct premiums compared to 2.8% for Latin America and 10.7% for emerging markets ● Success stories and Interviews with Africa’s key‐players
► ECONOMY Exports were down by 2% to $3.08bn in the 12 months to July 2013, due in part to a slump in coffee prices – despite an increase in volume of 18%. Gold revenues declined by 4% and tantalum by 69% while other minerals increased almost 48%, bringing in $12.4m. Conversely, shipments of leather goods rose by 10% and textiles by 16%. ► SECTOR BY SECTOR analysis
AGRICULTURE EXTRACTIVE INDUSTRIES CONSTRUCTION POWER GENERATION Reykjavik Geothermal announced a plan to spend around $4bn to develop geothermal generating capacity of up to 1,000MW. Drilling on test wells is expected to begin at the start of 2014. Chinese car manufacturer Lifan Group announced plans to move a new assembly plant to Ethiopia, while Swedish fashion retailer H&M expressed an interest in moving some production to the country. The construction of the $4.3bn Grand Ethiopian Renaissance Dam continues. ► PEOPLE TO WATCH Business elite, political heavyweights
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