“Before the COVID-19 pandemic struck, South Africa’s insurance sector was already dealing with an ongoing economic recession and a ratings downgrade. Things are now looking worse. The pandemic’s negative impact on the insurance-premium pool is expected to be roughly double that of the 2008–09 recession—and the sector will take twice as long to bounce back.”
“The COVID-19 pandemic is primarily a health crisis and a human tragedy, but it also has far-reaching economic ramifications… Our message is clear. Governments, the private sector, and development institutions need to double down on their already proven resolve—and significantly expand existing efforts to safeguard economies and livelihoods across Africa.”
“The number of recorded COVID-19 cases in Africa, at about 15,000 on April 14, is still relatively small, but it is growing fast. The continent has far fewer doctors, hospital beds, and ventilators per capita than any other region. A health crisis of significant proportions looms unless containment measures succeed… On the economic front, the crisis in jobs and livelihoods could be even greater.”
A hub for information, analysis, and the global response to COVID-19’s impact on Africa