"We anticipate that this year's conference will have participants coming from all over Africa and beyond who will join us physically to exchange ideas, experiences and work together to find solutions for current issues that are affecting the reinsurance and insurance industry on the continent and beyond," says Jean Alain Francis, Chairman of the Local Organising Committee.

Over 500 delegates from Africa and abroad are expected to attend the conference, which Allianz Commercial co-sponsors with Jubilee Allianz Mauritius. The event provides a platform for industry leaders and professionals to connect and explore collaborations. Notable attendees from Allianz Commercial include Allianz Commercial South Africa CEO Thusang Mahlangu, Allianz Commercial Business Development Manager, Senzile Ndlozi, Allianz Commercial Head of Energy & Construction, Robert Ter Morshuizen, and Allianz Commercial Senior Financial Lines Underwriter, Amanda Banfield, who will be engaging with existing and potential business partners.

One of the conference highlights is a panel discussion on the future of Cyber Security/Cybercat, featuring industry experts. Josh Ramnarain, Consultant – Technology, Health Business, and Innovation at Jubilee Allianz Mauritius will share insights alongside Suresh Balakrishnan, CEO Transasiatec, Ruben Veerasamy, Senior Vice President, Equisoft, and Ryan Philips, Group CEO of Afro Asian Insurance. Sesilia Nkoshi, Senior Underwriter from NambiRe will moderate the session.

According to Allianz Risk Barometer, cyber incidents, such as IT outages, ransomware attacks or data breaches, ranked as the most important risk globally for the second year in succession – the first time this has occurred. It also ranked as the top peril in 19 different countries, among them Madagascar, Mauritius, Morocco, France, and the UK. It also ranked as a top three risk in Kenya, Nigeria, South Africa, and Tanzania. It is the risk that small companies (<$250mn annual revenue) are most worried about.

"For many companies, the threat in cyberspace is still higher than ever and cyber insurance claims remain at a high level. Large companies are now used to being targeted and able to repel most attacks. Increasingly, we see more small- and mid-size businesses impacted who often tend to underestimate their exposure. They all need to continuously invest in strengthening their cyber controls," says Shanil Williams, Allianz Commercial Board Member and Chief Underwriting Officer.

According to the Allianz Cyber Center of Competence, the frequency of ransomware attacks remains elevated in 2023, while the average cost of a data breach is at an all-time high at $4.35mn and expected to surpass $5mn in 2023. The conflict in Ukraine and wider geopolitical tensions are heightening the risk of a large-scale cyber-attack by state-sponsored actors. In addition, there is also a growing shortage of cybersecurity professionals, which brings challenges when it comes to improving security.

Crisis communication checklist

To assist businesses in managing cyber incidents, Allianz has prepared a crisis communication checklist, which provides guidance on timely and transparent communication with stakeholders. The checklist, along with further information, can be accessed here.