The Africa insurance market reached a value of US$ 61.1 Billion in 2019. Insurance refers to a contract or a policy that protects the insurer from financial losses. The African region consists of several underdeveloped and developing economies, with the insurance industry remaining largely staggering in terms of growth. However, overall economic growth in the region witnessed over the past decades is steadily creating growth opportunities for the insurance market in the region.
The presence of numerous untapped markets is one of the key factors driving the insurance industry in the African region. However, there are a few developed markets, such as South Africa, which are highly competitive due to the presence of well-capitalized local players. Key players from the global market seek to exploit these untapped regional opportunities, along with exploring ventures in concentrated markets. Furthermore, a significant rise in literacy levels, coupled with the increasing number of educated youths, is creating a positive outlook for the market. An overall improved educational scenario is expected to create significant awareness regarding the associated benefits of insurance, thus creating lucrative opportunities for the market players. Rapid urbanization, emerging middle class, and growing working population, along with improving internet connection and technological advancements, are some of the other factors catalyzing the growth of the insurance sector in the African region. Looking forward, IMARC Group expects the Africa insurance market to grow at a substantial pace during the forecast period 2020-2025.
Market Breakup by Type
Market Breakup by Country
The report has also examined the competitive landscape of the market and some of the key players include African Life Assurance, Liberty Group Limited, Libya Insurance Company, Misr Insurance Company, Momentum Metropolitan Life Limited, Old Mutual Limited, Sage Life Insurance, Sanlam Life Insurance Limited, Santam, and Société Nationale d'Assurance.
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