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Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The Africa insurance market reached a value of US$ 70 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Africa insurance market, along with forecasts at the regional and country level from 2021-2026. Our report has categorized the market based on type.

Breakup by Type

  • Life Insurance
  • Non-life Insurance
    • Automobile Insurance
    • Fire Insurance
    • Liability Insurance
    • Other Insurance
       

Breakup by Country

  • South Africa
  • Morocco
  • Nigeria
  • Egypt
  • Kenya
  • Algeria
  • Angola
  • Namibia
  • Tunisia
  • Mauritius
  • Others
     

Competitive Landscape:

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.    

Report Coverage:

Report Features Details
Base Year of the Analysis 2020
Historical Period 2015-2020
Forecast Period 2021-2026
Units US$ Billion
Segment Coverage Type, Country
Countries Covered South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius, Others
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License $ 2499
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the Africa insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the Africa insurance market?
  • What is the breakup of the Africa insurance market based on the type?
  • What is the breakup of the Africa non-life insurance market based on the type?
  • What is the breakup of the Africa insurance market based on the country?
  • What are the key driving factors and challenges in the Africa insurance market?
  • What is the structure of the Africa insurance market and who are the key players?
  • What is the degree of competition in the Africa insurance market?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Africa Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19   
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Life Insurance
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Non-Life Insurance
        6.2.1    Market Trends
        6.2.2    Automobile Insurance
            6.2.2.1    Market Trends
            6.2.2.2    Market Forecast
        6.2.3    Fire Insurance
            6.2.3.1    Market Trends
            6.2.3.2    Market Forecast
        6.2.4    Liability Insurance
            6.2.4.1    Market Trends
            6.2.4.2    Market Forecast
        6.2.5    Other Insurance
            6.2.5.1    Market Trends
            6.2.5.2    Market Forecast
        6.2.6    Market Forecast
7    Market Breakup by Country
    7.1    South Africa
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Morocco
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Nigeria
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Egypt
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Kenya
        7.5.1    Market Trends
        7.5.2    Market Forecast
    7.6    Algeria
        7.6.1    Market Trends
        7.6.2    Market Forecast
    7.7    Angola
        7.7.1    Market Trends
        7.7.2    Market Forecast
    7.8    Namibia
        7.8.1    Market Trends
        7.8.2    Market Forecast
    7.9    Tunisia
        7.9.1    Market Trends
        7.9.2    Market Forecast
    7.10    Mauritius
        7.10.1    Market Trends
        7.10.2    Market Forecast
    7.11    Others
        7.11.1    Market Trends
        7.11.2    Market Forecast
8    SWOT Analysis
    8.1    Overview
    8.2    Strengths
    8.3    Weaknesses
    8.4    Opportunities
    8.5    Threats
9    Porters Five Forces Analysis
    9.1    Overview
    9.2    Bargaining Power of Buyers
    9.3    Bargaining Power of Suppliers
    9.4    Degree of Competition
    9.5    Threat of New Entrants
    9.6    Threat of Substitutes
10    Competitive Landscape
    10.1    Market Structure
    10.2    Key Players
    10.3    Profiles of Key Players
        10.3.1    African Life Assurance
        10.3.2    Liberty Group Limited
        10.3.3    Libya Insurance Company
        10.3.4    Misr Insurance Company
        10.3.5    Momentum Metropolitan Life Limited
        10.3.6    Old Mutual Limited
        10.3.7    Sage Life Insurance
        10.3.8    Sanlam Life Insurance Limited
        10.3.9    Santam
        10.3.10    Société Nationale d'Assurance

List of Figures

Figure 1: Africa: Insurance Penetration Rate (in %), by Country, 2020
Figure 2: Africa: Insurance Market: Major Drivers and Challenges
Figure 3: Africa: Insurance Market: Sales Value (in Billion US$), 2015-2020
Figure 4: Africa: Insurance Market: Breakup by Type (in %), 2020
Figure 5: Africa: Insurance Market: Breakup by Country (in %), 2020
Figure 6: Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 7: Africa: Life Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 8: Africa: Life Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 10: Africa: Non-Life Insurance (Automobile) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 11: Africa: Non-Life Insurance (Automobile) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 12: Africa: Non-Life Insurance (Fire) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 14: Africa: Non-Life Insurance (Liability) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 15: Africa: Non-Life Insurance (Liability) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 16: Africa: Non-Life Insurance (Other) Market: Sales Value (in Billion US$), 2015 & 2020
Figure 17: Africa: Non-Life Insurance (Other) Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 18: Africa: Non-Life Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 19: South Africa: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 20: South Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 22: Morocco: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 25: Egypt: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 26: Egypt: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 29: Algeria: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 31: Angola: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 32: Angola: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 33: Namibia: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 34: Namibia: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 37: Mauritius: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 38: Mauritius: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 39: Others: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 41: Africa: Insurance Industry: SWOT Analysis
Figure 42: Africa: Insurance Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Africa: Insurance Market: Key Industry Highlights, 2020 and 2026
Table 2: Africa: Insurance Market Forecast: Breakup by Type (in Billion US$), 2021-2026
Table 3: Africa: Insurance Market Forecast: Breakup by Country (in Billion US$), 2021-2026
Table 4: Africa: Insurance Market Structure
Table 5: Africa: Insurance Market: Key Players

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