According to the latest report by IMARC Group, titled "Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the insurance market in Africa size reached US$ 61.1 Billion in 2019. Insurance refers to a policy or contract that wholly or partially protects the insurer from financial losses. It is a form of risk management that may require the policyholder to periodically contribute a fixed sum of money to the insurance company. This policy aids in safeguarding insurers and their family against the risk of a contingent or uncertain loss. It provides a certain amount of money covered by the insurance to the policyholder or the family in case of unforeseeable circumstances. Insurance can also assist customers in borrowing policy loans, the amount of which varies depending upon the surrender value of the policy.
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Africa Insurance Market Trends:
The market is primarily driven by the confluence of numerous factors, such as rapid urbanization and inflating per capita income levels. Various developed markets, including South Africa, have witnessed a significant increase in the sales of premium discretionary items, such as cars, computers and smartphones, that require insurance. Along with this, there has also been an expansion of megacities in the region. The emerging middle class and growing working population are expected to provide a thrust to the market growth further. Moreover, there has been relatively low penetration of insurance products in several African countries. The presence of numerous untapped markets in the region has provided a huge potential for life and non-life insurance products, thereby creating multiple growth opportunities for the key players in the market. Apart from this, there has been an increase in the adoption of client-centric, innovative and technologically advanced insurance policies in the market. This, coupled with the development of the bancassurance model in certain African countries, is providing an impetus to the market growth. Furthermore, the rising collaboration between two or more regulators to decide upon a common framework for future reform is anticipated to create a positive outlook for the market. Also, certain players are leveraging mobile technology and integrating their insurance services with Artificial Intelligence (AI), which is providing an impetus to the market growth. On account of the aforementioned factors, the market is expected to grow at a substantial pace during the forecast period (2020-2025).
- On the basis of the type, the market has been bifurcated into life insurance and non-life insurance (automobile, fire, liability and others).
- On the geographical front, the market has been classified into South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius and Others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include African Life Assurance Limited, The Liberty Holdings Limited, Libya Insurance Company, Misr Insurance Holding Company, Momentum Metropolitan Holdings Limited, Old Mutual Limited Group, Sage Term Life Insurance, Sanlam Life Insurance Limited, Santam Limited, and Société Nationale Des Assurances, SPA.
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