Africa Insurance Market to Reach US$ 153.9 Billion by 2032, Impelled by Emerging Insurance Sector

March 16, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the Africa insurance market size reached US$ 87.4 Billion in 2023. Insurance is a policy or contract that aids in protecting the insurer from financial losses. It is a form of risk management that is primarily used to hedge against the risk of a contingent or uncertain loss. It includes the equitable transfer of the risk of a loss from one entity to another, in exchange for a premium, and can be thought of as a guarantee to prevent a large, unknown, and potentially catastrophic loss. It protects against property damage, personal injury, death, theft, and legal liability. Besides this, it provides insurance coverage for death, disability, retirement benefits, and medical expenses. Moreover, it is responsible for providing customer service and ensuring that claims are processed in a timely and efficient manner.

Africa Insurance Market Trends:

The emerging insurance sector majorly drives the market in Africa. Along with this, the escalating number of insurance companies providing coverage to rural areas, which often lack access to traditional insurance services, including crop and livestock insurance, property and casualty insurance, and health and life insurance, is a major driving factor. Coupled with this, the rising population levels are propelling the demand for insurance products to protect individuals, families, and businesses from financial loss, further catalyzing the market favorably. As individuals own more assets to protect, they are more likely to purchase insurance products to mitigate any potential risks, thereby bolstering the overall insurance market across the region. In addition, the widespread adoption of insurance policies among the geriatric population as they need life insurance and other long-term care products to help protect their financial security and provide for their family in the event of their death or disability, is significantly supporting the demand. Apart from this, the rising initiatives by several government agencies to provide insurance companies with a steady stream of revenue is acting as another growth-inducing factor. Furthermore, the increasing literacy rate across the region is raising awareness regarding the associated benefits of insurance, thus creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 153.9 Billion by 2032, exhibiting a CAGR of 6.3% during 2024-2032.

Market Summary:

On the basis of the type, the market has been segmented into life insurance and non-life insurance (automobile, fire, liability, and other insurances).
Based on the country, 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 operating in the market. Some of the key 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
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 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
Customization Scope	10% Free Customization
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Africa Insurance Market to Reach US$ 153.9 Billion by 2032, Impelled by Emerging Insurance Sector

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