At less than 3%, insurance penetration in Africa is significantly lower compared to other regions globally. Despite this, Africa presents an attractive long-term opportunity for insurers due to the rapid expansion of many of its economies and its youthful demographic profile. According to the African Development Bank, the continent is experiencing significant economic growth, with eleven of the world’s 20 fastest-growing economies expected to be African in 2024. This rapid growth means that as African economies develop, insurance penetration will likely increase alongside incomes, presenting opportunities for underwriters.
Insurers Looking to Capitalise on the African Opportunity, Need to be Strategic
