Africa

Details

  • Type: Survey report
  • Date: 7/25/2014

Insurance in Africa 

Most African countries lag the rest of the world in terms of insurance. Apart from South Africa, Namibia, and Mauritius, all countries have very low penetration ratios. This implies that there is substantial scope for future development, which in turn offers profitable opportunities for insurers that are willing to take on a relatively high level of risk.
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Companies also need to be innovative, as their success will depend on their ability to devise new ways to approach insurance in a continent where most people are still very poor and not yet convinced of the benefits of insurance. Kenya’s example shows that this can be done: the country is one of the poorest in the world, yet insurance penetration has already reached 3.2%, which is amongst the highest in Africa.

 

KPMG in Africa’s Insurance sector report takes a look at the state of Africa’s insurance market.

 

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