A 2020 report by McKinsey acknowledged that Africa has become one of the world’s hottest regions for insurance. Resilient economic growth transformed what is a historically underdeveloped landscape into the second fastest-growing insurance market on the planet, trailing slightly behind that of Latin America.
Before the boutade of COVID-19, African insurance was expected to grow at CAGRs of 7 percent per annum between 2020 and 2025, more impressive than Asia’s 6 percent, almost double the pace anticipated in North America and more than thrice that of Europe.
As of 2019, total insurance penetration in Africa stood at 2.78 percent, paltry in comparison to the global average of 7.23 percent. More so, the penetration is substantially uneven, as South Africa bestrides the market with 70 percent of insurance premiums and an overarching worth of USD 48.3 B.
In the post-pandemic reality, insurance is of more essence, begging the need for modernized means of putting the righ...