5 African countries with best insurance market

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BEST 5 INSURANCE COMPANIES IN THE UNITED STATES 2022
5 African countries with best insurance market

5 African countries with best insurance market

Insurance markets are financial institutions that buy and sell different Insurance policies to protect the insurer and their businesses against the risk of financial loss.

These insurance markets issue different policies to cover a variety of contingencies such as fire, flood, theft, death, or a break-in. The insurance companies operate by signing people into their policies and asking them to pay premiums based on the probability of they incur a loss.

The insurance companies invest the premiums they receive from their policyholders and reimburse them to them in the case of loss.

SEGMENTS OF THE INSURANCE MARKET

Today’s insurance industry has been segregated into three, are

  • life and health insurance segment;
  • a property/casualty segment; and
  • a financial management segment involving reinsurance and various forms of excess insurance.

IMPORTANCE OF THE INSURANCE MARKET

  • The insurance market ensures that the insured individual or organization is indemnified against any uncertainty.
  • Also, it manages cash flow uncertainty by providing payment for losses when they happen.

AFRICAN COUNTRIES THAT HAVE THE BEST INSURANCE MARKET

Steady economic growth and an undeveloped insurance sector have positioned Africa as the second-fastest-growing region for insurance globally.

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The value of Africa’s insurance industry is estimated to be at $68 billion in terms of GWP and is the eighth largest in the world.

1 . Firstly, SOUTH AFRICA

South Africa leads the African insurance market by generating 70% of the continent’s insurance premium worth $48.3bn. Due to the pandemic, the insurance penetration stood at 2.78% between 2019 and 2020.

However,  it is expected that the South African insurance market will rebound with an expected growth of 4%. The value of assets of all insurance companies in South Africa has grown by 185 billion U.S. dollars since 2002. South Africa has a total of forty non-life insurers, 21 life insurers, and seven reinsurers.

insurance market SOUTH AFRICA
insurance market SOUTH AFRICA

2 . Secondly, KENYA

The insurance market in Kenya has been growing consistently since 2013 with the increase in premium revenue and capital investments. There are 58 insurers and reinsurers in Kenya.

insurance market KENYA
insurance market KENYA

3 . Another is Ghana

Ghana has a total of 52 insurance companies. 29  Non-life, 20 Life, and 3 Reinsurance companies. The insurance penetration stood at 1.05% with a turnover of 759 million USD in 2020.

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insurance market Ghana
insurance market Ghana

4 . Also, Nigeria

Over the last decades, the insurance industry has grown steadily. And this can be shown in the turnover of 1.213 billion USD, the insurance penetration however stood at 0.2%

insurance market Nigeria
insurance market Nigeria

5 . Lastly, EGYPT

In 2020, the total gross written premium of the insurance market in Egypt was worth $2,544.9 million. It is predicted that the market will grow at a CAGR of more than 14% during the period 2021-2025. The insurance market has 25 non-life insurance companies and 16 life companies.

It also involves large regional and global groups namely Misr Insurance, Metlife, Allianz, Axa, GIG, QNB, Canal Suez, Bupa, and Delta.

insurance market Egypt
insurance market Egypt

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