More than 92% of all premiums paid to the continent’s insurance firms came from just 10 African countries – six of which surpassed the US$1 billion threshold in non-life premiums. Those countries are Algeria, Angola, Egypt, Kenya, Mauritius, Morocco, Namibia, Nigeria, South Africa and Tunisia.
According to an AFKInsider report, an increase in upper middle-class figures throughout the 10 countries led to more people having the means to afford insurance. In 2014, the continent’s entire insurance market was worth an estimated US$69 billion, a slight fall from the US$72 billion of the year prior.
South Africa – which boasts the continent’s most diversified economy – dominated in both life and non-life premiums, accounting for 87% and 40% respectively. Meanwhile the most populous nation, Nigeria (which has been suffering a fuel and currency crisis since 2014), has experienced a -2.2% decrease in non-life premiums. However, life insurance has continued to grow in line with the GDPs of Algeria, Botswana and Tunisia.
