What is the structure of the Africa insurance market and who are the key players? Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2020-2025             6.2.5.2    Market Forecast Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2014 & 2019 Sorry, your blog cannot share posts by email. The African Insurance Organisation consists of a General Secretariat, headed by a Secretary General, an Executive Committee, headed by the President and the General Assembly which is the supreme body of the Organisation. Evidence from Kenya, The effect of lockdown policies on international trade: Evidence from Kenya. Notably, North Africa’s market share, second-largest after South Africa’s, is nearly three times larger than all other regions’.             6.2.2.1    Market Trends     8.5    Threats Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2020-2025     2.5    Forecasting Methodology 8    SWOT Analysis Key trends impacting the insurance sector in Africa Many markets in Africa are experiencing a step forward in terms of the sophistication of the insurance market.         2.3.2    Secondary Sources         7.3.2    Market Forecast This projection placed the African insurance market’s growth at approximately twice the rate of North America, more than three times the rate of Europe, and slightly higher than Asia’s 6 percent growth rate. Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2014 & 2019 This annual report monitors global insurance market trends to support a better understanding of the insurance industry's overall performance and health.         7.11.1    Market Trends         7.2.1    Market Trends Post was not sent - check your email addresses! The composition of insurance products by region is also quite heterogeneous, as southern and Anglophone West Africa maintain a roughly even distribution between nonlife and life insurance products; nonlife insurance policies dominate the market in Francophone, North, East Africa, and Angola; and life insurance policies comprise the majority of South Africa’s insurance products. 2021 South African Life Insurance Industry Analysis: State of the Industry, Influencing Factors and Competition Outlook.             6.2.2.1    Market Forecast Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2014 & 2019 An overall improved educational scenario is expected to create significant awareness regarding the associated benefits of insurance, thus creating lucrative opportunities for the market players. Brokers are thought to control about 70% of all insurance premiums in Nigeria To put things into perspective, in a global context, the total African insurance market only accounted for 1.52%* of the global premiums in 2013, at $69.938billion compared to the world total premiums of $4.6 trillion. Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2014 & 2019 Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2020-2025     9.3    Bargaining Power of Suppliers Secretariat: (237) 233 42 01 63 / (237) 233 42 47 58. analysis of major insurers’ results, covering the year ended 31 December 2015.     10.1    Market Structure Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2020-2025 The insurance industry in Africa represents less than one percent of insured catastrophe losses worldwide, although it’s home to almost 17 percent of the global population. Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2020-2025 Total insurance premiums received for the first 6 months of 2018 amounted to R68 442 000 000 (that's right R68.4 billion) was paid in insurance premiums to insurance companies during the first 6 months of South Africa. The rising demand for digital insurance products and solutions has been met by insurance technology innovations, startups, and mobile apps. Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025, Financial Services and Investment Intelligence, World’s largest food event to generate record trade in Feb, Indian Dairy Firms Now Look to Sell Protein Supplements Added Milk, The Business of Health Care December 2016. Guidance for the Brookings community and the public on our response to the coronavirus (COVID-19) », Learn more from Brookings scholars about the global response to coronavirus (COVID-19) ». Email Print Friendly Share. Africa Insurance Market to Witness Steady Growth During 2020-2025, Catalyzed by the Presence of Untapped Markets. Focus on digital and digital enablement of the agent to increase reach and productivity.         6.1.2    Market Forecast     8.3    Weaknesses     7.10    Mauritius Section 4 Africa Insurance Market Segmentation (Region Level) 4.1 Africa Insurance Market Segmentation (Countries Level) 4.1 Nigeria Insurance Market Size and Price Analysis 2014-2017 4.2 South Africa Insurance Market Size and Price Analysis 2014-2017 4.3 Egypt Insurance Market Size and Price Analysis 2014-2017 4.4 Angola Insurance Market Size and Price Analysis 2014-2017 4.5 Morocco Insurance Market Size and Price Analysis 2014-2017 4.6 Sudan Insurance Market Size and Price Analysis …         2.3.1    Primary Sources These platforms aim to simplify, digitalize, and expand the insurance industry to penetrate deeper into the African market. Along with qualitative information, this report include the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market … What has been the impact of COVID-19 on the Africa insurance market?     9.4    Degree of Competition The African region consists of several underdeveloped and developing economies, with the insurance industry remaining largely …         10.3.1    African Life Assurance ATI was originally launched with the technical and financial support from the World Bank Group and has had more recent support from the African Development Bank and the European Investment Bank. Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2020-2025     7.8    Namibia The South African insurance market is supported by a sound regulatory environment, diversified multi-channel distribution and high level of local competition,” Anyetei said. Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2014 & 2019         7.5.1    Market Trends In response, the authors share five strategic considerations that may help insurance companies navigate their journey in Africa’s insurance market: In the end, the authors write that although the pandemic’s economic disruption has imposed economic pressure and uncertainty, these findings suggest that Africa’s insurance industry’s growth remains solid.         6.2.1    Market Trends The following are the strengths of Africa. ATI has grown into a market […] Insurance refers to a contract or a policy that protects the insurer from financial losses. South Africa Cyber insurance market Report covers current and updated insights on market size and forecast, composite insurance, alternative capital investment, direct & gross premiums for cyber insurance claims calculations & payments, Blockchain, Fintech & Insurtech, competition analysis for Lloyd, AXA, Allianz, Japan Post Holdings, PolicyGenius.