IMARC Group’s latest research report, titled “Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The Africa insurance market reached a value of US$ 75.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 115.9 Billion by 2027, exhibiting a CAGR of 7.4% during 2022-2027. Insurance refers to an arrangement that allows a company or government agency to provide a guaranteed compensation for specified loss, damage, illness, or death in return for a payment of a premium. It serves as an agency of capital formation and a source of employment. With steady economic growth across Africa, the region is witnessing significant growth in the insurance sector.
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Industry Trends:
The market in Africa is primarily driven by the increasing penetration of premium discretionary items, such as cars, laptops and smartphones, that require insurance. Furthermore, the rising demand for pensions and individual life insurance policies is providing a thrust to the market growth. Apart from this, the presence of numerous untapped markets in the region due to the relatively low penetration rates of insurance products across multiple African countries is creating a positive outlook for the market. Additionally, a significant rise in literacy rates and significant awareness regarding the associated benefits of insurance among the masses are also providing an impetus to the market growth.
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Key Market Segmentation:
Key Players Included in Africa Insurance Market Research Report:
- African Life Assurance Limited
- The Liberty Holdings Limited
- Libya Insurance Company
- Misr Insurance Holding Company
- Momentum Metropolitan Holdings Limited
- Old Mutual Limited Group
- Sage Term Life Insurance
- Sanlam Life Insurance Limited
- Santam Limited
- Société Nationale Des Assurances
- SPA
Breakup by Type:
- Life Insurance
- Non-life Insurance
- Automobile Insurance
- Fire Insurance
- Liability Insurance
- Other Insurances
Breakup by Country:
- South Africa
- Morocco
- Nigeria
- Egypt
- Kenya
- Algeria
- Angola
- Namibia
- Tunisia
- Mauritius
- Others
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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