Nigeria, others account for 92 % insurance premium in Africa

The African Insurance Organisation [AIO], at its just-concluded 43rd yearly conference held in Marrakech, Kingdom of Morocco, has affirmed that Nigeria and nine others accounted for over 92 per cent of written insurance premium in Africa. Other observations in the report include, the African insurance Sector accounts for barely 1.5 per cent of the World Insurance market in 2015, out of a world GDP of 3.2 per cent Over 60% of written premiums on the African continent comes mainly from South Africa.

The average insurance penetration rate stands at 2.8 per cent against a world average of above 6 per cent (1 per cent excluding South Africa) A significant improvement observed with regard to the accessibility, regulatory and financial solidity conditions for local actors.

The sharp growth of African economies over the past decade, in relation to the growth figures of other continents, comprises one of the factors driving the development of African Insurance.

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