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Insurance Penetration Across Sub Saharan Africa

24 April 2017

Insurance Penetration and Emerging Markets in Sub-Saharan Africa

Sub-Saharan Africa is currently a region of economic growth, with the International Monetary Fund (IMF) predicting emerging markets and developing economies at the forefront of growth for 2017-18 at more than double the rate of advanced economies. 

In terms of insurance penetration, which is defined as the total written premiums as a share (%) of a country's gross domestic product (GDP), Africa is one of the most underinsured regions worldwide. Among them is Nigeria, which has the largest economy in the sub-Saharan region but an insurance penetration rate of 0.3%. 

In stark contrast is South Africa, who's penetration rate is one of the highest in the world at 16.99% and accounts for three quarters of insurance uptake in this region. 

So, with relatively low uptake and underinsurance in the remainder of the region, there is both a need and opportunity to grow this industry; due to new interest from key market players alongside emerging economies, the future of the insurance industry in sub-Saharan Africa is one to watch. 

Africa Insurance Penetration

Click here for full size, interactive infographic