The level of global interest and investment in insurance technologies continues to grow. But insurance penetration in Africa has remained relatively low, averaging 3.2 percent in 2022, mainly attributable to lower disposable income in the continent and the slow growth of alternative distribution channels such as mobile phones to ensure a wider reach of insurance products to the masses.
South Africa remains the largest and most established insurance market in Africa with a penetration of over 12 percent, just about five percent above the global average, owing to a mature and highly competitive market, coupled with strong institutions and a sound regulatory environment.
