Africa’s insurance sector remains under-developed generating barely 1.7 per cent of global insurance premiums despite its being home to 15 per cent of the world’s population, a high economic growth and an emerging middle class with higher income and desire for a better quality of life.
Whereas other sectors have benefited immensely and capitalised on these favourable economic factors, the low insurance penetration in Africa is due to a wide variety of factors, including regulatory factors, market structure, lack of development of other segments of the financial sector, social/human development factors, and cultural/religious factors.
