Decline of the African insurance market in 2016
African insurance recorded a 5.06% decline of its turnover in 2016. From 63.942 billion USD generated in 2015, the total volume of premiums increased to 60.709 billion USD twelve months later. Africa accounted for 1.28% of the global premiums which amounted to 4 732.188 billion USD.
Life premiums represented 66.8% of the total African market with a penetration rate of 1.85%. The rise of the dollar against the African currencies has considerably impacted the volume of premiums written on the continent in 2016.
South Africa, alone, accounted for 69.1% of the market's premiums. Despite a sustained growth in local currency, the South African turnover in dollars is down by 7.75% from 45.491 billion USD in 2015 to 41.962 billion USD in 2016.
Morocco ranks second with 3.561 billion USD, up by 14.7% compared to 2015. Follow Egypt (2.134 billion USD), Kenya (1.915 billion USD), Algeria (1.209 billion USD), Nigeria (1.159 billion USD) and Tunisia (0.824 billion USD).
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