According to the report drafted by the African Insurance Organization, the African insurance market is still benefiting from the economic boom of the past years. Growth has been sustained by the construction of mega projects and the improvement in the standard of living of the inhabitants. The sector’s progression, today estimated at 69 billion USD, will remain above that of GDP.
Market soundness will be consolidated under the effect of the improvements of the legislative framework, along with the development of bancassurance and mobile technologies. The penetration rate, less than 1% in some countries, will be growing thanks to these initiatives. The lack of skilled staff and fierce competition will continue to hinder the development of insurance in Africa.
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