Insurers are flocking to Africa

The African economy is experiencing a turning point, with millions of consumers forming a middle class endowed today with the sufficient resources to underwrite insurance policies.

The projected growth of the continent’s economies is attractive while penetration rate is low. Among the biggest insurers, AIG, Swiss Re and Axa have invested in Leapfrog, one of the largest insurance investment funds.

In 2013, Prudential acquired Life Express in Ghana whereas Old Mutual had 386 million USD to expand its operations on the continent. Sanlam and Marsh & McLennan, United States, have also made acquisitions. Allianz and Axa hold a network of companies scattered around several countries.