South Africa and Morocco, leaders of African insurance market

The African Insurance Organization's (AIO) annual report indicates that the turnover of the African insurance market had reached 63.5 billion USD in 2023, dropping by 5.6% compared to the 67.3 billion USD recorded in 2022.

Life premiums account for 67.6% of the total portfolio, compared with 32.4% for the non-life business.

South Africa leads the market, with a turnover of 43.3 billion USD, or 68.2% of the continent's total written premiums in 2023. It is followed by Morocco, with a market share of 8.7%.

The same report shows that the nine leading African countries in terms of turnover, namely South Africa, Morocco, Egypt, Kenya, Nigeria, Algeria, Tunisia, Namibia and Côte d'Ivoire, accounted for 93.3% of the continent's total premiums in 2023.