Atlas Magazine March 2006

Africa: reality and perspectives

One figure, the annual premium per capita, rather than a sizable report, may shed more light and confirm the backwardness of insurance business in Africa.

While in 2004, a North American and a European respectively allot 1404 USD and 1428 USD per year to insurance, in Africa, the average annual premium hardly reaches 43 USD, including South Africa.

For some countries of the FANAF area such as the Republic of Central Africa, Guinea or Madagascar, this premium remains at the level of 1 USD. As to Chad, it is scrambling to attain that threshold.

This vast divide between Africa and the rest of the world is only a clear indication as to the overall economic situation of which Africa is the main victim. In such a gloomy context, insurance is for the primary concern of neither the leaders nor the inhabitants.

This finding, though, should not be deemed to be all gloom and doom as hope remains alive.

African insurance groups are getting set up. New legislations are being adopted and new technologies are starting to see the light. FANAF stands for this struggling Africa. For three decades, the African institution has made of its annual meeting one of the business' most important gatherings.

More than a forum of debate and exchange, FANAF is equally regarded as a unique and outstanding source of information and statistics.

Thanks to its dynamism, it is, henceforth, perceived as an indispensable observatory for insurance experts in Africa.

* More on page 13: News Cameroon—FANAF

Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits