Globalization has surfaced a bit too early as an easy solution for large groups, mainly European and American ones that have span off structures around the globe. Africa, sidelined for a long time, is now the last bastion to conquer, a virgin land, a paradise where everyone is ready to do business.
Despite the bleak picture characterizing Africa, infectious diseases, the poor educational system, unemployment, poverty, political instability, and bureaucracy, the prospective studies and prominent reports are portraying Africa as the continent of the future.
The huge gap between the potential in Africa and the achievements made showcases considerable flexibility for insurers. It is because the insurance penetration rate is poor that Africa is attractive.
The continent is lagging behind, but the logic of global economic system will gradually integrate it in the market. Giant companies are always after premiums.
Today’s deficiencies and shortcomings can tomorrow turn into many growth drivers. Dilapidated infrastructure, inadequate housing can generate colossal building insurance premiums. A claim-driven health system may result in a health insurance boom. A high birth rate is not necessarily a handicap as it can give rise to a fabulous market for personal lines.
For the time being, everyone is willing to seize this opportunity. Moroccan, South African, Kenyan, Nigerian, and other Tunisian insurers,... are already getting deployed there.
There is no more room for Afro-pessimists.