Africa Insurance Market Analysis Report 2021, Industry Growth, Top Companies and Forecast by 2026

The latest research report from the IMARC group, titled “Insurance market in Africa: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Insurance refers to an arrangement that allows a business or government agency to provide guaranteed compensation for specified loss, damage, illness or death in exchange for payment of a premium. It serves as a capital formation agency and a source of employment. With steady economic growth across Africa, the region is seeing significant growth in the insurance sector. The insurance market in Africa reached a value of US$70 billion in 2020. Looking ahead, IMARC Group expects the market to grow at a steady pace. CAGR of around 7% during the period 2021-2026.

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Important Attribute and Report Highlights:

§ Detailed market share analysis

§ Market segmentation by type

§ Historical, current and projected market size in terms of volume and value

§ Latest industry trends and developments

§ Competitive landscape for Insurance market in Africa Strategies of key players and product offerings

The market in Africa is mainly driven by the increasing penetration of high-end discretionary items, such as cars, laptops and smartphones, which require insurance. Furthermore, the growing demand for pensions and individual life insurance policies is giving impetus to the growth of the market. Apart from this, the presence of many untapped markets in the region due to the relatively low penetration rates of insurance products in several African countries creates a positive outlook for the market. Furthermore, significant increase in literacy rates and significant awareness of the associated benefits of insurance among the masses are also giving impetus for the growth of the market.

Main actors included in Insurance market in Africa Research report:

· African Life Insurance Limited

· Liberty Holdings Limited

· Libyan insurance company

· Misr Insurance Holding Company

· Momentum Metropolitan Holdings Limited

· Old Mutual Group Limited

· Sage Term Life Insurance

· Sanlam Life Insurance Limited

· Santam limited

· National Insurance Company

· SPA

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Key Market Segmentation:

Market Breakdown by Type

· Life insurance

· Non-life insurance

oh Car insurance

oh Fire insurance

oh Liability insurance

oh Other insurance

Based on type, the market has been bifurcated into life insurance and non-life insurance (motor, fire, liability and others).

Market breakdown by country

· South Africa

· Morocco

· Nigeria

· Egypt

· Kenya

· Algeria

· Angola

· Namibia

· Tunisia

· Mauritius

· Others

Geographically, the market has been categorized into South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius, and others.

Overview of the impact of COVID-19:

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

TOC for the Insurance market in Africa Research report:

§ Preface

§ Scope and methodology

§ Summary

§ introduction

§ Insurance market in Africa

§ SWOT analysis

§ Value chain analysis

§ Price analysis

§ Competitive landscape

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