The latest research report from the IMARC group, titled “: 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.
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.
· 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
· 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).
· South Africa
Geographically, the market has been categorized into South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius, and others.
§ Value chain analysis
§ Price analysis
§ Competitive landscape
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