According to the latest IMARC group report, entitled “Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the insurance market in Africa The size reached US $ 61.1 billion in 2019. Insurance refers to a policy or contract that fully or partially protects the insurer against financial loss. This is a form of risk management that may require the policyholder to periodically pay a fixed amount of money to the insurance company. This policy helps protect insurers and their families against the risk of possible or uncertain loss. It provides a certain sum of money covered by the insurance to the policyholder or the family in the event of unforeseeable circumstances. Insurance can also help clients borrow policy loans, the amount of which varies depending on the cash value of the policy.
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of related industries. These observations will be incorporated into the report.
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African Insurance Market Trends:
The market is primarily driven by the confluence of many factors, such as rapid urbanization and rising levels of per capita income. Various developed markets, including South Africa, have seen a significant increase in sales of high-end discretionary items, such as cars, computers and smartphones, which require insurance. Along with this, there has also been an expansion of mega-cities in the region. The emerging middle class and growing labor force are expected to give further impetus to market growth. In addition, the penetration of insurance products in several African countries is relatively low. The presence of many untapped markets in the region has provided enormous potential for both life and non-life insurance products, thus creating multiple growth opportunities for key market players. Apart from this, there has been an increase in the adoption of customer-centric, innovative and technologically advanced insurance policies in the market. This, coupled with the development of the bancassurance model in certain African countries, gives an impetus to the growth of the market. In addition, the growing collaboration between two or more regulators to decide on a common framework for future reform should create positive prospects for the market. In addition, some players are taking advantage of mobile technology and integrating their insurance services with artificial intelligence (AI), which is driving the growth of the market. Due to the aforementioned factors, the market is expected to grow at a substantial rate during the forecast period (2020-2025).
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Key market segmentation:
The competitive landscape of the market has been studied in the report along with detailed profiles of major players. Some of these players include African Life Assurance Limited, The Liberty Holdings Limited, Libya Insurance Company, Misr Insurance Holding Company, Momentum Metropolitan Holdings Limited, Old Mutual Limited Group, Sage Term Life Insurance, Sanlam Life Insurance Limited, Santam Limited and Société Nationale. Insurance, SPA.
Market breakdown by type
- Life insurance
- Non-life insurance
- Car insurance
- Fire insurance
- Liability insurance
- Other insurance
On the basis of type, the market has been divided into life insurance and non-life insurance (automobile, fire, civil liability and others).
Market breakdown by country
- South Africa
Geographically, the market has been categorized as South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius and others.
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