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Market Research Report
Product code
1022017

Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Published: | IMARC Services Private Limited | 109 Pages | Delivery time: 2-3 business days

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Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
Published: August 2, 2021
IMARC Services Private Limited
Content info: 109 Pages
Delivery time: 2-3 business days
  • ALL
  • Description
  • Table of Contents
Description

The Africa insurance market reached a value of US$ 70 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Insurance refers to a contract or a policy that protects the insurer from financial losses. The African region consists of several underdeveloped and developing economies, with the insurance industry remaining largely staggering in terms of growth. However, overall economic growth in the region witnessed over the past decades is steadily creating growth opportunities for the insurance market in the region.

The presence of numerous untapped markets is one of the key factors driving the insurance industry in the African region. However, there are a few developed markets, such as South Africa, which are highly competitive due to the presence of well-capitalized local players. Key players from the global market seek to exploit these untapped regional opportunities, along with exploring ventures in concentrated markets. Furthermore, a significant rise in literacy levels, coupled with the increasing number of educated youths, is creating a positive outlook for the market. An overall improved educational scenario is expected to create significant awareness regarding the associated benefits of insurance, thus creating lucrative opportunities for the market players. Rapid urbanization, emerging middle class, and growing working population, along with improving internet connection and technological advancements, are some of the other factors catalyzing the growth of the insurance sector in the African region.

Report Scope:

  • Market Breakup by Type
  • Life Insurance
  • Non-life Insurance
  • Automobile Insurance
  • Fire Insurance
  • Liability Insurance
  • Other Insurance
  • Market Breakup by Country
  • South Africa
  • Morocco
  • Nigeria
  • Egypt
  • Kenya
  • Algeria
  • Angola
  • Namibia
  • Tunisia
  • Mauritius
  • Others

Competitive Landscape:

The report has also examined the competitive landscape of the market and some of the key players include African Life Assurance, Liberty Group Limited, Libya Insurance Company, Misr Insurance Company, Momentum Metropolitan Life Limited, Old Mutual Limited, Sage Life Insurance, Sanlam Life Insurance Limited, Santam, and Societe Nationale d'Assurance. Key Questions Answered in This Report:

  • How has the Africa insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the Africa insurance market?
  • What is the breakup of the Africa insurance market based on the type?
  • What is the breakup of the Africa non-life insurance market based on the type?
  • What is the breakup of the Africa insurance market based on the country?
  • What are the key driving factors and challenges in the Africa insurance market?
  • What is the structure of the Africa insurance market and who are the key players?
  • What is the degree of competition in the Africa insurance market?
Table of Contents
Product Code: SR1020E82_Report

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Africa Insurance Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Forecast

6 Market Breakup by Type

  • 6.1 Life Insurance
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 Non-Life Insurance
    • 6.2.1 Market Trends
    • 6.2.2 Automobile Insurance
      • 6.2.2.1 Market Trends
      • 6.2.2.2 Market Forecast
    • 6.2.3 Fire Insurance
      • 6.2.3.1 Market Trends
      • 6.2.3.2 Market Forecast
    • 6.2.4 Liability Insurance
      • 6.2.4.1 Market Trends
      • 6.2.4.2 Market Forecast
    • 6.2.5 Other Insurance
      • 6.2.5.1 Market Trends
      • 6.2.5.2 Market Forecast
    • 6.2.6 Market Forecast

7 Market Breakup by Country

  • 7.1 South Africa
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Morocco
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Nigeria
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast
  • 7.4 Egypt
    • 7.4.1 Market Trends
    • 7.4.2 Market Forecast
  • 7.5 Kenya
    • 7.5.1 Market Trends
    • 7.5.2 Market Forecast
  • 7.6 Algeria
    • 7.6.1 Market Trends
    • 7.6.2 Market Forecast
  • 7.7 Angola
    • 7.7.1 Market Trends
    • 7.7.2 Market Forecast
  • 7.8 Namibia
    • 7.8.1 Market Trends
    • 7.8.2 Market Forecast
  • 7.9 Tunisia
    • 7.9.1 Market Trends
    • 7.9.2 Market Forecast
  • 7.10 Mauritius
    • 7.10.1 Market Trends
    • 7.10.2 Market Forecast
  • 7.11 Others
    • 7.11.1 Market Trends
    • 7.11.2 Market Forecast

8 SWOT Analysis

  • 8.1 Overview
  • 8.2 Strengths
  • 8.3 Weaknesses
  • 8.4 Opportunities
  • 8.5 Threats

9 Porters Five Forces Analysis

  • 9.1 Overview
  • 9.2 Bargaining Power of Buyers
  • 9.3 Bargaining Power of Suppliers
  • 9.4 Degree of Competition
  • 9.5 Threat of New Entrants
  • 9.6 Threat of Substitutes

10 Competitive Landscape

  • 10.1 Market Structure
  • 10.2 Key Players
  • 10.3 Profiles of Key Players
    • 10.3.1 African Life Assurance
    • 10.3.2 Liberty Group Limited
    • 10.3.3 Libya Insurance Company
    • 10.3.4 Misr Insurance Company
    • 10.3.5 Momentum Metropolitan Life Limited
    • 10.3.6 Old Mutual Limited
    • 10.3.7 Sage Life Insurance
    • 10.3.8 Sanlam Life Insurance Limited
    • 10.3.9 Santam
    • 10.3.10 Societe Nationale d'Assurance

List of Figures

  • Figure 1: Africa: Insurance Penetration Rate (in %), by Country, 2020
  • Figure 2: Africa: Insurance Market: Major Drivers and Challenges
  • Figure 3: Africa: Insurance Market: Sales Value (in Billion US$), 2015-2020
  • Figure 4: Africa: Insurance Market: Breakup by Type (in %), 2020
  • Figure 5: Africa: Insurance Market: Breakup by Country (in %), 2020
  • Figure 6: Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 7: Africa: Life Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 8: Africa: Life Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 10: Africa: Non-Life Insurance (Automobile) Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 11: Africa: Non-Life Insurance (Automobile) Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 12: Africa: Non-Life Insurance (Fire) Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 14: Africa: Non-Life Insurance (Liability) Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 15: Africa: Non-Life Insurance (Liability) Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 16: Africa: Non-Life Insurance (Other) Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 17: Africa: Non-Life Insurance (Other) Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 18: Africa: Non-Life Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 19: South Africa: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 20: South Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 22: Morocco: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 25: Egypt: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 26: Egypt: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 29: Algeria: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 31: Angola: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 32: Angola: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 33: Namibia: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 34: Namibia: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 37: Mauritius: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 38: Mauritius: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 39: Others: Insurance Market: Sales Value (in Billion US$), 2015 & 2020
  • Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
  • Figure 41: Africa: Insurance Industry: SWOT Analysis
  • Figure 42: Africa: Insurance Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Africa: Insurance Market: Key Industry Highlights, 2020 and 2026
  • Table 2: Africa: Insurance Market Forecast: Breakup by Type (in Billion US$), 2021-2026
  • Table 3: Africa: Insurance Market Forecast: Breakup by Country (in Billion US$), 2021-2026
  • Table 4: Africa: Insurance Market Structure
  • Table 5: Africa: Insurance Market: Key Players