Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Published: June 13, 2022 |

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

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The Africa insurance market reached a value of US$ 75.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 115.9 Billion by 2027, exhibiting a CAGR of 7.4% during 2022-2027. 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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Africa insurance market, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on type.

Breakup by Type:

Life Insurance
Non-life Insurance
Automobile Insurance
Fire Insurance
Liability Insurance
Other Insurances

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 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 Societe Nationale Des Assurances, SPA.

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?

Product Code: SR0622A306_Report

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 Insurances
  - 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 Limited
- 10.3.2 The Liberty Holdings Limited
- 10.3.3 Libya Insurance Company
- 10.3.4 Misr Insurance Holding Company
- 10.3.5 Momentum Metropolitan Holdings Limited
- 10.3.6 Old Mutual Limited Group
- 10.3.7 Sage Term Life Insurance
- 10.3.8 Sanlam Life Insurance Limited
- 10.3.9 Santam Limited
- 10.3.10 Societe Nationale Des Assurances, SPA

List of Figures

Figure 1: Africa: Insurance Penetration Rate (in %), by Country, 2021
Figure 2: Africa: Insurance Market: Major Drivers and Challenges
Figure 3: Africa: Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 4: Africa: Insurance Market: Breakup by Type (in %), 2021
Figure 5: Africa: Insurance Market: Breakup by Country (in %), 2021
Figure 6: Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Africa: Life Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 8: Africa: Life Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 10: Africa: Non-Life Insurance (Automobile) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 11: Africa: Non-Life Insurance (Automobile) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 12: Africa: Non-Life Insurance (Fire) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 14: Africa: Non-Life Insurance (Liability) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 15: Africa: Non-Life Insurance (Liability) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 16: Africa: Non-Life Insurance (Other Insurances) Market: Sales Value (in Billion US$), 2016 & 2021
Figure 17: Africa: Non-Life Insurance (Other Insurances) Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 18: Africa: Non-Life Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 19: South Africa: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 20: South Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 22: Morocco: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 25: Egypt: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 26: Egypt: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 29: Algeria: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 31: Angola: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 32: Angola: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 33: Namibia: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 34: Namibia: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 37: Mauritius: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 38: Mauritius: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 39: Others: Insurance Market: Sales Value (in Billion US$), 2016 & 2021
Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
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, 2021 and 2027
Table 2: Africa: Insurance Market Forecast: Breakup by Type (in Billion US$), 2022-2027
Table 3: Africa: Insurance Market Forecast: Breakup by Country (in Billion US$), 2022-2027
Table 4: Africa: Insurance Market Structure
Table 5: Africa: Insurance Market: Key Players