Insurance penetration in Africa is comparatively low, which makes the region a promising market. In 2016, African insurance premiums totaled $60.7 billion, which was just 1.3 percent of global insurance premiums.
This represented an insurance penetration rate of only 2.8 percent, which was lower than the emerging market rate of 3.2 percent, and substantially lower than the global rate of 6.1 percent. However, South Africa’s overall level of insurance penetration...