1st For Women: The Case For Insuring Women For A Better Tomorrow

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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 is in line with, or even above that of many mature markets, and it far exceeds the average in Africa. This is particularly the case with life insurance. In 2017, when measured by premiums to GDP, South Africa’s penetration rate was 2.74 percent for non-life insurance, and 11.02 percent for life insurance.

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