Wednesday, June 22, 2016
The Microinsurance Network and Munich Re Foundation launched today the Landscape of Microinsurance Africa 2015 report on the second day of the Network’s annual member meeting in Königstein, Germany.
The study provides an in-depth analysis of the evolution of microinsurance in the African region in terms of products, delivery channels, regulations and profitability indicators to the industry, building upon the data released in the African Landscape Briefing Note in November last year.
The landscape measured a 63% premium growth, since the last landscape study in 2011, with 61.8 m people covered by at least one microinsurance policy by the end of 2014, compared to 44.4m people in 2011. A total coverage ratio of 5.4% of the total population was measured across the African region, up from 4.4% in 2011.
The report features data indicating new types of products and shows that almost 40% of the programmes launched since 2011 contained a health coverage of some kind (compared to 30% up until 2011). 45% of the products are bundled and offer more than one type of coverage compared to 30% of bundled products in 2011. While life covers still dominate the overall market in Africa, the region has experienced some evolution of product complexity with the more complex health, property, and agriculture covers experiencing proportionately much higher growth.
The total identified microinsurance written premiums in the region amount to almost USD 756m, up from USD 387m in 2011 and represent 1.1% of the total USD 69 billion premiums generated by the insurance industry across the region. South Africa continues to dominate in terms of microinsurance premiums but several other countries, such as Burkina Faso, Ethiopia, Tanzania and Zambia, wrote premiums that account for a significant share of their respective insurance markets.
Read the full press release, here.