Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:
The Africa insurance market size reached US$ 81.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 123.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
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 report, along with forecasts at the regional and country level from 2023-2028. 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 Sociйtй 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?
The Africa insurance market size reached US$ 81.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 123.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
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 report, along with forecasts at the regional and country level from 2023-2028. 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 Sociйtй 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?
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 Sociйtй Nationale Des Assurances, SPA
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 Sociйtй Nationale Des Assurances, SPA
LIST OF TABLES
Table 1: Africa: Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Africa: Insurance Market Forecast: Breakup by Type (in Billion US$), 2023-2028
Table 3: Africa: Insurance Market Forecast: Breakup by Country (in Billion US$), 2023-2028
Table 4: Africa: Insurance Market Structure
Table 5: Africa: Insurance Market: Key Players
Table 1: Africa: Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Africa: Insurance Market Forecast: Breakup by Type (in Billion US$), 2023-2028
Table 3: Africa: Insurance Market Forecast: Breakup by Country (in Billion US$), 2023-2028
Table 4: Africa: Insurance Market Structure
Table 5: Africa: Insurance Market: Key Players
LIST OF FIGURES
Figure 1: Africa: Insurance Penetration Rate (in %), by Country, 2022
Figure 2: Africa: Insurance Market: Major Drivers and Challenges
Figure 3: Africa: Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 4: Africa: Insurance Market: Breakup by Type (in %), 2022
Figure 5: Africa: Insurance Market: Breakup by Country (in %), 2022
Figure 6: Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Africa: Life Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 8: Africa: Life Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 10: Africa: Non-Life Insurance (Automobile) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 11: Africa: Non-Life Insurance (Automobile) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 12: Africa: Non-Life Insurance (Fire) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 14: Africa: Non-Life Insurance (Liability) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 15: Africa: Non-Life Insurance (Liability) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 16: Africa: Non-Life Insurance (Other Insurances) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 17: Africa: Non-Life Insurance (Other Insurances) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 18: Africa: Non-Life Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 19: South Africa: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 20: South Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 22: Morocco: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 25: Egypt: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 26: Egypt: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 29: Algeria: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 31: Angola: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 32: Angola: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 33: Namibia: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 34: Namibia: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 37: Mauritius: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 38: Mauritius: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 39: Others: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 41: Africa: Insurance Industry: SWOT Analysis
Figure 42: Africa: Insurance Industry: Porter’s Five Forces Analysis
Figure 1: Africa: Insurance Penetration Rate (in %), by Country, 2022
Figure 2: Africa: Insurance Market: Major Drivers and Challenges
Figure 3: Africa: Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 4: Africa: Insurance Market: Breakup by Type (in %), 2022
Figure 5: Africa: Insurance Market: Breakup by Country (in %), 2022
Figure 6: Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Africa: Life Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 8: Africa: Life Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Africa: Non-Life Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 10: Africa: Non-Life Insurance (Automobile) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 11: Africa: Non-Life Insurance (Automobile) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 12: Africa: Non-Life Insurance (Fire) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 13: Africa: Non-Life Insurance (Fire) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 14: Africa: Non-Life Insurance (Liability) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 15: Africa: Non-Life Insurance (Liability) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 16: Africa: Non-Life Insurance (Other Insurances) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 17: Africa: Non-Life Insurance (Other Insurances) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 18: Africa: Non-Life Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 19: South Africa: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 20: South Africa: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 21: Morocco: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 22: Morocco: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 23: Nigeria: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 24: Nigeria: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 25: Egypt: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 26: Egypt: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 27: Kenya: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 28: Kenya: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 29: Algeria: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 30: Algeria: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 31: Angola: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 32: Angola: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 33: Namibia: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 34: Namibia: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 35: Tunisia: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 36: Tunisia: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 37: Mauritius: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 38: Mauritius: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 39: Others: Insurance Market: Sales Value (in Billion US$), 2017 & 2022
Figure 40: Others: Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 41: Africa: Insurance Industry: SWOT Analysis
Figure 42: Africa: Insurance Industry: Porter’s Five Forces Analysis
