BY PHILLIP ISAKPA
Data on insurers’ premium income in 2021 compiled by the Swiss Re Institute shows that many African markets saw very comfortable real premium growth last year.
For example, five out of nine countries in Africa saw real growth of at least 7% in premium income in 2021, the data shows.
In its latest sigma report entitled “Global insurance: Inflation risks at the forefront”, the Swiss Re Institute showed that South Africa retained its leadership as the continent’s largest insurance market, showing a size ten times greater than that of Morocco, its closest rival by market size.
The following table shows the premium volumes of the nine insurance markets in Africa as presented in the sigma report:
When it comes to insurance penetration, all nine African countries listed in the sigma report have fallen in the global insurance penetration rankings in 2021, as well as the penetration rate compared to 2020.
The following table shows the insurance penetration rate of the nine markets in Africa listed in the sigma report for 2021: