News Africa08 Jul 2019

Africa:Non-life insurance business forecast to pick up growth

| 08 Jul 2019

The non-life insurance sector in Africa is expected to see gradual recovery as economies in the continent continue to strengthen, says Swiss Re Institute in its World Insurance report released last week.

In Africa, non-resource intensive countries are expected to grow more strongly. In many markets medical insurance, infrastructure developments and low insurance penetration levels will provide stimulus over the longer term.

Last year, the South African market is estimated to have stagnated. However, growth was stronger in many smaller markets (eg, Cote d’Ivoire or Uganda).

In Nigeria, early estimates indicate that the market has expanded for the first time since 2011 as the economy gradually gets up to speed.

The following table shows that real growth in non-life insurance business was generally weak in major markets in Africa in 2018:

 

World

Ranking

Country

2018

Premium

$ m

2017

Premium

$ m

Change %

2018 Share of total business %

Nominal

Inflation

adjusted

25

South Africa

9,794

9,343

4.8

-0.4

20.3

50

Morocco

2,432

2,244

8.3

3.0

53.1

61

Kenya

1,273

1,207

5.5

-1.4

59.6

65

Algeria

1,084

1,100

-1.5

-1.0

91.2

70

Egypt

902

931

-3.1

-4.0

57.1

78

Tunisia

684

674

1.6

NA

78.6

79

Nigeria

671

663

1.2

2.5

55.0

87

Namibia

287

279

2.8

-2.2

28.4

88

Zimbabwe

276

236

16.9

5.7

37.6

 

World

2,373,050

2233490

6.2

3.0

45.7

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