East Africa is one of the most active regions developing the insurance industry on the continent, according to the Insurers Federation of Egypt (IFE).
Many East African insurance markets have modernised legislative and regulatory frameworks, introduced new insurance products, and expanded the use of technology to provide services, which makes the region’s experience worthy of study to support the growth of insurance markets in other African countries, said the IFE.
East Africa benefits from rapid economic growth, wider use of FinTech and increased interest in financial and insurance inclusion, making it one of the promising insurance markets, the IFE said in a bulletin titled “The Development of African Insurance Markets and Successful Experiences: Insurance in the East African Region”.
East African countries have enjoyed economic growth in recent decades, driven by expansion in the agriculture, industry, services, communications and financial technology sectors, as well as increased local and foreign investments. These developments have led to growing demand for financial services, especially insurance services, as a key tool for managing risks and protecting individuals and companies, in addition to its role in supporting sustainable economic development.
The Federation also pointed out that the insurance market in East Africa faces several challenges, including differences in regulatory frameworks, weak insurance awareness, economic fluctuations and high distribution costs. Addressing these challenges requires continued cooperation between regulatory bodies, insurance companies, and strategic partners.
Egypt, as the chair of the African Insurance Organization for the 2026–2027 term, aims to increase the exchange of knowledge and expertise among insurance markets across the continent and to highlight the opportunities and potential of the African insurance industry. To support this, the IFE is producing a series of specialised publications on insurance markets in Africa.