Insurance Market in Africa - Outcomes from the Long Term Finance Survey

The recent Long-Term Finance statistical survey devoted a specific module to the activity of the insurances companies in Africa. It provided a relatively interesting coverage of the insurance sector in African economies, as a minimum common set of indicators is available for almost forty countries. Insurance market activity has seen rapid growth in life insurance business, with gross premium growth averaging 16.8% per annum, almost three times as fast as for non-life insurance business which posted 6.2% annual growth rate. Life insurance industry represents on average only one-third of total insurance business in African countries, a relatively modest proportion compared to other global markets.