Deloitte’s Africa Insurance Outlook 2024 projects Ghana’s insurance penetration rate to remain at just 1.0%—a reflection of the broader challenge across the continent.
The Broader Picture
Outside of South Africa, where penetration stands at a notable 11.54%, the African insurance market remains largely untapped. But this untapped potential is drawing attention.
The Insurtech Push
Start-ups across Africa are leveraging mobile technologies to close the insurance gap, offering accessible and affordable solutions to underserved populations.
Examples include:
- Turaco: Operating in Kenya, Uganda, and Nigeria, it provides microinsurance for health and life coverage.
- BIMA: Active in Ghana, Kenya, and Tanzania, it uses mobile tech to reach 30M+ low-income customers with affordable health, life, and accident insurance.
Opportunity Awaits
Deloitte highlights that the African insurance market holds immense potential, driven by:
- Growing insurtech and fintech innovations.
- Strong population growth.
- Persistently low insurance penetration.
A Resilient Industry
While COVID-19 slowed the anticipated boom, it also underscored the sector’s resilience and future growth prospects.
African insurance players now have a prime opportunity to reimagine and expand coverage in this evolving landscape.
Source: MyJoyOnline
