Africa’s continent steady economic growth in addition to a largely underdeveloped insurance sector have positioned the continent as the second-fastest-growing region for insurance globally after Latin America. According to McKinsey, Africa’s insurance industry is valued at about $68 billion in terms of Gross World Product and is the eighth largest in the world with 91 percent of premiums concentrated in just ten countries.  

Though the pandemic has limited the expected growth in the sector, with a compound annual growth rate of 7% per year between 2020 and 2025, nearly double the rate of North America, three times that of Europe and ahead of Asia’s 6%, the sector is recovering and poised to yield healthy and healthy returns to investors.  This session will highlight the new growth areas and innovative products in Africa’s dynamic insurance sector.