DUBLIN, September 27, 2021--(BUSINESS WIRE)--The "Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The Africa insurance market reached a value of US$ 70 Billion in 2020. Looking forward, the market is set to grow at a CAGR of around 7% during 2021-2026.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Insurance refers to a contract or a policy that protects the insurer from financial losses. The African region consists of several underdeveloped and developing economies, with the insurance industry remaining largely staggering in terms of growth. However, overall economic growth in the region witnessed over the past decades is steadily creating growth opportunities for the insurance market in the region.
The presence of numerous untapped markets is one of the key factors driving the insurance industry in the African region. However, there are a few developed markets, such as South Africa, which are highly competitive due to the presence of well-capitalized local players.
Key players from the global market seek to exploit these untapped regional opportunities, along with exploring ventures in concentrated markets. Furthermore, a significant rise in literacy levels, coupled with the increasing number of educated youths, is creating a positive outlook for the market.
An overall improved educational scenario is expected to create significant awareness regarding the associated benefits of insurance, thus creating lucrative opportunities for the market players.
Rapid urbanization, emerging middle class, and growing working population, along with improving internet connection and technological advancements, are some of the other factors catalyzing the growth of the insurance sector in the African region.
Key Questions Answered in This Report:
How has the Africa insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Africa insurance market?
What is the breakup of the Africa insurance market based on the type?
What is the breakup of the Africa non-life insurance market based on the type?
What is the breakup of the Africa insurance market based on the country?
What are the key driving factors and challenges in the Africa insurance market?
What is the structure of the Africa insurance market and who are the key players?
What is the degree of competition in the Africa insurance market?
The report has also examined the competitive landscape of the market and some of the key players include
African Life Assurance
Liberty Group Limited
Libya Insurance Company
Misr Insurance Company
Momentum Metropolitan Life Limited
Old Mutual Limited
Sage Life Insurance
Sanlam Life Insurance Limited
Societe Nationale d'Assurance
Market Breakup by Type
Market Breakup by Country
For more information about this report visit https://www.researchandmarkets.com/r/rwk9cp
View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005571/en/
Laura Wood, Senior Press Manager
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