Africa Insurance Market to Reach USD 160.9 Billion by 2033, Impelled by Emerging Insurance Sector

January 24, 2025 | Healthcare

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According to the latest report by IMARC Group, titled "Africa Insurance Market Report by Type (Life Insurance, Non-Life Insurance), and Country 2025-2033," the Africa insurance market size reached USD 92.9 Billion in 2024. Insurance is a policy or contract that aids in protecting the insurer from financial losses. It is a form of risk management that is primarily used to hedge against the risk of a contingent or uncertain loss. It includes the equitable transfer of the risk of a loss from one entity to another, in exchange for a premium, and can be thought of as a guarantee to prevent a large, unknown, and potentially catastrophic loss. It protects against property damage, personal injury, death, theft, and legal liability. Besides this, it provides insurance coverage for death, disability, retirement benefits, and medical expenses. Moreover, it is responsible for providing customer service and ensuring that claims are processed in a timely and efficient manner.

Africa Insurance Market Trends:

The emerging insurance sector majorly drives the market in Africa. Along with this, the escalating number of insurance companies providing coverage to rural areas, which often lack access to traditional insurance services, including crop and livestock insurance, property and casualty insurance, and health and life insurance, is a major driving factor. Coupled with this, the rising population levels are propelling the demand for insurance products to protect individuals, families, and businesses from financial loss, further catalyzing the market favorably. As individuals own more assets to protect, they are more likely to purchase insurance products to mitigate any potential risks, thereby bolstering the overall insurance market across the region. In addition, the widespread adoption of insurance policies among the geriatric population as they need life insurance and other long-term care products to help protect their financial security and provide for their family in the event of their death or disability, is significantly supporting the demand. Apart from this, the rising initiatives by several government agencies to provide insurance companies with a steady stream of revenue is acting as another growth-inducing factor. Furthermore, the increasing literacy rate across the region is raising awareness regarding the associated benefits of insurance, thus creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of USD 160.9 Billion by 2033, exhibiting a CAGR of 6.03% during 2025-2033.

Market Summary:

On the basis of the type, the market has been segmented into life insurance and non-life insurance (automobile, fire, liability, and other insurances).
Based on the country, the market has been classified into South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius, and others.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include African Life Assurance Limited, The Liberty Holdings Limited, Libya Insurance Company, Misr Insurance Holding Company, Momentum Metropolitan Holdings Limited, Old Mutual Limited Group, Sage Term Life Insurance, Sanlam Life Insurance Limited, Santam Limited, and Société Nationale Des Assurances, SPA.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Type, Country
Countries Covered	South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius, Others
Companies Covered	African Life Assurance Limited, The Liberty Holdings Limited, Libya Insurance Company, Misr Insurance Holding Company, Momentum Metropolitan Holdings Limited, Old Mutual Limited Group, Sage Term Life Insurance, Sanlam Life Insurance Limited, Santam Limited, and Société Nationale Des Assurances, SPA
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Africa Insurance Market to Reach USD 160.9 Billion by 2033, Impelled by Emerging Insurance Sector

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