A new report released by IMARC Group’s latest research report, titled “Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” has offered a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The Africa insurance market reached a value of US$ 75.3 Billion in 2021, however, looking forward, IMARC Group expects the market to reach US$ 115.9 Billion by 2027, exhibiting a Compound Annual Growth Rate, CAGR of 7.4 per cent during 2022-2027.
Insurance is a guaranteed agreement that provides protection to the insurer from financial losses. It is a contract in which an entity or individual receives reimbursement or protection from an insurance firm in the form of a policy. Additionally, it promotes trade and commerce while improving financial stability for sustainable economic growth and development while mitigating losses.
A wide range of insurance policies is available for consumers to protect against the risk of big and small financial losses caused by liability for damage or damage to the insured’s property. Some of the popular insurances include health, life, automobile, cyber, and property insurance policies. Due to the availability of affordable insurance across Africa, this is gaining widespread prominence among the masses.
The market in Africa is majorly driven by the increasing awareness regarding the benefits of insurance among individuals.
Along with this, the rising demand to maintain a compulsory minimum level of insurance due to the escalating need to strengthen the capital and regulatory requirements of insurance companies is significantly supporting the market growth. Due to liberalization and deregulation across the region, there has been a considerable increase in the adoption of insurance policies among the masses. Moreover, the advent of online platforms and new technologies, such as the widespread deployment of blockchain technology to decentralize claim processing to streamline operations and enhance data accuracy, this is creating a positive market outlook.
Some of the other factors driving the market growth include the growing working population, easy access to insurance through wider distribution channels and increasing partnership activities