Standard Bank report shows Africa ripe for insurance bonanza
Bank says penetration is growing so fast in some markets that growth in gross written premiums is outpacing GDP
06 April 2022 - 05:09
A new report by Standard Bank has highlighted the massive opportunity for insurance providers to tap into the fast-growing economies in the rest of Africa, where insurance penetration rates are far lower than in SA.
In the 17 African markets where Standard Bank has an established presence (outside of SA), more than half the countries analysed had insurance penetration rates of 2% or less based on the latest available data...
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