Standard Bank report highlights massive insurance opportunity in the rest of Africa
Africa’s biggest bank says insurance penetration is growing so fast in some markets on the continent that growth in gross written premiums is outpacing GDP
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. That compares to an insurance penetration rate, a measure of insurance demand calculated by dividing the value of gross written premiums in a country by its GDP, which reached 14.4% in SA in 2020...