…To Publish a List of Top 25 Leading Insurance Companies in the continent
Portsmouth-UK: In line with its overarching mandate of promoting innovation, entrepreneurship, and development in Africa, the Editorial Board of the African Leadership Magazine UK will be publishing a special coverage of the Insurance Industry in Africa in its January 2020 edition. The edition which will also showcase a listing of the Top 25 Insurance Companies in Africa, is coming on the heels of the strategic position of the continent’s insurance industry as Africa prepares for the implementation of the Africa Continental Free Trade Agreement.
Though Africans make up a significant percentage of the world’s population, the continent’s insurance firms have continued to record significantly less revenue compared to the rest of the world.
According to the Brookings Institute, one out of every six persons on the planet are Africans and this is projected to increase by 2050, yet the insurance industry accounts for just about 1.5% of the global insurance contracts. A 2017/2018 Price Water Cooper Survey on Africa’s Insurance industry maintained that the industry remains largely underdeveloped, with very low penetration, according to global standards. The report also noted technology, regulation, convergence and talent shortage as some of the key factors, that must be considered in other to leapfrog rapid development of the industry in the continent. Another key facilitator for the projected growth of the industry is the recently signed Continental Free Trade Agreement.
In May 2019, the African Continental Free Trade Agreement – one of the most ambitious projects of the African Union, came into force, after 53 countries signed to build a single market for the continent, which will account for $4 Trillion in spending and investment across the continent. This agreement is projected to touch the lives of over 1.2 billion people and move $3 Billion of combined GDP. Part of the Continental Free Trade Area is a Protocol on Trade in Services, and that includes the insurance sector. The progressive liberation created by this agreement will open up new opportunities for companies to compete and collaborate across the continent.
This Special coverage by African leadership is therefore designed to highlight the future of the insurance industry in the continent, as well as the possibilities, especially with the recently signed free trade agreement.
The report will also showcase the top 25 leading insurance companies on the continent. This list will exclusively showcase Insurance companies that are poised to change the face of the industry – given their commitment to innovation, excellence and sustainable business practices.
African Leadership Magazine is published by the African Leadership UK.