Africa Insurance Market Trends, Share, Size and Forecast 2021-2026
  • Published On: 23-02-2022

Africa Insurance Market Trends, Share, Size and Forecast 2021-2026

IMARC Group’s latest research report, titled “Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.


Insurance refers to an arrangement that allows a company or government agency to provide a guaranteed compensation for specified loss, damage, illness, or death in return for a payment of a premium. It serves as an agency of capital formation and a source of employment. With steady economic growth across Africa, the region is witnessing significant growth in the insurance sector. The Africa insurance market reached a value of US$ 70 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026.

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Important Attribute and highlights of the Report:

  • Detailed analysis of the market share

  • Market Segmentation by type

  • Historical, current, and projected size of the market in terms of volume and value

  • Latest industry trends and developments

  • Competitive Landscape for Africa Insurance Market Strategies of major players and product offerings


The market in Africa is primarily driven by the increasing penetration of premium discretionary items, such as cars, laptops and smartphones, that require insurance. Furthermore, the rising demand for pensions and individual life insurance policies is providing a thrust to the market growth. Apart from this, the presence of numerous untapped markets in the region due to the relatively low penetration rates of insurance products across multiple African countries is creating a positive outlook for the market. Additionally, a significant rise in literacy rates and significant awareness regarding the associated benefits of insurance among the masses are also providing an impetus to the market growth.

Key Players Included in Africa Insurance Market Research Report:

  • 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

  • Société Nationale Des Assurances

  • SPA



Key Market Segmentation:


Market Breakup by Type:

  • Life Insurance

  • Non-life Insurance

    • Automobile Insurance

    • Fire Insurance

    • Liability Insurance

    • Other Insurance

On the basis of the type, the market has been bifurcated into life insurance and non-life insurance (automobile, fire, liability and others).

Market Breakup by Country:

  • South Africa

  • Morocco

  • Nigeria

  • Egypt

  • Kenya

  • Algeria

  • Angola

  • Namibia

  • Tunisia

  • Mauritius

  • Others

On the geographical front, the market has been classified into South Africa, Morocco, Nigeria, Egypt, Kenya, Algeria, Angola, Namibia, Tunisia, Mauritius and Others.

COVID-19 Impact Overview:


We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.


TOC for the Africa Insurance Market Research Report:

  • Preface

  • Scope and Methodology

  • Executive Summary

  • Introduction

  • Africa Insurance Market 

  • SWOT Analysis

  • Value Chain Analysis

  • Price Analysis

  • Competitive Landscape

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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