Africa is one of the world’s most active insurance markets, with consistent economic development in most nations, paired with a relatively underdeveloped insurance industry. These factors have positioned the continent as the world’s second-fastest-growing insurance market, after only Latin America.
Due to the COVID-19 pandemic two years ago, the insurance industry was predicted to develop at a compound annual growth rate (CAGR) of 7% per year between 2020 and 2025, about twice as quickly as North America, more than three times that of Europe, and faster than Asia’s 6%.
Africa’s insurance market is worth around $68 billion in terms of GWP and is the eighth biggest in the world. However, this is not distributed evenly throughout the continent. The size, composition, growth, and degree of consolidation of markets vary, with 91 percent of premiums concentrated in only ten countries.
South Africa’s most developed and established insurance industry accounts for 70% of total premiums. Apart from South Africa, Africa has six key insurance areas.
The Best Insurance Companies In Africa
There are a lot of options when it comes to insurance, but because you’re trusting these firms to have your back should things go wrong, it’s critical that you choose the right one for you.
When making this selection, there are several factors to consider, such as the type of insurance they provide and the cost of their premiums vs the scope of what they will pay for.
You need not worry about that as we have compiled a list of the best Insurance companies in Africa in this post. Read on!
Sanlam (South Africa)
Sanlam provides full coverage for any unanticipated situations that may arise, like illness, theft, accidents, or even death. Enjoy peace of mind knowing that your health and money are protected with one of South Africa’s leading insurance providers, which will cover any deficit.
They provide auto and house insurance, as well as life and business insurance and medical insurance.
Old Mutual (South Africa)
Old Mutual’s direct short-term insurance product provides full coverage for both automobiles and housing. They have over 160 years of insurance expertise and experience and use this wealth of information to supply you with the best coverage.
Liberty (South Africa)
Liberty Life insurance cover provides both a life insurance plan that you may sign up for over the phone and a standard protection plan. Life Coverage over the Phone lets you take up coverage without filling out any documents or undergoing any medical exams, and it will pay out a lump sum to your dependents if you die.
King Price (South Africa)
King Price offers a wide range of insurance products. They provide insurance for anything from your vehicle and house to any other item worth insuring. They sincerely strive to be the “kings of insurance,” and as a result, their premium pricing is highly competitive.
Discovery (South Africa)
Discovery’s insurance coverage is out of this world. They have proceeded to outperform all of their competitors and are now one of Africa’s leading insurers. Their programs are tailored to meet a variety of budgets and demands, and they have earned a reputable reputation. On the other hand, their prices might be rather high for the average African.
MiWay (South Africa)
MiWay provides a variety of commercial insurance plans. From full insurance to insurance for specific parts of your business, such as each plant and machinery and products in transit, they have you covered. This means you may insure different components of your business or include everything in one plan, whatever works best for you.
Other top insurance companies in Africa are listed below.
When it comes to insurance, there is a large list of credible and trustworthy firms in Africa. Have a look at the top insurance companies in Africa.
- MML Group Limited (South Africa)
- Wafa Assurance (Morocco)
- The Hollard Insurance (South Africa)
- Guardrisk Insurance (South Africa)
- Royale Marocaine d’ Assurance (Morocco)
- OUTsurance Insurance (South Africa)
- Saham Assurance (Morocco)
- Misr Insurance (Egypt)
- Mutuelle Taamine Chaabi (Morocco)
- Professional Provident Society (South Africa)
Whether you’re seeking to get your first insurance coverage or switch carriers, I hope this article has clarified matters for you.
We recommend doing research when you have a few moments to yourself or with any other concerned parties.
Use this guide to help you go through all of the complex insurance terms and concepts and overblown information available on the internet.