At USD 68.6 billion, insurance premiums across the entire of Africa account for only 2.6% of the world’s USD 2.58 trillion. Out of the USD 68.6 billion written across Africa in 2012, South Africa, accounted for over USD 48 billion (approximately 70%), part of which included close to 90% of total life premiums written in the whole of Africa.

The growth potential of the insurance industry in Africa, outside South Africa, is therefore huge.

Increasingly stable economies in Africa, improved political governance, economic diversification, rapid adoption of communications technology and improvements in infrastructure give the insurance industry a solid platform on which to project its growth over the next ten years.