Despite its insurance market value of $81.6 billion reported in 2022, Aftican continent operators are still far from playing among the top 20 insurance companies in the world. Reinsurers, Munich Re and Berkshire Hathaway, big names in the insurance industry, are ranked 114th and 338th in the Forbes 2023 report. According to Research and Markets, the Africa insurance market size reached $81.6 billion in 2022. “However, overall economic growth in the region witnessed over the past decades is steadily creating growth opportunities for the insurance market in the region. “The presence of numerous untapped markets is one of the key factors driving the insurance industry in the African region.

Source: Forbes August 01, 2023 10:21 UTC