Africa’s insurance market is expected to grow at a compound annual growth rate (CAGR) of 7% between 2022 and 2028, reaching $120 billion. Though seemingly impressive, the insurance industry in Africa could be worth more if insurance penetration on the continent wasn’t extremely low, less than 3%, according to reports. As a result, traditional insurers have a finite market to sell their products, which in most cases are subpar compared to global standards.
Nevertheless, with a growing young population, increasing smartphone usage, less expensive internet access, and the proliferation of fintech apps, the insurtech market is taking shape as startups launch solutions to various customer segments attempting to deepen penetration. One solution based out of Nigeria, Read Entire Article
