That is roughly four times the level across Africa, based on African Insurance Organisation estimates for 2019. Other major African banks and insurers including Standard Bank, Absa and Sanlam have also put expanding into African markets at the core of their strategies. But in Africa, the current low levels of penetration mean that massive economic losses from weather-related disasters do not yet reflect in credit and insurance portfolios. In Nigeria, for instance, where floods caused huge economic losses, property and casualty insurance penetration stands at just 0.3% of gross domestic product, he said. Scor is running several pilot projects on the continent in agricultural parametric insurance which could see it enter new sub-Saharan African markets if successful.

Source: The North Africa Journal June 09, 2022 22:52 UTC