Africa’s insurance market is the most underserved in the world – but activity in the sector is on the increase, a trend that could signal a new phase of growth. After seven years of trading as UAP Old Mutual, that joint venture has begun a phased rebrand to market itself as one brand – Old Mutual – in the East African market. Like Sanlam-Allianz, Old Mutual has also affirmed its commitment to grow into a pan-African entity through product innovation and providing cover for multinationals. The Francophone Africa market has a combined share of 2.7%, southern Africa outside of South Africa 2.6% and Anglophone West Africa, 1.9%, respectively. The McKinsey Global Insurance Report 2022, points to insurtech driving innovation and disruption in the industry.

Source: The North Africa Journal June 09, 2022 13:15 UTC