Africa Insurance Market to Reach a Value of US$ 123.8 Billion by 2028

According to the latest report by IMARC Group, titled "Africa Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Africa insurance market size reached US$ 81.6 Billion in 2022. The market is anticipated to reach a value of US$ 123.8 Billion by 2028, exhibiting a CAGR of 7.1% during 2023-2028.

Insurance is a policy or contract that aids in protecting the insurer from financial losses. It is a form of risk management that is primarily used to hedge against the risk of a contingent or uncertain loss. It includes the equitable transfer of the risk of a loss from one entity to another, in exchange for a premium, and can be thought of as a guarantee to prevent a large, unknown, and potentially catastrophic loss. It protects against property damage, personal injury, death, theft, and legal liability. Besides this, it provides insurance coverage for death, disability, retirement benefits, and medical expenses. Moreover, it is responsible for providing customer service and ensuring that claims are processed in a timely and efficient manner.

Get Free Sample Copy of Report at - https://www.imarcgroup.com/africa-insurance-market/requestsample

Africa Insurance Market Trends:

The emerging insurance sector majorly drives the market in Africa. Along with this, the escalating number of insurance companies providing coverage to rural areas, which often lack access to traditional insurance services, including crop and livestock insurance, property and casualty insurance, and health and life insurance, is a major driving factor. Coupled with this, the rising population levels are propelling the demand for insurance products to protect individuals, families, and businesses from financial loss, further catalyzing the market favorably. As individuals own more assets to protect, they are more likely to purchase insurance products to mitigate any potential risks, thereby bolstering the overall insurance market across the region. In addition, the widespread adoption of insurance policies among the geriatric population as they need life insurance and other long-term care products to help protect their financial security and provide for their family in the event of their death or disability, is significantly supporting the demand.

Apart from this, the rising initiatives by several government agencies to provide insurance companies with a steady stream of revenue is acting as another growth-inducing factor. Furthermore, the increasing literacy rate across the region is raising awareness regarding the associated benefits of insurance, thus creating a positive market outlook.

Do you know more information, Contact to our analyst at- https://www.imarcgroup.com/africa-insurance-market

Key Market Segmentation:

Top Companies in Africa Insurance Industry:

• African Life Assurance Limited
• The Liberty Holdings Limited
• Libya Insurance Company
• Misr Insurance Holding Company
• Momentum Metropolitan Holdings Limited
• Old Mutual Limited Group
• Sage Term Life Insurance
• Sanlam Life Insurance Limited
• Santam Limited
• Société Nationale Des Assurances
• SPA

Breakup by Type:

• Life Insurance
• Non-life Insurance
• Automobile Insurance
• Fire Insurance
• Liability Insurance
• Other Insurances

Breakup by Country:

• South Africa
• Morocco
• Nigeria
• Egypt
• Kenya
• Algeria
• Angola
• Namibia
• Tunisia
• Mauritius
• Others

Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.