Luanda, Angola. Picture: 123RF/FABIAN PLOCK
With an estimated population of 1.3bn, Africa represents about 16.5% of the world’s total population. However, the African insurance market remains one of the world’s least penetrated. Africa’s contribution accounts for 1.55% of global insurance premiums — a reflection of the under penetration of insurance on the continent. This article was paid for by Santam.