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.
Last month, Allianz acquired a controlling stake in Jubilee General Insurance of Tanzania, the fourth acquisition in two years after Allianz agreed to take up a controlling stake in Jubilee Holdings’ short-term business, covering property/casualty in five African countries, with the acquisition of a Mauritian business the final transaction, pending regulatory approval.
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. Also angling for the East African market is the Mauritian Insurance company, MUA, following its takeover of the non-life activities of Saham Kenya and the successful integration of the two entities in 2021.
Among the key factors driving the industry in the African region, the research firm says, is the opportunity of entirely untapped markets, both to regional and global players.
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