One reason for her optimism is the continent’s relatively low insurance penetration rate: it stood at under 3% in 2019, compared with the global average penetration rate above 7%. However, the prospects for growth are immense, especially for digital insurance platforms, given recent political upheavals, natural disasters and the economic dislocation caused by the fallout from the coronavirus pandemic.
“The African insurance industry is growing faster than [most of] the rest of the world, ” aside from Latin America, said Traoré in an interview at her office in Abidjan on the southern Atlantic coast of Côte d’Ivoire in West Africa.
Allianz has more than a century of history in Africa, where it has built and is continually expanding its footprint, currently present in 12 countries across the continent.
When it comes to insurance penetration in the region, South Africa is by far the biggest player, with about 70% of the continent’s total market share. Next is Morocco, then…