Browsing: insurance cover

$2.1 billion landmark merger between Insurance giants Allianz and Sanlam.
  • Allianz reports that the overall group equity value is estimated to be more than US$2.1 billion, and the new business is likely to rank in the top three in the majority of the areas in which it operates.
  • Initially, Sanlam will retain a 60 per cent stake in the joint venture, with Allianz holding a 40 per cent stake and the option to purchase an additional nine per cent at a later date
  • Insurance penetration in Africa is considerably lower than the global average, standing at 2.78 per cent in 2019 compared to 7.23 per cent globally
  • Only about 1 per cent of the population in Sub-Saharan Africa has insurance coverage

South African insurer Sanlam and German insurance giant Allianz have agreed to create a joint venture that will consolidate both their present and future activities across Africa.

The largest non-banking financial services institution in Africa

The partnership between the …

However, economic growth and the rapid expansion of digital and mobile services are set to change this. 

With the African middle class growing across many African nations, the target market for insurance products is growing.

The report highlighted that there has been a significant rise in demand for digital solutions, as smartphone and affordable internet penetration deepens across the continent, providing opportunities for InsureTechs to step in and offer innovative products.…