Browsing: Insurance coverage in Africa

$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 …