Browsing: Insurance in South Africa

Insurance in Africa

Economies perform better when their fate is secured, in other words—sustainable growth performs better under the crucial reassurance of insurance.  

In this era of cutting-edge technology, insurance is a common necessity to possess, hence—the presence of mitigating losses, gaining financial stability, and promoting trade and commerce operations—as catered to by insurance, are the core building blocks of present-day economic success. 

Taking the youngest continent on the planet—Africa, into account—the simple concept of insurance stands to be an important pillar towards developing reliable development initiatives.  

According to Mckinsey, Africa’s insurance industry is valued at around $68 billion in terms of gross written premiums, standing as the eighth largest in the world. 

Faced with multiple natural hazards, insurance cover shields economies, businesses, and communities at large through supporting resiliency and disaster recovery.  

Several think tanks, including the US-based, Mckinsey Global Institute and Brookings, have marked Africa as one of the fastest-growing insurance