Insurance Markets in Africa

Richard Addae-Manu () and Michael Graham ()
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Richard Addae-Manu: University of Stellenbosch Business School
Michael Graham: University of Stellenbosch Business School

Chapter Chapter 24 in The Economics of Banking and Finance in Africa, 2022, pp 829-859 from Palgrave Macmillan

Abstract: Abstract In this chapter, we review the nature and characteristics of insurance markets in Africa. Although insurance has many tangible and intangible economic benefits, the African market, seemingly, lags behind many other regional markets. Therefore, this chapter discusses the role and recent developments in Africa’s insurance sector’s statistical trends and observations as a prelude to what needs to be done. We, subsequently, propose market and regulatory recommendations for greater outreach and penetration in the African insurance market. For example, enforcing appropriate capital adequacy requirements and introducing a well-instituted dedicated ombuds office can be game changers in countering the market irregularities and instilling trust in the insurance industry.

Keywords: Insurance markets; Life sector; Non-life sector; Penetration; Africa (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-04162-4_24

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DOI: 10.1007/978-3-031-04162-4_24

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