Morocco secured the second-largest share of Africa’s insurance market in 2023, accounting for 8.7% of premiums collected on the continent, or about $5.54 billion (55.8 billion dirhams), according to figures from Atlas Reinsurance Reports and Sigma released on Sept. 12.
South Africa dominates the sector with 68.2% of the market, equivalent to $43.36 billion, supported by a mature financial system, compulsory insurance schemes and high savings rates.
Egypt and Kenya followed with 4% and 3.6% shares, valued at $2.54 billion and $2.29 billion respectively, while Nigeria accounted for just 1.7% at $1.08 billion. Côte d’Ivoire (1.2%), Namibia (1.5%) and Ghana (1.1%) were further down the table, with all other African markets combined representing 6.4%.
Despite its large population, Nigeria remains a marginal player with insurance penetration under 1% of GDP, compared to over 13% in South Africa. Analysts stressed that regulatory reforms, digital platforms and stricter enforcement of compulsory coverage are key to boosting participation and extending insurance to agriculture, health and microinsurance.
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