Presenting a state of the sector analysis on microinsurance in Africa
This study provides an overview of the status and dynamics of the microinsurance industry in Africa. It updates and expands on the 2010 Landscape of Microinsurance in Africa study. The current study collected data over a four-month period from June 2012 on general company structure and results, descriptions and figures of microinsurance products, and market perceptions. The study reveals significant growth in life coverage, as well as innovation in agriculture and property microinsurance in some regions. Health microinsurance has stagnated in the continent. Over 650 million Africans still have none or little access to microinsurance. Findings include:
Southern and East Africa dominate in terms of coverage volumes and the sector remains limited in Central and North Africa;
Microinsurance coverage in Africa has grown over 200% between 2008 and 2011;
Microinsurance providers include commercial insurers, mutuals, hospitals, NGOs, and MFIs;
Organizations are confident of their growth prospects across all countries;
Life insurance products embedded into savings accounts or bundled into mobile phone subscriptions have helped to propel the industry.