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  • Insurance penetration in the continent is less than 3 per cent, and if you take out South Africa the coverage drops to 1.2 per cent
  • With the African middle class growing across many African nations, the target market for insurance products is growing
  • Over the past few years, many traditional insurers have realised the urgent need to modernise and scale up their technological setup by offering a more comprehensive digital experience

Africa InsureTech

Insurance in Africa remains a marginal product, with the continent registering significantly lower penetration levels compared to the global average. 

According to a report by McKinsey, insurance penetration in the continent is less than 3 per cent; and if you take out South Africa the coverage drops to 1.2 per cent. 

However, economic growth and the rapid expansion of digital and mobile services are set to change this. 

With the African middle class growing across many African