Microinsurance in Africa grows by 200%, says report
Monday, October 28, 2013
The study was conducted by Making Finance Work for Africa (MFW4A) and the Munich Re Foundation, supported by the African Development Bank, ILO’s Microinsurance Innovation Facility and the Microinsurance Network in its overview of the state of the microinsurance market in Africa.
It stated that Compared to 2008, the African microinsurance industry has grown by 200 per cent while a huge potential remains.
The study showed that 38 million insured people are concentrated in Eastern and Southern Africa – South Africa alone accounting for 60 per cent of coverage while in Central and North Africa, the microinsurance sector remains limited.