Insurance industry in Africa: Ranking 2018 of countries by turnover
The African insurance market continues to grow. The total premiums' volume reported by all countries increased by almost 5% in 2018 at 68.383 billion USD against 65.165 billion USD in 2017.
According to the 2018 data published by Sigma, the African market share remained stable at 1.31% of the global premiums. The top 3 countries were unchanged:
- South Africa was by far the leading country with 48.269 billion USD in premiums, that is 70.59% of whole continent's premium income.
- Morocco ranked second with 4.579 billion USD in premiums and a market share of 6.7%.
- Kenya reported a turnover worth 2.134 billion USD and a market share of 3.12%.
Insurance industry in Africa: Top of African countries by 2018 turnover
| Rank | Country | Premiums | 2017/2018 evolution | 2018 market shares | ||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |||
| 19 | 19 | South Africa | 48269 | 45770 | 5.46% | 70.59% |
| 51 | 50 | Morocco | 4579 | 3997 | 14.56% | 6.70% |
| 59 | 58 | Kenya | 2134 | 2007 | 6.33% | 3.12% |
| 63 | 62 | Egypt | 1579 | 1618 | -2.41% | 2.31% |
| 71 | 79 | Nigeria | 1220 | 1162 | 4.99% | 1.78% |
| 73 | 69 | Algeria | 1189 | 1223 | -2.78% | 1.74% |
| 79 | 75 | Namibia | 1009 | 960 | 5.10% | 1.48% |
| 83 | 83 | Tunisia | 870 | 856 | 1.64% | 1.27% |
| 86 | 82 | Zimbabwe | 735 | 642 | 14.49% | 1.07% |
| Total | 61584 | 58235 | 5.75% | 90.06% | ||
| Rest of Africa | 6799 | 6930 | -1.89% | 9.94% | ||
| Africa | 68383 | 65165 | 4.94% | 100.00% | ||
| World | 5193225 | 4957507 | 4.75% | |||
Read also | Insurance companies in Africa
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