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In 2023, the African insurance market reported a total premium volume of 63.5 billion USD. Broken down by line of business, life insurance accounted for 42.9 billion USD, representing a market share of 67.5%.
Non-life premiums amounted to 20.6 billion USD, or 32.5% of the total market.
Insurance premiums: 2019 - 2023
In billions USD
| Year | Life | Non-life | Total |
| 2023 | 42.975 | 20.588 | 63.563 |
| 2022 | 45.56 | 21.757 | 67.317 |
| 2021 | 51.315 | 22.875 | 74.19 |
| 2020 | 41.829 | 20.052 | 61.881 |
| 2019 | 46.204 | 22.951 | 68.155 |
Source: Sigma
African insurance market key indicators in 2023
| Indicator | In % |
| Life insurance share | 1,48% |
| Non-life insurance share | 0,47% |
| Africa's share of the global insurance market | 0,88% |
| Life penetration rate | 2,40% |
| Non-life penetration rate | 1,10% |
| Global penetration rate | 3,50% |
| Life insurance density | 31 USD |
| Non-life insurance density | 15 USD |
| Global density | 46 USD |
Source: Sigma
Read also | Top 100 insurance companies in Africa
Characteristics of the African insurance market
The African insurance market remains largely dominated by South Africa, which has established itself as the continent's leading player. In 2023, the country generated a premium volume of 43.354 billion USD, accounting for 68.2% of the continent's premium income.
This dominant position is attributed to several factors, including a solid financial infrastructure and a mature insurance system, which enable South Africa to play a central role as a regional economic hub.
Top 10 African insurance markets: premium evolution (2019-2023)
In millions USD
| Country | 2019 | 2020 | 2021 | 2022 | 2023 |
| South Africa | 46 420 | 40 636 | 51 215 | 45 832 | 43 354 |
| Morocco | 4 628 | 5 029 | 5 330 | 5 236 | 5 519 |
| Egypt | 2 099 | 2 474 | 3 021 | 3 321 | 2 550 |
| Kenya | 2 229 | 2 120 | 2 424 | 2 494 | 2 287 |
| Algeria | 1 208 | 1 037 | 1 038 | 1 210 | 1 190 |
| Nigeria | 1 393 | 1 213 | 1 582 | 1 619 | 1 114 |
| Tunisia | 862 | 949 | 983 | 1 014 | 1 078 |
| Côte d'Ivoire | 671 | 685 | 806 | 680 | 755 |
| Namibia | 1305 | 788 | 867 | 921 | 973 |
| Ghana | 610 | 759 | 789 | 596 | 673 |
| Top 10 | 61 425 | 55 690 | 68 055 | 62 923 | 59 493 |
| Rest of the market | 6 730 | 6 191 | 6 135 | 4 394 | 4 070 |
| Total Africa | 68 155 | 61 881 | 74 190 | 67 317 | 63 563 |
Source: Atlas Magazine and Sigma
Evolution of the main African insurance markets: 2019-2023
The top ten African countries alone account for 93.6% of the continent's written premiums.
As already mentioned, the market is largely dominated by South Africa, which over the past five years has maintained a written premium percentage of around 68.2%. Morocco, the continent's second-largest market, is growing strongly, with its market share rising from 6.8% in 2019 to 8.7% in 2023.
Market shares: 2019-2023
| Country | 2019 | 2020 | 2021 | 2022 | 2023 |
| South Africa | 68.10% | 65.70% | 69.00% | 68.10% | 68.20% |
| Morocco | 6.80% | 8.10% | 7.20% | 7.80% | 8.70% |
| Egypt | 3.10% | 4.00% | 4.10% | 4.90% | 4.00% |
| Kenya | 3.30% | 3.40% | 3.30% | 3.70% | 3.60% |
| Algeria | 1.80% | 1.70% | 1.40% | 1.80% | 1.90% |
| Nigeria | 2.00% | 2.00% | 2.10% | 2.40% | 1.70% |
| Tunisia | 1.20% | 1.50% | 1.30% | 1.50% | 1.70% |
| Côte d'Ivoire | 1.00% | 1.10% | 1.10% | 1.00% | 1.20% |
| Namibia | 1.90% | 1.30% | 1.20% | 1.40% | 1.50% |
| Ghana | 0.90% | 1.20% | 1.00% | 0.90% | 1.10% |
| Top 10 | 90.10% | 90.00% | 91.70% | 93.50% | 93.60% |
| Rest of the market | 9.90% | 10.00% | 8.30% | 6.50% | 6.40% |
| Total Africa | 100% | 100% | 100% | 100% | 100% |
Source: Atlas Magazine and Sigma
Evolution of insurance premiums in Africa in local currency and in USD: 2019-2023
The depreciation of African currencies against the US dollar is taking a heavy toll on African insurers. While many markets and insurance companies are experiencing strong growth, the lack of competitiveness of their economies is totally undermining their efforts, turning their gains into losses.
In local currency terms, all top 10 countries are reporting steadily rising premium income for the period 2019-2023. However, when these same premiums are expressed in dollars, the figures show significant losses over the same period.
For example, in a single year, from 2022 to 2023, Egypt posted a 32% increase in premiums in local currency, while recording a 23% loss when the same receipts were expressed in US dollars.
The case of Nigeria is even more telling. From 2022 to 2023, in a single year, the Naira, the national currency, lost 50.22% of its value against the dollar. This loss of value of the national currency inevitably translates into a loss of premium income expressed in dollars.
Consequently, from 2022 to 2023, Nigeria had recorded a 38% increase in premiums in local currency, which will turn into a 31% loss when premiums are recorded in US dollars.
Insurance premiums in Africa: evolution in local currencies
| Country | Local currency | Δ 2019-2020 | Δ 2020-2021 | Δ 2021-2022 | Δ 2022-2023 | Δ 2019-2023 |
| South Africa | ZAR | -1% | 11% | 2% | 7% | 19% |
| Morocco | MAD | 1% | 11% | 9% | 5% | 27% |
| Egypt | EGP | 14% | 18% | 18% | 32% | 111% |
| Kenya | KES | 2% | 19% | 12% | 17% | 59% |
| Algeria | DZD | -5% | 5% | 8% | 6% | 15% |
| Nigeria | NGN | 9% | 23% | 15% | 38% | 112% |
| Tunisia | TND | 6% | 10% | 12% | 8% | 43% |
| Côte d'Ivoire | FCFA | 6% | 12% | 11% | 16% | 53% |
| Namibia | NAD | -15% | 13% | 3% | 19% | 17% |
| Ghana | GHS | 28% | 8% | 27% | 31% | 131% |
Insurance premiums in Africa: evolution in USD
| Country | Δ 2019-2020 | Δ 2020-2021 | Δ 2021-2022 | Δ 2022-2023 | Δ 2019-2023 |
| South Africa | -12% | 26% | -11% | -5% | -7% |
| Morocco | 9% | 6% | -2% | 5% | 19% |
| Egypt | 18% | 22% | 10% | -23% | 21% |
| Kenya | -5% | 14% | 3% | -8% | 3% |
| Algeria | -14% | 0% | 17% | -2% | -1% |
| Nigeria | -13% | 30% | 2% | -31% | -20% |
| Tunisia | 10% | 4% | 3% | 6% | 25% |
| Côte d'Ivoire | 2% | 18% | -16% | 11% | 13% |
| Namibia | -40% | 10% | 6% | 6% | -25% |
| Ghana | 24% | 4% | -24% | 13% | 10% |
| Top 10 | -9% | 22% | -8% | -5% | -3% |
| Rest of the market | -8% | -1% | -28% | -7% | -40% |
| Total Afrique | -9% | 20% | -9% | -6% | -7% |
Insurance premiums in Africa: evolution by life and non-life business (2022-2023)
In millions USD
| Country | 2022 | 2023 | ||||
| Life | Non-life | Total | Life | Non-life | Total | |
| South Africa | 36 863 | 8 969 | 45 832 | 34 834 | 8 520 | 43 354 |
| Morocco | 2 422 | 2 814 | 5 236 | 2 551 | 2 968 | 5 519 |
| Egypt | 1 670 | 1 651 | 3 321 | 1 245 | 1 305 | 2 550 |
| Kenya | 1 134 | 1 360 | 2 494 | 1 076 | 1 211 | 2 287 |
| Algeria | 114 | 1 096 | 1 210 | 130 | 1 060 | 1 190 |
| Nigeria | 689 | 930 | 1 619 | 431 | 683 | 1 114 |
| Tunisia | 288 | 726 | 1 014 | 299 | 779 | 1 078 |
| Côte d'Ivoire | 373 | 307 | 680 | 417 | 338 | 755 |
| Namibia | 673 | 248 | 921 | 733 | 240 | 973 |
| Ghana | 296 | 300 | 596 | 320 | 353 | 673 |
| Top 10 | 44 522 | 18 401 | 62 923 | 42 036 | 17 457 | 59 493 |
| Rest of the market | 1 038 | 3 356 | 4 394 | 939 | 3 131 | 4 070 |
| Total Africa | 45 560 | 21 757 | 67 317 | 42 975 | 20 588 | 63 563 |
