The Untold Story of African Insurance Sector
By Etornam Agbemor
The writer of this article is a journalist with Pent Media Centre
Insurance accounts for only three per cent of Africa's Gross Domestic Product, which is less than half of the global average of seven per cent. However, insurance provides a safety net against a variety of external threats such as natural disasters, health threats, and economic disruptions.
Needed but not prioritised, relied on but not trusted - these are just a few of the perceptions that have defined interactions with the insurance sector. For a long time, the sector has struggled to deliver relevant products, particularly to customers at the bottom of the economic pyramid.
Remote locations, lower education levels and a lack of trust or experience with formal institutions have been key contri...
