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Insurance Markets in Africa

In: The Economics of Banking and Finance in Africa

Author

Listed:
  • Richard Addae-Manu

    (University of Stellenbosch Business School)

  • Michael Graham

    (University of Stellenbosch Business School)

Abstract

In this chapter, we review the nature and characteristics of insurance markets in Africa. Although insurance has many tangible and intangible economic benefits, the African market, seemingly, lags behind many other regional markets. Therefore, this chapter discusses the role and recent developments in Africa’s insurance sector’s statistical trends and observations as a prelude to what needs to be done. We, subsequently, propose market and regulatory recommendations for greater outreach and penetration in the African insurance market. For example, enforcing appropriate capital adequacy requirements and introducing a well-instituted dedicated ombuds office can be game changers in countering the market irregularities and instilling trust in the insurance industry.

Suggested Citation

  • Richard Addae-Manu & Michael Graham, 2022. "Insurance Markets in Africa," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joshua Yindenaba Abor & Charles Komla Delali Adjasi (ed.), The Economics of Banking and Finance in Africa, chapter 0, pages 829-859, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-04162-4_24
    DOI: 10.1007/978-3-031-04162-4_24
    as

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