Focus: Infrastructure cover essential to sustain pace of economic growth in Africa

Africa’s insurance growth potential is both underestimated and misunderstood. Its insurance industry is estimated to be worth almost $70bn gross written premium, according to recent research by McKinsey. Before the pandemic, the insurance market was projected to grow at a compound growth rate of 7%, nearly twice as fast as North America and three times faster than Europe. With this growth rate expected only to be delayed rather than halted by the pandemic, we are likely to see the insurance growth rate power back up as the world economy recovers.