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According to estimates by Atlas Magazine, the turnover of the African insurance market will reach USD 73.42 billion in 2024.
The sector is dominated by South Africa, followed by Morocco, Kenya, Egypt, and Algeria. These five countries account for a total market share of 87% in 2024, while the top 10 countries underwrite 93.6% of the continent's premiums.
Top 10 African markets by turnover in 2024
In thousands USD
| 2024 turnover | 2024 market share | |
|---|---|---|
| South Africa | 51 931 000.0 | 70.7% |
| Morocco | 5 785 486.0 | 7.9% |
| Kenya | 3 031 962.0 | 4.1% |
| Egypt | 1 927 590.0 | 2.6% |
| Algeria | 1 253 488.0 | 1.7% |
| Tunisia | 1 064 767.0 | 1.6% |
| Namibia | 1 061 807.0 | 1.5% |
| Nigeria | 1 000 000.0 | 1.4% |
| Côte d'Ivoire | 999 092.4 | 1.3% |
| Mauritius | 663 290.0 | 0.9% |
| Total | 68 718 482.4 | 93.6% |
| Rest of the market | 4 701 018.0 | 6.4% |
| Grand total | 73 419 500.4 | 100% |