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According to Atlas Reinsurance Reports - Africa 2026, the African reinsurance market is showing positive momentum.
The volume of written premiums is up 8.8% compared to 2023. Over the last ten years, African reinsurance has grown by 89%, which is 33 points higher than the direct market.
However, the 6.269 billion USD in premiums accounted only for 1.6% of global reinsurance contributions in 2024.
The non-life segment accounts for 87.5% of the total life and non-life underwritings.
The market is led, in descending order, by Africa Re, Munich Re of Africa (MRoA), Atlantic Re (formerly Société Centrale de Réassurance), Compagnie Centrale de Réassurance (CCR), and Swiss Re Africa. Together, these five reinsurers, out of 48 active players, underwrote 51% of African reinsurance premiums.
South Africa remains the continent’s largest reinsurance place, contributing 34% of the total premiums written.
Still in 2024, the average return on equity (ROE) stood at 12.9%.
African reinsurance market: premium evolution (2015-2024)
Figures in millions USD
| 2015 | 2019 | 2022 | 2023 | 2024 | Evolution 2015-2024 | |
|---|---|---|---|---|---|---|
| Reinsurance written premiums | 3 320 | 5 054 | 5 848 | 5 763 | 6 269 | 89% |
| Direct insurance premiums | 63 942 | 67 282 | 67 317 | 63 563 | 73 420 | 15% |
| % reinsurance/insurance | 5.20% | 7.50% | 8.70% | 9.10% | 8.50% | - |
The African reinsurance market in 2024
Overview
- 6 269 million USD in reinsurance premiums written by 48 reinsurers
- A reinsurance market share of 1.6% of global underwritings
- Non-life insurance accounts for 87.5% of the total written premiums
- Africa Re is the continent's leading reinsurer with a market share of 19%
- The top ten reinsurers underwrite 73% of the premiums
- African market ROE stands at 12.9%
Gross reinsurance premiums in 2024
Figures in USD
| Premiums | Shares | Δ 2023-2024 | |
|---|---|---|---|
| Africa | 6 269 000 000 | 1.60% | 8.78% |
| Europe | 179 784 000 000 | 45.50% | 1.83% |
| Americas | 171 296 000 000 | 43.4% | 10.38% |
| Asia | 35 871 000 000 | 9.10% | -0.36% |
| Middle East | 1 474 000 000 | 0.40% | 22.50% |
| Total world | 394 694 000 000 | 100% | 5.33% |
Gross life and non-life reinsurance premiums in 2024
Figures in millions USD
| Non-life | Life | Total | |
|---|---|---|---|
| Africa | 5 485 | 784 | 6 269 |
| Europe | 129 927 | 49 857 | 179 784 |
| Americas | 125 900 | 45 396 | 171 296 |
| Asia | 30 615 | 5 256 | 35 871 |
| Middle East | 1 242 | 232 | 1 474 |
| Total world | 293 169 | 101 525 | 394 694 |
Insurance and reinsurance premiums in Africa and worldwide in 2024
Figures in millions USD
| Africa | World | |
|---|---|---|
| Direct insurance premiums | 73 420 | 7 186 174 |
| Reinsurance written premiums (1) | 6 269 | 394 694 |
| % reinsurance/insurance | 8.54% | 5.49% |
(1) Premiums of 48 reinsurers in Africa and 154 reinsurers worldwide
