This as the global average penetration rate was 7.20 per cent in 2019 and later increased to 7.40 per cent in 2020.The president, African Insurance Organisation , Tope Smart, who spoke at the just-concluded Insurance Retreat for Africa, organised by the Government of Zanzibar and held at Madinat el Bahr, Zanzibar, said: “In 2019, while the global average penetration rate was 7.20 per cent that of Africa was 2.78 per cent. In the year 2020 while the global average went up to 7.
Stating that regulators are not keeping pace with innovation, as timing and implementation of regulatory changes need to be looked into, he stressed that, lack of consumer trust as the presence of weak companies erode trust, pricing and other market-related issues, cultural related issues, fragmentation and over the competition, were hindrances to the insurance penetration on the continent.
“If the issues highlighted are critically addressed, the result will lead to significant growth of the insurance sector. It is also important to mention that the underlying economic growth forms the most important catalyst for growth and good enough, the outlook for GDP growth is strong across markets,” he pointed out.
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