the african insurance landscape: scaling markets for growth · microinsurance (wmm) – coverage...

The African Insurance Landscape: Scaling markets for growth

MFW4A ECOWAS Financial Sector Dialogue 27-28 September 2018

Abidjan, African Development Bank CCIA

www.microinsurancenetwork.org

African insurance markets

African insurance markets have substantial room to grow, by any measure.

America; 1 636

Europe; 1 620

Asia; 343

Africa; 51

Oceania; 2 343

Density (Gross premiums per capita

(USD)

America;

6,5%

Europe;

6,7% Asia; 5,6%

Africa; 2,8%

Oceania;

6,3%

Penetration (Gross premiums/GDP)

763

608

311

102

73

41

31

30

23

6

South Africa

Mauritius

Namibia

Morocco

Tunisia

Kenya

Angola

Algeria

Egypt

Nigeria

2016 data, source: Deloitte Tax & Consulting

Penetration Gross premiums / GDP (%)


Insu

ran

ce

Household resilience

Risk transfer

Productive risk taking

Peace of mind

Access to critical services

Business resilience

Risk transfer

Risk management

Credit market development

Capital market development

Mobilising capital

Pooling capital

Allocating capital

Building institutions

Households, firms and markets

Graphic reproduced courtesy of Cenfri, www.cenfri.org

Direct:

Resilience & welfare

Indirect:

Economic opportunities for

resilience & welfare

However you look at it, most Africans are highly exposed to risk.


Insu

ran

ce

Household resilience

Risk transfer

Productive risk taking

Peace of mind

Access to critical services

Business resilience

Risk transfer

Risk management

Credit market development

Capital market development

Mobilising capital

Pooling capital

Allocating capital

Building institutions

Focus on households

Graphic reproduced courtesy of Cenfri, www.cenfri.org

Our focus is helping low-income consumers develop the resilience they need to cope with daily and catastrophic risks.

We believe that access to insurance is essential to sustainable development and that the world’s poor will not achieve lasting prosperity without it.

Existing access is insufficient and approaches based on insurance principles are the best way to provide access to risk management tools.

Low-income consumers lie at the heart of our mission.

We work with a broad range of stakeholders around the world to prioritise the needs, interests and well-being of our ultimate beneficiaries.


Landscape Studies: monitoring progress

2005 2010 2011 2012 2013 2014 2015 2016

The Landscape of Microinsurance in the World’s 100 Poorest Countries

Africa Africa Africa

Latin America & the Caribbean


Asia & Oceania Sri Lanka

2017


We began tracking progress more than a decade ago, providing a unique and valuable benchmark for the entire sector.

Data collected is

published

(aggregated)

and

made available

free of charge


2018 Landscape of Microinsurance in Africa

Following a consultation process, in 2018 we are piloting a new approach to the Landscape Studies. Primary research in Africa is currently underway.

• Network sourced funding, no direct project management

• Outsourced black box project • One region every three years

(rotating)

MET

HD

OD

OLO

GY

• Written report • Updated data for World Map of

Microinsurance (WMM) – coverage ratios per product

line) – GWP

OU

TPU

TS

PREVIOUSLY …

• Network sources funding and acts as curator and project manager

• Multiple workstreams with multiple (pro bono and paid) external collaborators, including Network members

• From 2019* global coverage annually

* SUBJECT TO FUNDING

• Written regional summary report(s) • Updated data for WMM • Country fact sheets provide socio-

economic and sectoral context • From 2020* improved data analytic

capabilities

THE NEW APPROACH…


Thank you!

the african insurance landscape: scaling markets for growth · microinsurance (wmm) – coverage...

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