The insurance industry in Africa is undergoing a slow but steady growth trajectory, with Kenya and Nigeria emerging as two dynamic and strategically important markets in Sub-Saharan Africa. While the industry’s low penetration ratio is well known, a convergence of macroeconomic, demographic, and technological trends portends well for the industry’s medium-term prospects. While the recent strain on middle-class families has been well-documented, long-term factors such as rapid urbanisation, expanded financial inclusion, and digital innovation are reshaping consumer demand for insurance products and opening new pathways for insurers, investors, and ecosystem players.
Africa’s total insurance market value is approximately $93 billion (as of 2024). Aside from South Africa, Kenya and Nigeria together represent two of the more critical insurance markets in Sub-Saharan Africa. Kenya’s insurance industry is valued at roughly $3.0 billion in premiums, while Nigeria’s stands at around $1.0 billion, reflecting both countries’ growing but still underpenetrated markets. Penetration levels
