Home » News: Stakeholders decry less than 3% insurance penetration in Africa, seek alliances to expand market

News: Stakeholders decry less than 3% insurance penetration in Africa, seek alliances to expand market

by Atqnews
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Insurance

Experts across the insurance market in Africa are sensitising industry operators on the need to forge alliances to increase insurance penetration in the continent.

According to guardian.ng, the stakeholders who converged on Accra, Ghana for a two-day conference for the West Africa Insurance Companies Association (WAICA) in Accra, Ghana, revealed that insurance penetration in Africa is below three per cent, despite the huge potential of the sector.

READ: Africa: Aviation and Cargo Conference to examine the role of Insurance in Aviation in Nigeria

With a population of about 1.3 billion people on the continent, the insurance penetration has been described as woeful and below average.

Vice President, Mahamudu Bawumia, in his address, said insurance plays a critical role in the economy, hence the decision to introduce initiatives such as the Insurance Act and recapitalisation in places like Nigeria and Ghana.

He entreated members of WAICA to up their game towards boosting insurance penetration across the countries.

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