A report by Deloitte Ghana has said that the African insurance market still offers immense opportunities for insurance players, fuelled by the emergence of insurtech and fintech start-ups coupled with strong population growth and low insurance penetration levels.
Although the COVID-19 pandemic may have delayed the anticipated boom in the African insurance market, it has also highlighted the industry’s resilience and potential for growth.
The report indicated that innovative insurance players are addressing low insurance penetration, leveraging technology to offer tailored products and enhancing customer experiences.
Players without an insurance license are increasingly moving into the insurance space, competing with existing insurers and providing new ways of servicing and reaching customers, it said.
“Regulators are creating supportive environments that promote innovation and financial inclusion, which could ultimately lead to increased insurance penetration,” the report said.
