By Alice Merry, published by the Microinsurance Network, November 2019, 27 pages, available at https://microinsurancenetwork.org/sites/default/files/Landscape%20of%20Microinsurance%20in%20Africa%202018_LR.pdf
This iteration of the Landscape series provides insights into the microinsurance industry based on data from 2017 supplied by 100 insurers in 16 countries in Africa, focusing on changes since a similar study published in 2015. Overall, as of December 2017, it is estimated that microinsurance products cover 15 million people, 2 percent of the low-income bracket in Africa.
While more Africans have life cover than any other type of insurance, the data indicate a significant increase in the number of people covered by health insurance. Meanwhile, the most complete datasets available for the study, which are from Kenya, Nigeria, Senegal, Togo, Uganda and Zambia, show an overall decrease in total insurance coverage from 10.8 million people to 10.1 million people. This decrease is primarily explained by the failure of mobile network operators (MNOs) to convince customers who had been given free insurance coverage, including funeral insurance and accident insurance, to begin purchasing policies. These introductory policies, provided to MNO customers to reward their loyalty, earlier had contributed to a significant increase in insurance coverage rates as discussed in the 2015 Landscape study on Africa. At that time, one third of insurers on the continent were partnering with MNOs. By 2017, only 2 percent of insurers were doing so.
By Jolene Khor, Research Associate
Sources and Additional Resources
“Landscape of Microinsurance in Africa 2018”
https://microinsurancenetwork.org/sites/default/files/Landscape%20of%20Microinsurance%20in%20Africa%202018_LR.pdf
“Landscape of Microinsurance in Africa 2015”
https://microinsurancenetwork.org/sites/default/files/Microinsurance%20Network_Africa%20landscape%20full%20report-WEB_0.pdf
The Microinsurance Network homepage
https://microinsurancenetwork.org
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