Top 5 Insurance Companies in Africa

by Team Insurepedia
small business insurance

Leading Insurance Firms in Africa

The African insurance business sector is still developing in many places across the entire continent. In Africa, the sector represents a mere 3% of the worldwide slice of all the insured catastrophic loses.

This up take of insurance looks quite low, considering the fact that the African continent  makes up about 18% of the world population.

However, despite this low number, there is potential for better insurance business in Africa, seeing that many international insurance brokers, reinsurers and insurers have in the recent years taken up interest in doing business in Africa. 

This has been incremental on annual basis, in the recent years. For example, in 2020, the worth of insurance policy costs in Sub-Saharan Africa amounted to over 50 billion U.S. dollars.

The following is a short list of top 5 leading insurance firms in Africa

Here are the top 5 leading insurance businesses in Africa:

1. Sanlam Group: Based in South Africa, Sanlam Group is the largest non-banking financial services company in Africa. It provides insurance, investment, and other financial services in over 30 countries across the continent.

2. Old Mutual: Also based in South Africa, Old Mutual is a multinational insurance and investment company with operations in 14 countries across Africa. Sanlame also offers life and health insurance, as well as retirement and investment solutions.

3. Allianz: Allianz is a global insurance and financial services company with a presence in 16 countries in Africa. It offers a wide range of insurance products, including life, health, property, and casualty insurance.

4. AXA: AXA is a French multinational insurance company with operations in 9 countries in Africa. It provides a range of insurance products, including life, health, property, and casualty insurance.

5. Prudential plc: Based in the United Kingdom, Prudential plc has a strong presence in Africa through its subsidiary Prudential Africa. It provides life insurance and asset management services in 11 countries across the continent.

Below is a detailed look at the Top Insurance Firms Operating in Africa

Sanlam Group

Sanlam is a South African insurance company.  With head offices in Cape Town, this company is considered the largest insurance firm in Africa. Sanlam was founded in 1918 and has since grown to become one of the largest insurance companies in Africa.

The company offers a range of insurance products, including life, health, travel, and car insurance, as well as investment and savings products.

Sanlam has operations in several African countries, including South Africa – home, Namibia, Botswana, Zambia, and Kenya. In 2020, Sanlam was ranked the largest non-banking financial services company in Africa by Forbes. The company has a strong reputation for financial strength and stability, as well as excellent customer service and claims handling.

Old Mutual Limited

Founded in 1845, Old Mutual is yet another South African insurance company. The head office is located in Johannesburg. Besides insurance, Old Mutual offers investments, banking and savings services. The organization has a strong presence in several African countries, including South Africa, Kenya, and Zimbabwe.

In regard to insurance business, Old Mutual  offers a range of insurance products, including life, health, car, and home insurance, as well as investment and savings products.

Old Mutual has received high ratings for financial strength and customer satisfaction, and was ranked the second-largest non-banking financial services company in Africa by Forbes in 2020. The company is known for its innovative insurance products and personalized service.

Allianz

Although global company, with headquarters in Munich, German, Allianz has a strong presence on the Africa continent when it comes to insurance.

It is one of the largest insurance companies in the world and has a presence in 70 countries, including 16 countries in Africa.

In Africa, Allianz offers a wide range of insurance products to individuals, businesses, and organizations. These products include life insurance, health insurance, property insurance, and casualty insurance. Allianz also provides insurance solutions for businesses, such as marine insurance, aviation insurance, and liability insurance.

AXA

AXA is a French multinational insurance company with operations in 56 countries worldwide. Of these, 9 countries of their operations are in in Africa. They are headquartered in Paris, France.

AXA’s insurance services in Africa is focused on providing a wide range of insurance products and  solutions to individuals, businesses, and organizations. The company offers life insurance, health insurance, property insurance, and casualty insurance. They also insurance products targeting  businesses, such as marine insurance, aviation insurance, and liability insurance.

With a very strong and positive reputation for innovation and customer service, AXA seems to be committed to delivering very good insurance products and services to its customers on the African continent.

Prudential PLC – Prudential plc is a multinational insurance and financial services company headquartered in London, UK.

The company has a strong presence in Africa through its subsidiary, Prudential Africa, which provides life insurance and asset management services in 11 countries across the continent.

Prudential Africa has continued to expand their presence in Africa, which is one of the world’s most dynamic and promising regions.

Recently, in July 2019, they completed the acquisition of a 51 per cent stake in the leading life insurer, Group Beneficial, operating in West and Central Africa, enabling them to enter Cameroon, Côte d’Ivoire and Togo. Combined with their launch over the last few years of businesses in Ghana, Kenya, Uganda, Zambia and Nigeria, this latest step means that Prudential  now operates in markets in Africa with a total population of almost 400 million.

Take Away

In conclusion, these are the top 5 best insurance companies in Africa, based on their financial strength, customer satisfaction, product and plans, and market share. Each of these companies has a strong reputation in the industry and offers a range of insurance products to meet the needs of different individuals and businesses.

When choosing an insurance company, it is important to consider factors such as coverage options, pricing, and customer service, and to compare quotes from multiple providers to find the best fit

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