Size of insurance markets – frontier markets

Most of the African countries in our analysis are classified as frontier markets, except for Egypt and South Africa. The insurance market size in the frontier markets is considerably small and largely underdeveloped. This is evidenced by the low insurance premiums, share of world market and insurance density present in the frontier markets. It is interesting to note that Morocco, Kenya, Namibia and Tunisia have relatively high insurance penetration rates, which are comparable to the emerging market penetration rates; which indicates that although these markets have low levels of GPW, these are reasonable in relation to the size of their respective economies.