Growth in Insurance industry – Frontier Markets
In Africa, Morocco, Nigeria, and Zimbabwe have experienced a positive total premium growth in 2018. For Morocco and Nigeria, this is mostly driven by the increase in life premiums. The increase in savings and protection-related financial products has boosted the demand for life insurance in Nigeria. Vietnam is the clear leader in the Frontier Markets, with total premiums growth of 36.5%, which has mostly been driven by growth in life premiums which surged due to strong promotion through agency and bancassurance channels. The low growth levels in Kenya are mostly due to the country’s low insurance penetration levels; which also stems from the country’s low levels of urbanisation.