Size of insurance markets – emerging markets

The African insurance industry is largely underdeveloped when comparing it to the rest of the world. Gross insurance premiums written (GPW) in Africa account for 1.56% of global GPW. South Africa is the leader in this respect, with its GPW accounting for 0.93% of global GPW. When comparing Africa to its global meaningful markets, China is the insurance market leader in emerging markets, accounting for 11.07% of global GPW.

China’s insurance industry is significantly more developed than any other emerging market, and the Swiss Re Institute expects the insurance industry to grow by more than its 10-year historic average in 2019 and 2020. South Africa measures up quite well and has the fourth largest insurance industry in the emerging markets group. Furthermore, South Africa has the highest insurance penetration and insurance density in the emerging markets group. The South African insurance market is supported by a sound regulatory environment, diversified multichannel distribution and high level of local competition.