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.
|Country||Premium volume (USD m)||
(Premiums as % GDP)
|Share of world market 2018E(%)||Insurance density (Premiums per capita in USD)|
|2018E||Total business||Life business||Non-life business||Total business||Life business||Non-life business|
|South Africa||48 269||12.89||10.27||2.62||0.93||840||669||170|