Except South Africa, the largest regional market, the continent has become clear as an unexplored field for industry groups.
For the first time, Young Africa offers the ranking of the top hundred African insurers against fifty other years. Justified by changing the growing number of responses we receive to our annual questionnaire but also by the dramatic growth dynamics experienced this activity across the continent. And the phenomenon should not stop, the development potential of being very important sector.
The total of the top 100 insurance premiums reached $ 34.8 billion in 2010.
As proof, when the insurer fiftieth of our latest rankings posted $ 33.4 million (€ 23.3 million at the time) premium (the measure of sales in insurance), the fiftieth of year to realize $ 53 million (€ 40 million).
Ivorian Surprises
Not surprisingly, the order is complied with. The first African market, South Africa, monopolizes the top ten places in the ranking, with eight players over the billion dollar bonuses. Behind, Morocco continues to rise, the market is led by two bancassurance, RMA Wataniya (BMCE) and Wafa Assurance (Attijariwafa Bank). Beyond that, the surprise comes Ivorians. Despite extremely low insurance penetration rate in sub-Saharan zone (less than 1%), two local groups have managed to crack the top twenty to five players on the continent identified in our ranking. A success due to a well-conducted regionalization. NSIA is so present in twelve countries in West Africa and Central Africa.
The Colina closely with eleven countries. Both have strong financial partners: NSIA with capital investor Emerging Capital Partners and Colina with the Moroccan group Saham, which has moreover the advantage of being an insurance specialist. The group of Moulay Hafid Elalamy indeed holds CNIA Saada, the leading independent insurer in the country, including leading car insurance. It takes little as a third insurer is joining the Ivorian duo. Sunu Assurances would indeed have had to drag Colina not far behind in our ranking. But the company is headquartered in Paris, although one of its leaders in Abidjan and if its main subsidiary is also ...
SMEs in focus
Except South Africa, where the market is already mature, the development of insurance all over Africa seems certain. While large companies are all covered, this market is already very competitive, the real development issues are elsewhere: on small and medium enterprises and the general public, particularly in life insurance.
Innovation is a key to future success. And micro-insurance product tailored to the local population income. German Allianz, very present in Africa, has set up in Côte d'Ivoire, with the main microfinance institution in the country, a suitable product: simplification of the implementing rules, very low rates (from a few euros ) ... He is not alone: a growing number of insurers have approached microfinance organizations. The mobile insurance is also a track; a means, in any case, to distribute insurance products to mobile subscribers by allowing them, for example, to save the minutes of unused communication.
For the first time, Young Africa offers the ranking of the top hundred African insurers against fifty other years. Justified by changing the growing number of responses we receive to our annual questionnaire but also by the dramatic growth dynamics experienced this activity across the continent. And the phenomenon should not stop, the development potential of being very important sector.
The total of the top 100 insurance premiums reached $ 34.8 billion in 2010.
As proof, when the insurer fiftieth of our latest rankings posted $ 33.4 million (€ 23.3 million at the time) premium (the measure of sales in insurance), the fiftieth of year to realize $ 53 million (€ 40 million).
Ivorian Surprises
Not surprisingly, the order is complied with. The first African market, South Africa, monopolizes the top ten places in the ranking, with eight players over the billion dollar bonuses. Behind, Morocco continues to rise, the market is led by two bancassurance, RMA Wataniya (BMCE) and Wafa Assurance (Attijariwafa Bank). Beyond that, the surprise comes Ivorians. Despite extremely low insurance penetration rate in sub-Saharan zone (less than 1%), two local groups have managed to crack the top twenty to five players on the continent identified in our ranking. A success due to a well-conducted regionalization. NSIA is so present in twelve countries in West Africa and Central Africa.
The Colina closely with eleven countries. Both have strong financial partners: NSIA with capital investor Emerging Capital Partners and Colina with the Moroccan group Saham, which has moreover the advantage of being an insurance specialist. The group of Moulay Hafid Elalamy indeed holds CNIA Saada, the leading independent insurer in the country, including leading car insurance. It takes little as a third insurer is joining the Ivorian duo. Sunu Assurances would indeed have had to drag Colina not far behind in our ranking. But the company is headquartered in Paris, although one of its leaders in Abidjan and if its main subsidiary is also ...
SMEs in focus
Except South Africa, where the market is already mature, the development of insurance all over Africa seems certain. While large companies are all covered, this market is already very competitive, the real development issues are elsewhere: on small and medium enterprises and the general public, particularly in life insurance.
Innovation is a key to future success. And micro-insurance product tailored to the local population income. German Allianz, very present in Africa, has set up in Côte d'Ivoire, with the main microfinance institution in the country, a suitable product: simplification of the implementing rules, very low rates (from a few euros ) ... He is not alone: a growing number of insurers have approached microfinance organizations. The mobile insurance is also a track; a means, in any case, to distribute insurance products to mobile subscribers by allowing them, for example, to save the minutes of unused communication.
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