Life insurance premiums in Africa fell by 8% since 2007 mainly due to the 16% decrease in life sales in South Africa. This was caused by the uncertainty relating to the global financial crisis which led to lower sales of single-premium and unit-linked products.
South Africa is the dominant market, accounting for around 81%of regional life premium volume, followed by Morocco (5%) and Egypt (3%).
There will be a large pool of underserviced individuals with potential for life insurance if Africa?s middle-class grows as expected.
Geographically, middle-class levels vary a great deal across African countries.
North Africa has the highest, with Tunisia’s concentration at almost 90%, followed by Morocco at 85% and Egypt at 80%.
