With its youthful population, expanding middle class, rampant smartphone adoption and a bigger diaspora migrating back home, Africa’s insurance market has newly emerging power. And, as chief executive of Allianz Africa, part of Allianz Group, the global insurer, Delphine Traoré is understandably bullish on the region’s prospects.
One reason for her optimism is the continent's relatively low insurance penetration rate: it stood at under 3% in 2019, compared with the global average penetration rate above 7%. However, the prospects for growth are immense, especially for digital insurance platforms, given recent political upheavals, natural disasters and the economic dislocation caused by the fallout from the coronavirus pandemic.
“The African insurance industry is growing faster than [most of] the rest of the world,” aside from Latin America, said Traoré in an interview…