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Africa microinsurance to hit $8.4B by 2034
A recent report from the Egyptian Association of Insurance Companies predicts that the micro-insurance market in Africa will reach $8.4 billion by 2034, up from $4.5 billion in 2025, with a compound annual growth rate of 7.01%. This growth is driven by a large population of low-income individuals, gradual regulatory developments, and the expansion of digital channels for product distribution, especially following increased reliance on digital solutions during the COVID-19 pandemic. The sector aims to integrate informal sectors and develop flexible and sustainable insurance products to support financial inclusion and protect low-income groups. Additionally, the importance of regional cooperation and learning from successful experiences within the region is emphasized to achieve long-term sustainable development.
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