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Chuks Udo Okonta and agency report
Leadway Assurance Limited has been ranked number 24; AIICO Insurance number 46; and Custodian and Allied number 50 in the list of insurance companies in Africa.
The underwriting firms were among Atlas Magazine top 100 Insurance Companies in Africa 2019, of which five firms from South Africa occupied the first five top positions in Africa.
With Nigerian insurance industry penetration level at 0.3 per cent and a contribution of $1.2 billion or N491 billion to Africa insurance premium valued at about $68 billion, Nigeria insurance companies were not recognised amongst Africa’s top 20 companies.
They companies were ranked based on their and 2019 and 2018 turnover, class of business, and local currency vis-à-vis the United States Dollar.
The report showed the top five insurance companies in Africa as Sanlam of South Africa (SA) ranking number one; Old Mutual Life of SA ranking number two; Liberty Group of SA ranking number three; Santam of SA as number four; and MML Group Limited of SA as number five.
Following as number six was Wafa Assurance of Morrocco; The Hollard Insurance as number seven; Old Mutual Life as number eight; Guardrisk Insurance as number nine; and Royale Morocaine d’Assurance of Morrocco as number 10.
In a document on Africa’s insurance market by Mckinsey and Company, Africa is one of the world’s hot regions for insurance.
“Steady economic growth in most countries combined with a largely underdeveloped insurance sector have positioned the continent as the second-fastest-growing region for insurance globally after Latin America.
“Prior to the impact of COVID-19, the insurance market was expected to grow at compound annual growth rates (CAGRs) of 7 percent per annum between 2020 and 2025, nearly twice as fast as North America, over three times that of Europe, and better than Asia’s 6 percent”, Mckinsey and Company stated.
