South Africa dominated the continent’s insurance market in 2023, accounting for more than two-thirds (68.2%) of the total share. The next-largest players, Morocco (8.7%), Egypt (4.0%), and Kenya (3.6%), lagged far behind, together contributing less than a fifth of the market. This reveals a stark imbalance, where South Africa almost single-handedly defines the size and scale of Africa’s insurance sector.
Interestingly, some of Africa’s largest economies, including Nigeria and Algeria, remain underrepresented, with market shares of just 1.7% and 1.9%, respectively. Even when combined with Tunisia, Ghana, Namibia, and Côte d'Ivoire, their collective contribution remains small compared to South Africa’s. This concentration highlights both the growth potential across the rest of the continent and the entrenched maturity of South Africa’s insurance industry.
