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Africa accounts for a quarter of the earth’s population. It has approximately 1.2 billion people with less than 3% coverage of Insurance on the continent. While Insurance penetration is improving and has improved in the past in other parts of the world, Africa still has unique challenges. The current insurance penetration in Africa is less than 3%. South Africa leads with 17%, Kenya has a penetration of about 2.9% and it is followed by Rwanda at 1.7%, Nigeria at about 0.8%, and Tanzania at about 0.7%.
HOW A.I.R IS SOLVING THE PROBLEM
In order to help bring the important benefits of increased insurance coverage to more areas within Africa, AIR with support from Insuretech Connect, is launching an international innovation program called