A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance sector in Nigeria and some other African countries, describing Africa as one of the world’s hot regions for insurance penetration.
In a report entitled “Africa’s insurance market is set for takeoff,” released by the global firm on Sunday, the company said it has noted that 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.
The report pointed out that the coronavirus pandemic which had profoundly affected both lives and livelihoods has seen consumers cutting back on discretionary expenditure, including insurance, in the face of income and market volatility.