The penetration index, calculated as the ratio of gross written premiums to national wealth, reveals the historical hegemony of South Africa and Namibia, the only nations on the continent to exceed the global average with respective ratios of 11.5% and 7.4%. Morocco rounds out the African podium with a rate of 3.9%, followed by Kenya (2.4%), Tunisia (2.34%), Senegal (1.51%), Mozambique (1.27%), Ivory Coast (1.17%) and Burkina Faso (1.16%). Cameroon's entry into this leading pack testifies to the resilience of the national sector, despite an environment marked by the weight of the informal economy and still limited savings levels.

The mapping published by the OAA highlights the marked asymmetry between the life branch and the non-life segment (P&C). On the personal protection and retirement savings front, South Africa captures over 75% of the continental market, weighing in at $43.78 billion on a restricted global volume. Although Morocco ($3.14 billion) and Kenya ($1.82 billion) maintain significant volumes, life insurance remains largely confined to an urban salaried clientele, as in Algeria where the life branch represents only 14% of total subscriptions.

Conversely, property and casualty insurance (Fire, Accidents and Miscellaneous Risks) presents a more balanced geographical distribution, driven by mandatory civil liability subscriptions and coverage of major industrial or energy investments. Beyond South Africa ($13.27 billion), markets such as Morocco, Kenya, Egypt, Algeria and Nigeria all cross the billion-dollar threshold in gross written premiums. On the reinsurance market, the report underscores the adaptability of continental players, who have posted a return on equity (ROE) above 10% over the 2016-2025 decade.


Ndjomo Carlos

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