Millennials will drive the growth of insurance in Africa
The insurance industry in Africa is undergoing significant transformation, marked by evolving consumer needs, technological advancements, and shifting demographics. Among the most influential demographic groups driving this change is the Millennials generation, born between 1982 and 1994. According to market research firm, IMARC Group, the African insurance industry is expected to grow by 6.3% between 2024 and 2032, after reaching US$ 87.4 billion by 2023.
“The Millennials have a big role to play in Africa’s insurance growth, as they begin to build families and acquire property,” says Mulenga Kashiwa, technical underwriting senior manager at Hollard International.
He explains, “Millennials in Africa are now in their 30s to early 40s, a phase often associated with significant life changes...