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.
Tag: insurance
Fintech’s transformative potential: Empower customers through self-education
The most powerful thing a fintech can do is enable its customers to educate themselves. Mukuru, a leading next-generation financial services provider, started out as a remittance company but has evolved into a platform with a suite of different financial products and services. Mukuru CEO, Andy Jury, says that formalised financial education obviously plays a crucial role in a fintech’s business, but customers that trust and repeatedly use a new product or service, such as a digital store of money, go through a natural learning process and are then more comfortable being exposed to more sophisticated products.
Africa sees wave of credit downgrades last year – bucking global trend of net upgrades
African countries saw 15 credit rating downgrades and only 4 upgrades to their sovereign bonds last year, says leading specialty (re)insurance group Chaucer.