Four children wading through water in a flooded wetland, surrounded by grass and open sky.
Africa’s insurance sector is entering a phase of rapid expansion, with the market projected to grow from $98.5 billion in 2025 to over $166 billion by 2034, according to a new report by IMARC Group. A burgeoning middle class and a revolution in digital access are driving this nearly 70% increase. Telecom partnerships have already enabled over 18 million people to enroll in insurance programs via mobile payment systems, bypassing traditional banking hurdles. This growth is especially evident in micro-insurance, which targets informal workers in sub-Saharan Africa—about 80% of the region’s workforce. These services now cover more than 3.5 million people across Ghana, Kenya, Nigeria, and Uganda, offering ultra-fast claims processing—sometimes in as little as four hours—to help rural populations build resilience against climate-related disasters.
Semafor