Maghreb Countries Shine in Africa's Insurance Sector
The Maghreb countries, particularly Tunisia, Morocco, and Algeria, continue to make their mark in Africa's insurance sector.
In a market that is still developing, where issued premiums represent less than 1% of the global market, these three countries manage to rank among the African leaders, according to data from the African Insurance Organization (AIO).
Despite having a significant population, the insurance market in Africa remains modest.
South Africa maintains its dominant position, with 68.2% of issued premiums, equivalent to $43.3 billion in 2023. Morocco takes second place, capturing 8.7% of the continental market, with a premium volume reaching $5.52 billion, solidifying its role as a leader among Maghreb countries.
Morocco, however, is making progress with $2.55 billion in life insurance, a 4.6% increase, representing 5.94% of the market share.
Tunisia, for its part, posts an honorable performance with $330 million in life insurance premiums, followed by Algeria with $130 million, confirming the growing presence of the Maghreb in this field.
