Micro-insurance premiums in Africa at USD 640 million
Tuesday, 04 05 2016, Category: Insurance and Reinsurance, Country: Africa
Mr. Sherif Samy Chairman of the Egyptian Financial Supervisory Authority said that micro-insurance will be one the main growth engines in the market during the next period and will contribute to the increase of insurance penetration as a percentage of the Gross Domestic Product.
Mr. Samy emphasized in the opening speech of the 1st FAIR Life Forum the importance of developing information systems and taking advantage of technological advancements in order to boost micro-insurance at the level of issuing coverage and marketing in order to reach the target market and collect premiums.
He noted that total micro-insurance premiums in the African continent reached USD 640 million during the past three years where the number of customers reached 62 million.
Source: Al Mal News