At a Glance
- Africa’s insurance market is growing rapidly, driven by digital innovation and rising incomes despite low penetration of 3 percent GDP.
- Top insurers like Sanlam and Discovery Health lead with tailored products and regional expansion strategies.
- Technological advancements, including AI and mobile platforms, are revolutionizing customer experience and market accessibility.
The African insurance market, though still in its nascent stages compared to other global markets, has experienced remarkable growth over the past decade.
As the continent continues to develop, the demand for insurance products has surged, driven by rising incomes, increasing awareness, and expanding infrastructure.Â
However, with only 3 percent of GDP attributed to insurance penetration, the market still holds vast untapped potential. Africa’s top insurance companies are at the forefront of this expansion, offering a wide range of products and solutions tailored to local needs.
Africa’s top insurance companies, Such as Sanlam, Discovery Health, and Sunu Assurances, Old Mutual, play a vital role in the industry.
Together, they contribute approximately $20 billion in market value and generate $10 billion in annual revenue. These companies have not only expanded their footprints across the continent but also introduced innovative solutions to address local challenges.
The African insurance market is poised for growth, with premiums expected to grow by 10 percent annually. Key drivers include digital transformation, increased financial literacy, and supportive regulatory frameworks. However, challenges such as low penetration and infrastructural deficits require sustained efforts from both industry players and governments.
As Africa continues its economic ascent, the insurance industry remains a cornerstone for financial inclusion and social development. The top ten biggest insurance companies exemplify the sector’s potential to drive resilience, innovation, and growth across the continent.
The following article explores the continent’s top ten biggest insurance companies, focusing on their market leadership, innovative strategies, and the role they play in shaping Africa’s insurance landscape.
- Sanlam (South Africa) – R193.97 billion ($10.25 billion)
Market leadership:
Sanlam stands as a giant in South Africa’s insurance sector and has a significant presence across sub-Saharan Africa. As one of the largest insurers on the continent, Sanlam offers an extensive portfolio that spans life, health, short-term, and investment solutions.
With a client base that includes individuals, businesses, and institutional investors, the company is a dominant force in shaping the future of African insurance. Sanlam’s well-established distribution network and reputation for stability make it a trusted player in both emerging and developed African markets.
Expansion strategies:
Sanlam has strategically expanded its footprint beyond South Africa, acquiring businesses across multiple African countries. Through its diverse acquisitions and partnerships, Sanlam has solidified its position in key markets such as Kenya, Nigeria, and Zambia.
This growth strategy not only diversifies its product offerings but also helps the company tap into underpenetrated regions, creating an avenue for future revenue streams. Sanlam’s international expansion also includes markets in Asia, which further underscores its global ambitions.
Innovation and technology:
Sanlam has embraced technological innovation as part of its long-term strategy. By leveraging data analytics, artificial intelligence, and digital platforms, the company has transformed its operations and improved customer experience.
Through online platforms and mobile applications, Sanlam provides customers with easier access to insurance products and claims processing. This focus on digital innovation not only improves efficiency but also caters to Africa’s increasingly tech-savvy population.
- Discovery Health (South Africa) – R135.1 billion ($7.14 billion)
Health insurance expertise:
Discovery Health, a division of Discovery Limited, has made its mark as a leader in South Africa’s health insurance sector.
With a mission to enhance and protect the health and well-being of its members, Discovery Health provides comprehensive health coverage, wellness programs, and access to top-tier healthcare services.
The company is known for its innovative approach to health insurance, which includes personalized plans that cater to individual healthcare needs.
Innovative products:
Discovery Health’s standout innovation, the Vitality program, rewards customers for maintaining healthy behaviors.
By integrating fitness tracking, lifestyle management, and incentives for wellness activities, Vitality has revolutionized how health insurers interact with their members. The program encourages healthy living by offering discounts, rewards, and benefits, making it one of the most unique offerings in the African insurance industry.
Expansion plans:
While Discovery Health is a market leader in South Africa, it has also made significant inroads into other African countries. The company has partnered with healthcare providers and expanded its product offerings to meet the needs of local populations.
With a focus on innovation and customer-centric solutions, Discovery is well-positioned to grow further in sub-Saharan Africa, with potential for expansion into other emerging markets.
- Old Mutual(South Africa) – R60 billion ($3.18 billion)
Diversified business model:
Old Mutual is one of South Africa’s most diversified financial institutions, offering a range of insurance products, retirement solutions, asset management, and banking services.
Its integrated business model allows it to provide holistic financial services, meeting the needs of both individual and corporate clients. This diversification helps Old Mutual weather market fluctuations and appeal to a wide demographic, including high-net-worth individuals and mass-market consumers.
Strong brand:
Founded in 1845, Old Mutual is a trusted name in South Africa and across the African continent. The company’s reputation for financial stability and long-term growth has cemented its place as one of Africa’s most respected insurance providers. Through its strong brand identity and commitment to customer service, Old Mutual has built a loyal client base that spans generations.
Digital transformation:
Old Mutual has made significant strides in embracing digital transformation. The company has invested in digital platforms, mobile apps, and artificial intelligence to enhance customer engagement and streamline operations.
These technological innovations allow customers to access their policies, make claims, and receive assistance in real-time, further strengthening Old Mutual’s competitive edge in the African market.
- Santam(South Africa) – R44.61 billion ($2.36 billion)
Short-term insurance expertise:
Santam is South Africa’s largest short-term insurer, providing a wide range of coverage options, including motor, home, and business insurance.
The company is known for its comprehensive insurance solutions tailored to meet the diverse needs of its customers. With a strong network of brokers and agents, Santam ensures widespread accessibility to its products.
Innovative products:
Santam has been at the forefront of offering innovative insurance products that cater to the modern consumer. One such product is its telematics-based car insurance, which uses driving data to adjust premiums based on driving behavior. This usage-based model reflects Santam’s commitment to providing flexible and personalized coverage options.
Sustainability initiatives:
Santam has committed to sustainability in both its operations and product offerings. The company actively promotes environmentally friendly insurance solutions, such as policies that encourage energy-efficient homes and vehicles. Furthermore, Santam has implemented eco-friendly initiatives across its operations, aiming to reduce its carbon footprint and contribute positively to environmental conservation.
- Momentum Metropolitan Holdings (South Africa) – R43.33 billion ($2.29 billion)
Integrated financial services:
Momentum Metropolitan Holdings operates in a wide range of financial services, including life and health insurance, investment solutions, and asset management.
By offering integrated solutions, the company can meet the diverse needs of individual and corporate clients across Africa. This integrated model is particularly beneficial for customers seeking comprehensive financial plans that cover everything from insurance to retirement savings.
Strong distribution network:
Momentum Metropolitan’s distribution strategy leverages a robust network of brokers, financial advisors, and online platforms to reach customers across South Africa and sub-Saharan Africa. This network allows the company to offer personalized financial advice and insurance solutions to a wide range of customers.
Digital innovation:
Momentum Metropolitan is leading the charge in digital innovation within the insurance sector. The company has developed mobile apps and online platforms that enable customers to manage their policies, submit claims, and access services with ease. Momentum Metropolitan also uses data analytics to improve its offerings, providing customers with more tailored and cost-effective solutions.
- Liberty Group (South Africa) – AUD 1.05 billion ($650.96 million)
Long-term insurance expertise:
Liberty Group is a leader in long-term insurance, offering life, disability, and investment insurance solutions. With a strong focus on wealth management and retirement planning, Liberty Group caters to a diverse customer base, ranging from young professionals to retirees.
The company’s expertise in long-term planning has made it a preferred choice for clients seeking financial security.
Innovative products:
Liberty Group has developed a range of innovative products aimed at meeting the evolving needs of South African consumers. These include flexible life insurance plans that adjust premiums and coverage as clients’ needs change over time.
Additionally, Liberty has made significant investments in health insurance products, which are especially appealing in South Africa’s evolving healthcare landscape.
Expansion plans:
Liberty Group is not only focusing on the South African market but has also made strides in expanding its footprint across the African continent.
The company has pursued strategic partnerships and acquisitions to strengthen its presence in East and West Africa. With an increasing middle class and growing demand for insurance products, Liberty Group is well-positioned for growth in these regions.
- Botswana Life Insurance(Botswana) – BWP 6.41 billion ($458.33 million)
Market leadership:
Botswana Life Insurance holds a leading position in Botswana’s life insurance market. Offering a wide array of life insurance products, the company caters to the needs of individuals and businesses, helping customers secure their financial futures.
Botswana Life’s strong market position is attributed to its tailored products and exceptional customer service.
Innovative products:
Botswana Life Insurance has introduced innovative insurance solutions, including micro-insurance products that cater to low-income households. The company’s commitment to making insurance accessible to all is reflected in its diverse product portfolio, which includes affordable options for people with varying income levels.
Expansion plans:
Botswana Life is focused on expanding beyond Botswana’s borders, targeting other Southern African Development Community (SADC) markets. Through strategic alliances and partnerships, the company plans to tap into new markets with a growing demand for insurance, positioning itself as a regional player in Southern Africa’s insurance industry.
- Jubilee Holdings (Kenya) – Ksh13.8 billion ($106.53 million)
Diversified business model:
Jubilee Holdings has a diverse portfolio that spans life insurance, health insurance, and general insurance products.
With operations across East Africa, the company is well-positioned to cater to a broad spectrum of consumer needs. Jubilee Holdings also offers investment and retirement planning solutions, making it a one-stop-shop for financial services.
Strong brand:
Jubilee Holdings is a well-established brand in East Africa, known for its financial stability and high-quality services. Its reputation for customer-centric service and innovative solutions has made it one of the most trusted insurance companies in Kenya and the surrounding region.
Innovative products:
Jubilee Holdings has introduced cutting-edge products such
- AIICO Insurance (Nigeria) – N62.60 billion ($40.59 million)
Market leadership
AIICO Insurance is a dominant player in Nigeria’s insurance market, boasting an extensive product portfolio that includes life, health, and general insurance. With a network of over 2,000 agents, AIICO ensures comprehensive coverage across the country.
Innovative products
AIICO’s micro-insurance products are transforming access to insurance for Nigeria’s low-income population. Additionally, its bancassurance partnerships with major financial institutions make its offerings more accessible to a broader customer base.
Expansion plans
AIICO is actively pursuing regional expansion, with plans to penetrate neighboring West African markets. By leveraging strategic partnerships, the company aims to diversify revenue streams and increase its footprint across the region.
- Sunu Assurances(Nigeria) – N58.2 billion ($37.74 million)
General insurance expertise
Sunu Assurances specializes in general insurance, offering products tailored to industries like construction, transportation, and agriculture.
Its ability to deliver customized solutions has cemented its reputation as a reliable partner for businesses in Nigeria.
Innovative products
The company’s product innovations include digital platforms that simplify policy acquisition and claims processes. Its micro-insurance solutions have also gained traction among Nigeria’s underserved rural populations.
Expansion plans
Sunu Assurances is positioning itself for regional growth by exploring opportunities in Francophone West Africa. Collaborative efforts with financial institutions aim to enhance its distribution channels and reach new customer segments.
