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Africa’s Insurance Market: Where is the Boom?
LAGOS (Capital Markets in Africa) – By global standards, Africa’s insurance market remains relatively underdeveloped, accounting for just under 1.2% (0.06 trillion USD) of insurance premiums written globally in 2017. Insurance penetration rates averaged 2.77% in 2016, compared to global averages of 6.28%. Penetration rates in some of the more developed markets such as Cayman Islands topped 22.60% and the UK 10.16%, while the least developed markets such as Nigeria were as low as 0.27%….
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