Providing cover for the under-insured mass markets in Africa

Most important quote: “Traditional insurers still bring Western based policies and products to the African markets. (…) What most people don’t appreciate about the telcos in Africa is that they are significantly more important and prominent than they are in the Western world. They are up there with the likes of Facebook and Google and they are key enablers in social and financial inclusion of the mass populations.”

Daily Fintech

By Rick Huckstep

Africa! A continent that occupies one fifth of the world’s land mass and home to over 1 billion people, half of them under the age of 20. A continent of 54 sovereign states, well over 1,000 languages and as diverse a continent as any on Earth.

Africa straddles the equator and is the only continent to stretch from the northern to southern temperate zones. It is a continent rich in much sought after commodities and yet it is also a continent that is defined by its levels of relative and absolute poverty. Living on a low or very low income is the norm for the vast majority of the population.

Which goes some way to explaining why this mass market, with the notable exception of South Africa, are massively under-insured. The people of Africa need cover and protection in the same way the rest of us do…

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