In Summary
- While growing, the African insurance market remains relatively small compared to other emerging markets like America and Asia.
- In 2022, it generated over $70 billion in gross premiums, representing about 1% of global premiums.
- South Africa dominates the market, holding over 70% ($45 billion) of the premiums, followed by the North Africa region, which also has a significant market share.
Deep Dive!!
For many Africans, the concept of insurance is relatively new and poses a lot of concerns; but with each passing day, more people are embracing the realities and subscribing for coverage. As the continent continues its trajectory towards economic diversification and resilience, the insurance sector has continued to play an increasingly pivotal role in supporting growth, mitigating risk, and fostering financial inclusion.
Insurance companies are designed to provide critical financial protection to millions of individuals and businesses against emergencies and disasters. In addition, they also contribute significantly to capital markets, employment generation, and long-term investments in both urban and rural economies. By offering products tailoured to local contexts while adhering to global best practices, they have strengthened Africa’s economic foundation and improved its capacity to absorb emergencies—whether from climate change, health crises, or market volatility. Here are the top 10 Insurance Companies in Africa in 2025.
10. Allianz Africa (Côte d’Ivoire and Senegal)
Allianz is a global insurance leader and has a significant presence in Africa, including countries like Côte d’Ivoire and Senegal. Through its numerous subsidiaries across the continent, it offers a range of insurance products and has been recognized among the top insurers in the CIMA zone.
9. Sunu Assurances (Nigeria)
Sunu Assurances specializes in general insurance, offering products tailored to industries like construction, transportation, and agriculture. It reported 58.2 billion Naira in premiums, highlighting its significant market presence.
8. Leadway Assurance Company Limited (Nigeria)
Established in 1970, Leadway is one of Nigeria’s largest insurance firms, offering a comprehensive range of insurance products, including life, health, and general insurance. It reported assets of 394 billion Naira in 2019.
7. Britam Holdings Plc (Kenya)
Britam is a leading diversified financial services group in East Africa, with a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. It offers insurance, investment, and property services.
6. Jubilee Holdings (Kenya)
Jubilee Holdings is East Africa’s largest insurance group, with operations in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It offers a diverse portfolio, including life, health, and general insurance products.
5. Santam Limited (South Africa)
As South Africa’s largest short-term insurer, Santam reported R49.6 billion in revenue in 2022. It has a presence in several African countries, including Malawi, Tanzania, Uganda, Zimbabwe, and Zambia.
4. AXA Mansard Insurance (Nigeria)
A subsidiary of the global AXA Group, AXA Mansard reported 138.5 billion Naira in premiums in FY 2024, marking a 34.86% year-over-year increase. It offers a wide range of insurance and asset management services.
3. AIICO Insurance Plc (Nigeria)
AIICO leads Nigeria’s insurance sector, recording 156.1 billion Naira in premiums for FY 2024—a 45.54% increase from the previous year. Its extensive product portfolio includes life, health, and general insurance.
2. Old Mutual Limited (South Africa)
Founded in 1845, Old Mutual is a pan-African leader in insurance, asset management, and banking. With operations in multiple African countries, it reported a revenue increase of 32% in 2022, reflecting its robust growth.
1. Sanlam Group (South Africa)
Sanlam stands as Africa’s largest non-banking financial services group, operating in over 30 countries, including Morocco, Nigeria, Kenya, and Côte d’Ivoire. Its 2018 acquisition of SAHAM Finances expanded its footprint significantly across the continent.
