Leading Insurance Firms in Africa by 2025
The insurance sector in Africa is witnessing a significant surge, as more people across the continent embrace the concept and subscribe for coverage. This shift is not without concerns, particularly for many Africans who find the idea of insurance relatively new. However, the benefits are becoming increasingly apparent, with the sector playing a pivotal role in supporting growth, mitigating risk, and fostering financial inclusion.
In Nigeria, AIICO Insurance Plc leads the pack, recording a staggering 156.1 billion Naira in premiums for the fiscal year 2024, marking a 45.54% increase from the previous year. AXA Mansard Insurance, another Nigerian insurer, also reported impressive growth, with 138.5 billion Naira in premiums, representing a 34.86% year-over-year increase.
South Africa, on the other hand, dominates the African insurance market, holding over 70% of the premiums. Santam Limited, the country's largest short-term insurer, reported R49.6 billion in revenue in 2022. The Sanlam Group, also based in South Africa, is Africa's largest non-banking financial services group, operating in over 30 countries.
The African insurance market generated over $70 billion in gross premiums in 2022, representing about 1% of global premiums. This figure is expected to rise as the continent continues its trajectory towards economic diversification and resilience.
The growth of the insurance sector is not limited to South Africa and Nigeria. Jubilee Holdings, East Africa's largest insurance group, operates in Kenya, Uganda, Tanzania, Burundi, and Mauritius. Britam Holdings Plc, a leading diversified financial services group in East Africa, has a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Santam Limited has a presence in several African countries, including Malawi, Tanzania, Uganda, Zimbabwe, and Zambia. Sunu Assurances, a Nigerian insurer, specializes in general insurance and reported impressive premiums in an undisclosed year.
The Zurich Insurance Group, among the top insurance companies worldwide in earlier years, has a significant presence in Latin America but there is no direct source specifying which insurance group was the largest in Africa in 2025. The Sanlam Group's 2018 acquisition of SAHAM Finances expanded its footprint significantly across the continent.
Insurance companies in Africa contribute significantly to capital markets, employment generation, and long-term investments in both urban and rural economies. As the sector continues to grow, it is expected to play an even more crucial role in supporting Africa's journey towards economic resilience and growth.
In 2025, Allianz Africa has a significant presence in Africa, with operations in Cote d'Ivoire and Senegal. The future of the insurance sector in Africa looks promising, with continued growth and expansion on the horizon.
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