Experts predict growth rate for the Insurance Industry in Asia and Africa in the nearest future despite their penetration been very low at the moment. However, whether this growth projection holds depends on the willingness of Insurance companies to innovate and do things differently.
A new survey from Deloitte South Africa Interviewed dozens of Insurance companies with operations in emerging markets, revealed that emerging markets accounted for 24% of global non-life and 38% of life growth rates last year. Whilst Asia is driving this trend, growth rates in Africa are predicted to speed up, both on the non-life and life side. Insurance companies in emerging markets that took part in the survey believed that Africa Industry will grow by 6% to 10% per year over the next 3 years.
For this to materialize, insurers in Africa have to work harder on dealing with societal, practical and sometimes cultural obstacles that prevent growth. This is where innovations technology and thinking out of the box comes in amongst other things.