Nigeria Ranks Least In Africa’s Insurance Penetration With 0.6 Per Cent

The Chief Executive Officer of Continental Reinsurance Plc, Femi Oyetunji, has revealed that Africa ranks the least in terms insurance penetration with 3.5 per cent among the continents.

Similarly, within Africa, Nigeria ranks least with 0.6 per cent among the countries sampled on the continent.

Oyetunji, who disclosed this recently at Continental Reinsurance Plc’s chief executive summit for African leaders held in South Africa, also revealed that Asia ranks next to Africa with 5.4 per cent penetration,Europe has 6.8 per cent , while North America has7.4 per cent .

Within the African region, he said South Africa ranks first with 15.4 per cent penetration followed by Namibia with 7.7 per cent. and Kenya with 3.4 per cent , Morocco with 3.0 per cent while Nigeria ranks last with 0.6 per cent.

Following the results of the analysis, he stressed that insurers have an important role to play on the development and issues affecting the continent.