AFRICAN EMERGING MARKETS

Africa looks set to become one of the most sought-after emerging markets for insurtech startups globally . The region has already gained ground through embracing fintech , and Africa ’ s thriving , young population is actively engaged in mobile services .

Nigeria

Nigeria is a prime example of this , and is well known for its active and emerging fintech scene . However , according to a recent report by Deloitte , the country ’ s insurance penetration is just 0.4 %. This is attributed to several factors ranging from customers on a low income to the large unbanked sector resulting in relatively low insurance levels .

Continent-wide opportunities

A recent report by McKinsey has revealed that the African continent has a potential market value of $ 68bn of gross written premiums - making it the eighth largest emerging market in the world . However , experts are quick to point out that the data is not significantly reflective of all the countries in Africa and is instead heavily drawn on information from the South African population .

� COVER GENIUS The Australian insurtech just completed a $ 100mn Series C funding round and has achieved unicorn status as a result .

� BOXX The cyber insurtech BOXX has expanded its footprint by launching services in the US . The move follows BOXX raising $ 10mn in its latest Series - a funding round .

� HIPPO Hippo recently reported a 210 % net loss ratio alongside a 101 % rise in total generated premiums , as it demonstrated the tension between growth and profitability in its first set of public company results .

� THE HANOVER INSURANCE GROUP The Hanover Insurance Group has announced that its preliminary estimate for Q3 catastrophe losses is in the range of $ 150mn to $ 165mn before taxes and $ 119mn to $ 130mn after taxes .

insurtechdigital . com 13