Africa’s insurance penetration as a percentage of GDP is half the world average. However, many African countries have seen their insurance markets grow by double-digit CAGRs in the past few years.
Established in 2012 and supported by UK aid, the specialist development agency, Financial Sector Deepening (FSD) is to launch its insurtech accelerator program in two West African countries, Ghana and Nigeria next year.
Meanwhile, FSD Africa has kickstarted it’s insurtech accelerator in Kenya this year. The KES 5.3 million BimaLab accelerator was launched in July through a partnership with Kenya’s Insurance Regulatory Authority and Tellistic Technology Services.
The agency also has plans to create access to venture funds and grants for early stage insurtech startups, aside from an online networking platform for founders, the report said.
Currently, FSD Africa is working with a total of eight insurance regulators including regulators from Ghana, Malawi, Nigeria, Rwanda and Tanzania, for its plans.