The origins of modern insurance can be traced back to the Great Fire of London in 1666. Following the destruction of over 30,000 homes, a man named Nicholas Barbon established a building insurance company. Later, he established the city's first fire insurance firm.
Several years later, Insurance companies are spread over several continents, and Africa is not an exemption. Statistics show that the value of life insurance premiums in Africa pulls 44.8bn USD.
That's a massive one there. Also, Morroco is Africa's most prominent life insurance market by premium volume. However, several other Africa Insurance companies are good in the Insurance policies they provide.
You wouldn't want to encounter significant loss before you sign up for an Insurance policy. This is why this article guides you around some of the African Insurance companies you might not know about. Well, read along to get informed.
Nigeria's insurance provider, Tangerine Life, was established in September 2019 and provides commercial and personal insurance services throughout Africa. Tangerine is owned by Verod Capital, a renowned private equity company that invests in expanding businesses throughout Anglophone West Africa.
In addition to many other things, they offer insurance for cars, burglaries, bonds, life, marine, fire, money, umbrella policies, and personal items. Customers can pay for insurance through a bank transfer, POS, or other online options, which is incredibly convenient.
To enhance the calibre of their operations, Tangerine Life Insurance Limited (formerly known as Metropolitan Life Insurance Nigeria Limited) and ARM Life PLC.
Also, flexible overdraft series are available to get protection as soon as needed. Their services are available online and through an app on the Play Store and iOS.
Jubilee Holdings Ltd. is a worldwide insurance holding firm with its headquarters in Kenya and subsidiaries in Tanzania, Uganda, Mauritius, Burundi, and Pakistan. Jubilee Insurance is a wholly-owned subsidiary of Jubilee Holdings Ltd.
These services include general insurance, life, health, motor, and pension plans. Jubliee also divides its offerings into groups that correspond to enterprises, families, or individual programs. As a result, each insurance offers multiple payment and claim options.
There are unique health covers and micro-health covers, for instance.
Read also: Top 10 Nigeria Insurance Companies
Nigerian auto insurance company ETAP ensures it provides adaptable insurance packages. You have three payment options: weekly, monthly, and quarterly.
The comprehensive auto insurance plan covers many different things, including fire damage, third-party injuries or fatalities, and theft of insured automobiles.
Additionally, they provide a flexible plan cancellation method that enables you to suspend your membership plans momentarily. Finally, you can access the app to track your claim history, goals, payments, and more.
ETAP boasts of having one of the nation's quickest payment claims. If you'd instead not handle car repairs, you can select from any vetted repair facilities they've associated with.
Liberty Holdings (South Africa)
Entrepreneur and philanthropist Sir Donald Gordon established Liberty Holdings as the Liberty Life Association of Africa Ltd. in 1957. Liberty Holdings is a holding company for financial services and real estate.
This insurance company serves 3.2 million customers while operating in 18 African nations, including South Africa, Kenya, Namibia, etc. They also provide asset management, investment, and health solutions in addition to insurance, with a total of $41.9 billion in assets.
The registered headquarters of Liberty Holdings Limited is located at Liberty Centre, 1 Ameshoff St., Braamfontein, in Johannesburg, South Africa. However, 55% of the Liberty Group is owned by the South African financial company Standard Bank Group.
Momentum Metropolitan Life Assurers (South Africa)
Financial services company Momentum Metropolitan Holdings Limited (Momentum Metropolitan) is based in South Africa.
Businesses and individuals from all walks of life can realize their financial objectives and dreams thanks to the Group's consumer-facing retail and specialty brands.
Momentum Metropolitan continues to be one of South Africa's largest life insurers and integrated financial services companies, with a market capitalization of R22 billion and an embedded value of R45.4 billion as of June 30, 2022.
It does business by running names like Metropolitan, Momentum, Guardrisk, and Eris Properties.
Momentum Metropolitan Life Assurers provides long-term and short-term insurance and investment and asset management services.
Wafa Assurance (Morocco)
The insurance division of Moroccan bank Attijariwafa Bank is called Wafa Assurance. Wafa Assurance, established in 1972 and its headquarters in Casablanca, provides a wide range of services, such as a vehicle, house, and health insurance.
As a result, it dominates its industry in Morocco. Wafa Assurance pursues the shared objectives of expanding the coverage system for individuals.
In general, it contributes to the modernization of the insurance business in Morocco following sustaining its core values of leadership, ethics, and quality of service.
Wafa Assurance has become a top provider by prioritizing innovation and customer satisfaction in developing its products.
This strategy is based on the organization's employee social policy to create efficient teams that are entirely engaged in the business's issues businesses issues.
Over 18,500 farmers were insured by OKO as of July 2022, making it the most widely used crop insurance policy in the nation. Through a user-friendly interface, OKO provides smallholder farmers in Mali, Uganda, and Luxembourg with crop insurance and packaged services to advise and assist consumers with registrations.
OKO collaborates with Allianz, Sunu Assurances, and Orange Mali (Reinsurance). They provide their partners with a fully integrated solution by bringing all the necessary knowledge on:
- Index insurance product design.
- Re-insurance deal
- Mobile distribution
- Premium collection
- Customer support
- Claim verification
- Claim payment
RMA WATANYA was the first Moroccan business to operate in the then-dominant foreign-owned insurance industry when it was founded in 1949. The insurer, which merged with Al Wataniya in 2005, is well-known worldwide. $4.8 billion in the total ass, s
RMA, a subsidiary of FinanceCom, is the second-largest private organization in Morocco.
They have vowed for more than 60 years to protect people and property from hazards of life and assist individuals, professionals, and businesses in peacefully implementing their upcoming initiatives.
WazInsure, established on July 27, 2018, is a platform that integrates insurance stakeholders and uses data analytics to assist insurance companies in achieving their sales goals.
WazInsure is a software application that aids insurance firms in streamlining their operations and moving away from micro-insurance platforms. Instead, they offer data-driven insurance solutions to make the insurance value chain transparent and efficient.
They provide a smartphone app where customers can monitor insurance policies, submit claims, and renew payments, as well as an online platform for handling insurance business. This Kenyan insurance technology startup also provides data-driven insights to assist its clients in risk assessment and decision-making.
AXA Mansard Insurance plc was established in 1989 as a private limited liability company and is registered with the National Insurance Commission of Nigeria as a composite company (NAICOM).
Their offerings include commercial solutions for SMEs and large corporations and health, life, vehicle, and travel insurance for individuals. AxaMansard serves both business and private clients. Small and medium-sized firms nationwide are also covered by business insurance plans.
Enjoy flexible health insurance options connecting you to Nigeria's affiliate hospitals. In addition, travel insurance covers lost passports, canceled flights, misplaced luggage, and unexpected medical expenses.
You may manage claims and payments using a recently redesigned app. The app or web version both provide access to a simple renewal procedure. The app or website version both offer a simple renewal procedure. Insurance claims take 24 to 48 hours to process.
After that, you only need to submit a form and the necessary paperwork. This is why AXA Mansard Insurance plc's financial strength rating from A.M. Best (2016) is B+.
AXA Mansard Insurance offers a specialized Customer Interface staff that works around the clock to address customer questions and issues. Our objective is to be available whenever and wherever our clients need us and to provide them with satisfactory service.