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Africa - Untapped potential in Africa's agricultural insurance market

“Despite the economic importance of the agricultural sector to many African countries, the agricultural insurance market in Africa is underdeveloped, with low penetration and a limited range of products,” the report highlighted.

Adding: "In 2020, African agricultural insurance premiums were estimate at $320m, representing 1.6% of total African non-life insurance premiums of USD 19,730 million. Despite being slightly higher than the global share of 1.3%, there is a large untapped potential."

Source: Reinsurance News

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