“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