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Africa is untapped market for insurers: A.M. Best

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A report by A.M. Best Co. Inc. said Africa's relatively untapped insurance sector offers strong growth potential for businesses in mature and emerging-market nations, Vanguard reported.

The report said insurers in Europe, the United States and South Africa have increasingly started looking at emerging African markets and that the Kenyan insurance industry "has proved robust and resilient." The report added that premiums have grown in double digits "fueled mainly by the nonlife sector, which makes up 66.2% of total premium written."

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