Insurance penetration lagging in Africa: Official

Posted On: Apr. 21, 2015 12:00 AM CST

Femi Oyetunji, CEO of Nigeria's Continental Reinsurance P.L.C., has said that Africa has the lowest insurance penetration rate of 3.5% among the continents, reports THISDAY Live.

Mr. Oyetunji said that Nigeria has the lowest insurance penetration of 0.6%, among African countries.

Within Africa, South Africa has the highest insurance penetration rate of 15.4%, said Mr. Oyetunji.

North America and Europe have insurance penetration at 7.4% and 6.8%, respectively, added Mr. Oyetunji.