Insurtech is spreading rapidly in Africa , with the number of start - ups rising from 18 in 2017 to 32 at the beginning of 2018 . The underdeveloped insurance market in Africa is hampered by a lack of access to banking services , poor distribution of products and public mistrust of insurers , according to one of the companies involved . A second company predicted insurtech could overtake traditional insurance just as mobile networks spread more quickly than fixed - line services . Anthony Miller , co - founder of start - up Simply , said the African insurance market could be worth “ hundreds of billions ” in 20 years .
Insurtech is spreading rapidly in Africa, with the number of start-ups rising from 18 in 2017 to 50 at the beginning of 2019. The underdeveloped insurance market in Africa is hampered by a lack of access to banking services, poor distribution of products and public mistrust of insurers, according to one of the companies involved. A second company predicted insurtech would overtake traditional insurance just as mobile networks spread more quickly than fixed-line services. Anthony Miller, co-founder of start-up Simply, said the African insurance market could be worth “hundreds of billions” in 20 years.