Africa’s insurers set to invest $1bn in tech start-ups

Written by Adam Cadle

21/04/2023

A third of Africa’s leading insurers are planning to invest 3-5% of their revenue in tech start-ups in what could amount to over $1bn in investment, according to a new survey conducted by Continental Re.

To accelerate growth in Africa’s homegrown technology sector, 54% of insurance CEOs surveyed cited general investment in start-ups as the most promising path compared to 32% who believe foreign direct investment (FDI) is required to advance technological development.

The survey also found that the insurance industry is, in general, very optimistic when it comes to emerging technologies, with over 38% of respondents saying technology will be a “great opportunity” for their business over the next five years.

Continental Reinsurance's group managing director, Lawrence Nazare, said: "Covid-19 has demonstrated that Africa cannot rely on the global supply chain. The adoption and development of tomorrow's technologies offers the continent the chance to reduce its reliance on aid and become a strategic partner to the rest of the world."

The survey was conducted among 80 CEOs of African insurers.

Related Articles