“Adding a comprehensive suite of Bancassurance solutions, in partnership with some of the most reputable insurance service providers across Africa, makes us a one-stop financial services hub,” said Josephine Anan-Ankomah, Ecobank Group Executive.
“Furthermore, the resilience of SME businesses is enhanced through the effective risk transfer that Bancassurance provides, while our solutions also offer our valued customers the satisfaction of knowing that they will have some protection, having learned from the painful experiences of COVID-19,” she added.
The insurance products offered include Commercial Asset Insurance, Engineering insurance, Marine&Cargo insurance, Key Man insurance, and Motor fleet Business Travel insurance.
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This is in addition to bespoke offerings such as Credit Insurance-Leasing, Credit Insurance-Invoice Discounting Without Recourse, and Agricultural Area Yield Insurance.
The Bancassurance service will be rolled out in phases, starting with Benin, Burkina Faso, Congo Brazzaville, Côte d’Ivoire, Gabon, Guinea Bissau, Kenya, Mali, Nigeria, Tanzania, Togo, and Uganda. Ecobank Group’s 21 other affiliates will come on board in the second phase.
Demand for Bancassurance services from SMEs across our markets has been on the rise as businesses seek to shake off the effects of the COVID-19 pandemic by looking for solutions to cushion themselves from similar occurrences in the future.
Africa’s insurance industry is valued at about US$68 billion in terms of Gross Written Premium (GWP). Prior to COVID-19, the insurance market in Africa was expected to grow at compound annual growth rates (CAGRs) of 7 percent per annum between 2020 and 2025.
This is nearly twice as fast as North America, over three times that of Europe, and better than Asia’s 6 percent. The figures, therefore, show that the continent is the second-fastest-growing region for insurance globally after Latin America – thanks to steady economic growth in most countries and the underdeveloped insurance sector.
