Josephine Anan-Ankomah, Ecobank Group Executive, Commercial
Banking said: “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. 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 learnt from
the painful experiences of COVID-19.”
The insurance products offered include Commercial Asset
Insurance, Engineering insurance, Marine & Cargo insurance, Key Man
insurance, Motor fleet Business Travel insurance, 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 onboard 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, nearly twice as fast as North
America, over three times that of Europe, and better than Asia’s 6 percent.
This makes the continent the second-fastest-growing region
for insurance globally after Latin America – thanks to steady economic growth
in most countries and the underdeveloped insurance sector.
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