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The South African Insurance Industry Survey 2016 | 35
The graph above illustrates inequality per country worldwide:
Gini Index (Income equality =0)
25-30
30-35
35-40
40-45
45-50
50-55
55-60
60-66
No data
5
South Africa and Namibia are two of the three African countries depicted Below are the top three countries in Africa by insurance penetration and
in dark grey. They are the countries with the highest and second highest how they compare when it comes to the insurance drivers stated above.
insurance penetration rates in Africa, respectively. Botswana is the third (Lesotho is the only other African country above 4 percent and has been
country in the 60-66 bracket and has an insurance penetration of 2.77 excluded due to the size of its economy.) Enablers are depicted in colour.
percent. In relatively poor countries inequality is a definite driver of
insurance.
African countries with high insurance penetrations6
Country Insurance Gross GDP GDP per Gini- Muslim Global FS
1 South Africa penetration (US$ billion) Capital US$ coefficient population industry ranking
(%) on income (%) (trust factor)
14 352.817 10,700 65 1.7 32
2 Namibia 7 13,353 10 765 61.3 0.4 82+
3 Mauritius 6 13,240 18 553 39.0* 16.6 68
*Estimate (World Bank figure not available) 5 Data Source: Table 2.9 of World Development
Indicators: Distribution of income or consumption
The World Bank – M Tracy Hunter
6 Swiss Re, World bank, NKC independent
economists
