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Insurance in Kenya and Africa at large remains a marginal product, with levels of penetration across the continent half the world average as a percentage of GDP, and premiums per capita 11-fold lower than the world average, according to a recent report by McKinsey and Co. (and that’s including the outsized market of South Africa; take that out and Africa is even further behind). But economic growth and the rapid expansion of digital and mobile services are set to change all that: the smallest market then looks like the biggest growth opportunity.
