Four years ago, investors’ attraction to the African insurtech segment was low. In 2021, that interest rose significantly with actors keeping a watchful eye on it.

Starting from July 1, 2022, actors in the Moroccan insurance market can offer products and sign insurance contracts with buyers exclusively online. Last June 8, the Supervisory Authority of Insurance and Social Welfare (ACAPS) signed a decision outlining the regulatory requirements of the digital platforms to be set up by insurance actors to allow the online purchase of insurance contracts. 

ACAPS issued the decision because the insurtech segment is steadily growing.  It is getting more attractive because of its convenience, flexibility and the new offers developed. In Africa particularly, the number of start-ups investing in the segment is rising rapidly.  In its report "2021 Africa Tech Venture Capital," Partech reveals that the Insurtech segment attracted US$36 million in funding in 2021. This is significant growth for a sector that was still in its infancy two years earlier.

On February 9, 2022, in Nigeria, the National Insurance Commission (NAICOM) partnered with FSD Africa to launch BimaLab, an accelerator program. BimaLab aims to drive digital innovation and ICT adoption in the insurance industry.  The accelerator program will help drive digital innovation and expand the adoption of information and communication technologies in the insurance industry.

Muriel Edjo