By Favour Nnabugwu
Five insurance companies are in alliance with Ecobank in Bancassurance to Small and Medium-sized Enterprise (SME) across market of the bank
The five underwriting firms are Old Mutual; Allianz; Sunu, NSIA and Sanlam insurance companies
These customers will now benefit from the convenience of being able to access relevant solutions for all their insurance needs.
Ecobank Group Executive, Commercial Banking, Ms Josephine Anan-Ankomah, said 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, Cote 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.