Chapter

Sub-Saharan Africa: Overview

Peter Borscheid

in World Insurance

Published in print August 2012 | ISBN: 9780199657964
Published online September 2012 | e-ISBN: 9780191744709 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199657964.003.0013
Sub-Saharan Africa: Overview

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This chapter discusses the development of the insurance industry in sub-Saharan Africa. The inclusion of the sub-Saharan empires in the global economic system originating in Europe and the first experiences of insurance began in the 1830s. This happened when, despite the prevention and abolition of the slave trade, there was an increase in Mediterranean and transatlantic trade relations in particular. The European insurance industry held back from making any financial investment in sub-Saharan Africa until the 1920s. Although the majority of African trade continued to be insured directly in Europe, particularly Liverpool, between the wars the insurance business on African soil began to change very gradually. The increased economic importance of the continent to the industrial nations, the significant rise in investment in colonial infrastructure, and increased production of cash crops by African smallholders and settlers all combined to encourage European insurers to invest in the colonies for the first time.

Keywords: African insurance industry; insurance business; insurance history; Liverpool

Chapter.  6846 words. 

Subjects: International Business

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