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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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Sub-Saharan Africa: Overview

Sub-Saharan Africa: Overview

Chapter:
(p.311) Chapter 13 Sub-Saharan Africa: Overview
Source:
World Insurance
Author(s):

Peter Borscheid

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0013

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

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