Nigeria’s Curacel raises funding to power insurance offerings and expand into North Africa

As many as 2.8% of Africans are insured, which is less than half the global average of 6.3%, making it the least insured continent in the world. Despite the abysmal number, there’s some good news. According to a McKinsey report, most African countries have experienced double-digit insurance growth in CAGR in local currency over the last five years, thus positioning the region as the second-fastest growing for insurance globally after Latin America.

The burgeoning market is indicative that insurtechs are actively providing various solutions to businesses and end consumers, helping them manage the risks of purchases ranging from buying cars to accessing accommodation.

In the latest development, Curacel, a Nigeria-based platform that aims to drive insurance penetration in emerging markets via APIs enabling insurers to connect with digital distribution channels and administer their claims, has raised $3 million in seed funding. Founded by Henry Mascot and John Dada in 2019, Curacel is building the “rails to make insurance work for the next billion Africans and empowering businesses everywhere with the technology to embed insurance for their users.”