The insurance sector in Africa (in both the life and non-life segment) is largely underdeveloped and in its early stages of development, this is known. But many economic analysts concur on the fact that this is also one of the sectors with the highest profitability rate and growth potential, in a continent where the insurance penetration is currently only 3,1% (2022 data), i.e., less than half of the global average, according to data from Statista.

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A Chinese proverb says: "To get rich, build roads first." Unfortunately, this is not the path chosen by Africa, which decided first to put in place a continental framework as foundation of its future economic development, despite many experts have raised the importance of having in place an adequate quality infrastructure in order to achieve the AfCFTA’s main objective of boosting intra-African trade (noting that the AfCFTA Agreement does not even mention infrastructural development explicitly as one of its objectives). The role of transport infrastructure in connecting the different regions in the continent has been also pointed out recently in this article that argues that roads are the lifelines that can help unite Africa’s various economies. However, efforts are currently ongoing at both national, regional and continental level for filling the Africa infrastructure gap, with the support of many international donors. Among them, the role played by China is critical, since the Asian giant has invested so far heavily in the construction of transport infrastructure in Africa, helping the continent to enhance its connectivity. However, China engagement in Africa has also attracted strong criticism due to the growth of Chinese lending in Africa, which between 2000, when the Forum on China-Africa Cooperation (FOCAC) was established, and 2020, grew of five times. Chinese lenders now account for 12 percent of Africa’s public and private debt, making China a central actor in the African debt sustainability and responsible borrowing. The FOCAC is a platform established in 2000 that has become the cornerstone of Sino-African relations. Since its inception, FOCAC has held regular ministerial meetings and summits, alternating between China and African countries, to set the agenda for collaboration. The last edition of FOCAC Summit was held in the end of November 2021 in Dakar, Senegal. The Summit meets once every 3 years alternating between China and Africa. The 2024 edition -  the ninth one -  will be held in Beijing from 4 to 6 September.

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