ABSTRACT
While there is no doubt on the importance and contribution of the financial sector to economic growth, Sub-Saharan Africa (SSA) is yet to reap the benefits of this sector. Focusing on the insurance subsector, this chapter argues that the current low penetration rate of about 2 percent can be attributed to the use of neo-liberal approach that ignores the contextual or institutional peculiarities of SSA. Thus, to enhance insurance penetration, the chapter proposes integrating both the formal and informal institutional peculiarities of SSA in the business model.
