AXIAN Invests in Insurance to Enhance Risk Underwriting Across Africa

AXIAN Group, a prominent pan-African conglomerate, is making strides into the insurance underwriting sector. With a diverse portfolio that includes telecommunications, energy, real estate, fintech, and financial services, AXIAN aims to address the significant insurance coverage gap in some of the world’s least covered regions.

In 2024, the group reported an impressive $2.75 billion in revenue. As part of its expansion, AXIAN has introduced VIA Insurance and VIA Assurance in Madagascar, as confirmed by Hassane Muhieddine, the CEO of AXIAN’s financial services cluster.

Africa’s insurance penetration stands at approximately 3.5% of gross domestic product (GDP) as of 2025, which is notably half of the global average. Madagascar’s situation is even more concerning, with insurance uptake below 1%. Currently, only 20% of vehicles have third-party liability coverage, despite it being a legal requirement.

AXIAN is already active in Madagascar through Sanko, a brokerage and risk advisory subsidiary. “What we lacked was balance-sheet risk retention and in-house underwriting capacity,” Muhieddine explained in a recent interview. “VIA enables us to originate, price, and carry risk internally rather than operating solely as a distributor.”

With operations in 21 African countries—including Madagascar, Tanzania, Senegal, Togo, and Uganda—AXIAN boasts a substantial customer base of 42 million mobile subscribers and 23 million mobile-money accounts. This extensive network provides a captive audience for its insurance offerings.

Bundling Products

Madagascar will serve as the initial testing ground for VIA’s underwriting capabilities. AXIAN has established over 110 bank branches, thousands of telecom retail outlets, and more than 50,000 mobile money agents in the region. VIA Insurance plans to grow organically in Madagascar while also pursuing acquisitions or joint ventures in other African markets.

“Our objective is to achieve top-three market positioning in each jurisdiction we enter, measured by gross written premiums,” Muhieddine stated. The company intends to leverage its telecom and fintech platforms to offer insurance bundled with handset financing and mobile phone loans.

Traditionally, underwriting has focused on large corporations and industrial entities. However, Muhieddine emphasizes that future growth lies in retail, micro-business, and informal-sector risk pools. Despite favorable demographics and increasing digital adoption, many potential customers still face barriers to accessing insurance. Issues such as affordability, lack of understanding, and distrust towards providers—often stemming from delays in claims settlement—remain significant challenges.

“Claims settlement is the definitive test of underwriting credibility,” he noted. “Turnaround time, documentation simplicity, and contractual transparency directly affect persistency ratios and portfolio retention.”

Pedestrians pass electoral posters of Yoweri Museveni, Uganda’s president, in central Kampala, Uganda, on Wednesday, Jan. 14, 2026. Photo credit: Badru Katumba/Bloomberg

Topics
Underwriting

AXIAN Group, a prominent pan-African conglomerate, is making strides into the insurance underwriting sector. With a diverse portfolio that includes telecommunications, energy, real estate, fintech, and financial services, AXIAN aims to address the significant insurance coverage gap in some of the world’s least covered regions.

In 2024, the group reported an impressive $2.75 billion in revenue. As part of its expansion, AXIAN has introduced VIA Insurance and VIA Assurance in Madagascar, as confirmed by Hassane Muhieddine, the CEO of AXIAN’s financial services cluster.

Africa’s insurance penetration stands at approximately 3.5% of gross domestic product (GDP) as of 2025, which is notably half of the global average. Madagascar’s situation is even more concerning, with insurance uptake below 1%. Currently, only 20% of vehicles have third-party liability coverage, despite it being a legal requirement.

AXIAN is already active in Madagascar through Sanko, a brokerage and risk advisory subsidiary. “What we lacked was balance-sheet risk retention and in-house underwriting capacity,” Muhieddine explained in a recent interview. “VIA enables us to originate, price, and carry risk internally rather than operating solely as a distributor.”

With operations in 21 African countries—including Madagascar, Tanzania, Senegal, Togo, and Uganda—AXIAN boasts a substantial customer base of 42 million mobile subscribers and 23 million mobile-money accounts. This extensive network provides a captive audience for its insurance offerings.

Bundling Products

Madagascar will serve as the initial testing ground for VIA’s underwriting capabilities. AXIAN has established over 110 bank branches, thousands of telecom retail outlets, and more than 50,000 mobile money agents in the region. VIA Insurance plans to grow organically in Madagascar while also pursuing acquisitions or joint ventures in other African markets.

“Our objective is to achieve top-three market positioning in each jurisdiction we enter, measured by gross written premiums,” Muhieddine stated. The company intends to leverage its telecom and fintech platforms to offer insurance bundled with handset financing and mobile phone loans.

Traditionally, underwriting has focused on large corporations and industrial entities. However, Muhieddine emphasizes that future growth lies in retail, micro-business, and informal-sector risk pools. Despite favorable demographics and increasing digital adoption, many potential customers still face barriers to accessing insurance. Issues such as affordability, lack of understanding, and distrust towards providers—often stemming from delays in claims settlement—remain significant challenges.

“Claims settlement is the definitive test of underwriting credibility,” he noted. “Turnaround time, documentation simplicity, and contractual transparency directly affect persistency ratios and portfolio retention.”

Pedestrians pass electoral posters of Yoweri Museveni, Uganda’s president, in central Kampala, Uganda, on Wednesday, Jan. 14, 2026. Photo credit: Badru Katumba/Bloomberg

Topics
Underwriting