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MagazineAug 15, 2013
Africa’s Lucrative Funerals Business
From fish-shaped coffins to slaughtered bulls, funerals in Africa are lavish affairs, providing a lucrative opportunity for insurance companies looking for business in some of the world's fastest growing economies. Africans are by no means alone in spending heavily on honouring their dead. But funerals on the continent are more frequent per head of population than elsewhere in the world. While mortality rates are high, though, they are also falling - an attractive combination for insurers which raises the prospect of customers paying into their policies for longer. High unemployment and above-average birth rates across much of Africa also mean employees can have many dependents, making it more likely they will seek funeral insurance.