Purpose: This research factors influencing the low penetration of insurance services in Africa.
 Findings: Insurance promotes economic growth by increasing the amount of money that people save, lowering the amount of money that people save for unnecessary precautions, and turning idle capital into active capital by reducing the amount of risk that companies and individuals in different parts of the economy are exposed to. The extent to which a country's markets participate in insurance shows the extent to which such markets are able to accept insurance as both a strategy for risk reduction and a source of investment. A low insurance market penetration rate is indicative of a slower rate of economic expansion. As a consequence of this, the objective of this research is to determine the elements that contribute to the low level of insurance services that are utilized in Africa. Lack of means, mistrust of financial service providers, unwillingness of multinational insurance firms to invest in Africa, lack of reliable information, poor legal and judicial systems, lack of human capital and expertise, shallow financial markets, and failure by communities to embrace formal insurance services are some of the reasons behind low insurance penetration on the Africa continent. According to the findings of the study, there is a significant connection between the criteria indicated and the level of insurance services penetration in Africa.
 Unique contribution of Theory, Practice and Policy: According to the findings of the study, insurance companies should offer individualized services and products that combine protection against risk with opportunities for financial gain. The report also suggests that various stakeholders work together to ensure the adoption of measures that would address the numerous variables that were identified as being the cause of low insurance penetration. This recommendation was included in the study.