Global insurance companies are flocking to Africa, where millions of people have started earning enough to afford business cover and protection for their families, says private equity firm LeapFrog Investments.

Global insurance companies are flocking to Africa, where millions of people have started earning enough to afford business cover and protection for their families, says private equity firm LeapFrog Investments.

South African insurers have called on the government to start compulsory motor cover to reduce the cost to motorists and companies from the countrys millions of drivers taking to the roads without protection.

A rare hail storm in South Africa last month resulted in claims of more than 2 billion rand ($187 million), and insurers are suffering.