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

“We’re at an immense inflection point in history where millions of people in Africa are starting to be able to manage risk, and insurers are providing the tools,” Andrew Kuper, founder of LeapFrog, which specializes in insurance and related financial services for emerging consumers, said by phone from Sydney on Oct. 29. “We’re seeing increasing commitment from major insurers in terms of check size and sheer numbers.”

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