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The Insurance Industry in Nigeria, Key Trends and Opportunities to 2017

Nigeria insurance market: New market research published


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2014-03-05 14:09:02 - The Insurance Industry in Nigeria, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

The Nigerian insurance industry experienced strong growth over the review period, supported by relatively stable macro-economic conditions and a favorable investment climate. The insurance industry in the country is very small, yet highly crowded and competitive. The key segment driving the overall industry is the non-life segment, which accounted for the largest share of 61.6% of the industrys total written premium in 2012. The Nigerian insurance industry is regulated by the National Insurance Commission (NAICOM), which controls the operations performed by all entities including insurance companies, reinsurance companies, insurance brokers, loss adjusters and intermediaries. For low income earners, the Nigerian government has concertedly promoted micro insurance; however a poor understanding among consumers of the benefits of such products and inefficient

 

 

distribution channels is limiting their spread.

Key Highlights

• The insurance industry in Nigeria is growing alongside positive growth in the overall economy
• The insurance industry in the country is very small, yet highly crowded and competitive
• Over the forecast period, improvements in employment rates, income levels and the developing economy are expected to increase levels of disposable income, which in turn is expected to support further growth of the Nigerian life insurance segment
• The Nigerian insurance authority is currently targeting the countrys low income population by promoting micro insurance products
• To target Nigerias large Muslim community, the Nigerian government has planned to expand the reach of Sharia-compliant Takaful policies
• In 2012, NAICOM gave its draft Takaful guidelines to stakeholders for input and these guidelines are expected to be implemented in 2013

Report Scope

This report provides a comprehensive analysis of the insurance industry in Nigeria:

• It provides historical values for the Nigerian insurance industry for the reports 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key segments and categories in the Nigerian insurance industry, along with industry forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Nigeria and outlines the key regulations affecting them

Reasons to Buy

• Make strategic business decisions using in depth historic and forecast industry data related to the Nigerian insurance industry and each segment within it
• Assess the competitive dynamics in the Nigerian insurance industry
• Understand the demand-side dynamics, key market trends and growth opportunities within the Nigerian insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Nigerian insurance industry and its impact on companies and the industrys future

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Mike King
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