Nigeria Insurance Report - Business Monitor International - Industry Reports

Nigeria Insurance Report

Nigeria Insurance Report - Business Monitor International - Industry Reports
Nigeria Insurance Report
Published May 28, 2016
50 pages — Published May 28, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

Nigeria s life insurance segment will remain under-developed; however, it will display rapid growth rates of --.- annually over the coming years, reaching NGN---.-bn (USD---mn) in ---- - up from NGN---.-bn (USD---mn) in ----. Accounting for -- of total premiums written in ----, non-life insurance will continue to be the larger insurance segment in Nigeria. ...Over the coming years, non-life insurance will grow by -.- annually to NGN---.-bn (USD-.-bn) in ---- - up from NGN---bn (USD-.--bn) in ----. Key factors accounting for these growth prospects include the demographic changes in Nigeria s large population alongside growth in disposable income, giving rise to a larger middle-class. Over time, these macro trends should attract increasingly more foreign investors seeking to establish a presence in Nigeria s growing insurance sector. ...Over time, these macro trends should attract increasingly more foreign investors seeking to establish a presence in Nigeria s growing insurance sector. Increased consolidation through acquisitions by foreign firms, especially within non-life insurance, is not out of the question as a large number of smaller domestic firms continue to struggle to raise capital in accordance with the NAICOM s capital requirements.

...Gross life insurance premiums have traditionally been undermined by the extremely low penetration of life insurance coverage in Nigeria. At -.- of GDP, or USD---mn in ----, the gross value of life insurance is rather small given the country s large population of ---mn people. ...In spite of this, along with the Nigerians limited awareness of life products, overall life premiums have been growing at a fast rate over the past few years - and they are expected to continue growth at significant rates over the forecast period. By ----, written life premiums should have reached NGN---.-bn from NGN---.--bn in ----.One of the key factors underlying this growth is the increasing popularity of life insurance products among Nigeria s professional classes, as increasingly more organisations are purchasing group and company-wide coverage for employees. These trends should be bolstered further by the expansion of Nigeria s middle class and, more specifically, growth in household incomes over the next few years. ...These trends should be bolstered further by the expansion of Nigeria s middle class and, more specifically, growth in household incomes over the next few years. In particular, there will be significant growth in the

...Only a small portion of Nigeria s population purchases life insurance, and life premiums currently account for less than a third of overall insurance spending in the country. Low incomes and a lack of understanding of the benefits of life insurance remain the most important obstacles that life insurers will be faced with over the coming years. ...

  
Source:
Document ID
1752-8313
Country
Industry
Format:
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Nigeria Insurance Report" May 28, 2016. Alacra Store. Dec 04, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Insurance-Report-2026-640>
  
APA:
Business Monitor International - Industry Reports. (2016). Nigeria Insurance Report May 28, 2016. New York, NY: Alacra Store. Retrieved Dec 04, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Insurance-Report-2026-640>
  
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