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Nigeria Insurance Report Q1 2016

  • November 2015
  • -
  • Business Monitor International
  • -
  • 51 pages

Includes 3 FREE quarterly updates

BMI View: We have a positive outlook for both Nigeria's life and non-life insurance segments over thecoming years. Key growth drivers reside in the country's improving economic conditions, which means thatwith rising incomes and a growing middle class, increasingly more Nigerians will be able to afford longtermand short-term insurance contracts as their rates of auto and home ownership increase. We note,however, that currency movements due to falling oil prices and national security issues may weigh on thegrowth potential of life and non-life premiums.

Key Updates And Forecasts

? With a share of nearly 70% in total written non-life premiums in 2016, non-life insurance is by far themore important segment in Nigeria's insurance sector. Notably, with insurance penetration rates ofaround 0.2%, non-life insurance is only slightly more developed than life insurance. We expect, however,that life insurance will continue to outpace its non-life counterpart over the next five years, which meansthat increasingly more Nigerians are recognising the benefits of life insurance. Overall, both majorsegments will show rapid growth rates over the foreseeable future, which to a large extent are related toNigeria's economic development.

Table Of Contents

Nigeria Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Nigeria 2012-2019) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Nigeria 2012-2019) 12
Table: Life Insurance Claims (Nigeria 2007-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Nigeria 2012-2019) 16
Table: Non-Life Insurance Claims (Nigeria 2008-2013) 18
Non-Life Sub-Sector Forecast 18
Table: Non Life Insurance Premiums by Product Line (Nigeria 2012-2019) 25
Industry Risk Reward Ratings 26
Sub-Saharan Africa Risk/Reward Index 26
Table: Sub-Saharan Africa Insurance Risk/Reward Index 27
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Company Profile 34
Leadway Assurance Company 34
Mansard Insurance 37
MMI Holdings 40
Old Mutual 43
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

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