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Nigeria Insurance Report Q2 2016

  • February 2016
  • -
  • Business Monitor International
  • -
  • 50 pages

Includes 3 FREE quarterly updates

BMI View: Nigeria's insurance industry is starting from a very low level of development, with the marketcurrently worth less than 0.5% of overall GDP. However, while relatively small in scale at present,we believe that the industry has significant growth potential and that it is well placed to expand over thenext few years as rising income levels and a growing middle class drive demand for key consumer lines. Thepotential opportunities on offer should begin to attract increasing interest from overseas investors in whatis currently a fragmented competitive landscape with few major providers. The presence of foreign insurersshould help accelerate the development of the market, leading to new product lines as well as the expansionof the micro-insurance sector.

Key Updates And Forecasts

-In January 2016, the governor of Nigeria's Cross River State announced plans to introduce a mandatoryhealth insurance scheme for all taxable residents living in the state. Under the scheme, taxpayers wouldbe required to make monthly contributions of NGN1,000 in return for which they would receive freepublic healthcare.

Table Of Contents

Nigeria Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Nigeria 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Nigeria 2013-2020) 11
Table: Life Insurance Claims (Nigeria 2008-2013) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Nigeria 2013-2020) 14
Table: Non-Life Insurance Claims (Nigeria 2008-2013) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums By Product Line (Nigeria 2013-2020) 24
Insurance Risk/Reward Index 25
Sub-Saharan Africa Risk/Reward Index 25
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q216 26
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Company Profile 33
Leadway Assurance Company 33
Mansard Insurance 36
MMI Holdings 39
Old Mutual 42
Methodology 44
Industry Forecast Methodology 44
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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