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  4. > Insurance in Nigeria

Insurance in Nigeria

  • January 2016
  • -
  • MarketLine
  • -
  • 34 pages

Introduction

Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2011-15, and forecast to 2020). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Nigeria insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

Highlights

- The insurance market consists of the non-life insurance sector and the life insurance sector. The value of the market is shown in terms of gross premium incomes.

- The Nigerian insurance market is expected to generate total gross written premiums of $1.8bn in 2015, representing a compound annual growth rate (CAGR) of 4.4% between 2011 and 2015.

- The non-life insurance segment is expected to be the market's most lucrative in 2015, with total gross written premiums of $1.3bn, equivalent to 74.4% of the market's overall value.

- The non-life insurance segment has suffered from non-payment of premiums in the past, with Swiss Re believing that this was the main factor behind stagnation in 2014. Companies need to improve payment mechanisms to stop this becoming an embedded practice and a structural market issue.

Features

- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the insurance market in Nigeria

- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in Nigeria

- Leading company profiles reveal details of key insurance market players’ global operations and financial performance

- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria insurance market with five year forecasts

- Macroeconomic indicators provide insight into general trends within the Nigeria economy

Key Questions Answered

- What was the size of the Nigeria insurance market by value in 2015?

- What will be the size of the Nigeria insurance market in 2020?

- What factors are affecting the strength of competition in the Nigeria insurance market?

- How has the market performed over the last five years?

- What are the main segments that make up Nigeria's insurance market?

Table Of Contents

Insurance in Nigeria
TABLE OF CONTENTS
Executive Summary 2
Market value 2
Market value forecast 2
Category segmentation 2
Geography segmentation 2
Market rivalry 2
Market Overview 7
Market definition 7
Market analysis 7
Market Data 8
Market value 8
Market Segmentation 9
Category segmentation 9
Geography segmentation 10
Market Outlook 11
Market value forecast 11
Five Forces Analysis 12
Summary 12
Buyer power 13
Supplier power 15
New entrants 17
Threat of substitutes 18
Degree of rivalry 19
Leading Companies 20
Aiico Insurance Plc 20
AXA 23
Custodian And Allied Insurance Ltd 27
Leadway Assurance Company Limited 28
Macroeconomic Indicators 29
Country Data 29
Methodology 31
Industry associations 32
Related MarketLine research 32
Appendix 33
About MarketLine 33

List of Tables
Table 1: Nigeria insurance market value: $ billion, 2011-15(e)
Table 2: Nigeria insurance market category segmentation: $ billion, 2015(e)
Table 3: Nigeria insurance market geography segmentation: $ billion, 2015(e)
Table 4: Nigeria insurance market value forecast: $ billion, 2015-20
Table 5: Aiico Insurance Plc: key facts
Table 6: Aiico Insurance Plc: key financials ($)
Table 7: Aiico Insurance Plc: key financials ()
Table 8: Aiico Insurance Plc: key financial ratios
Table 9: AXA: key facts
Table 10: AXA: key financials ($)
Table 11: AXA: key financials (€)
Table 12: AXA: key financial ratios
Table 13: Custodian And Allied Insurance Ltd: key facts
Table 14: Leadway Assurance Company Limited: key facts
Table 15: Nigeria size of population (million), 2011-15
Table 16: Nigeria gdp (constant 2005 prices, $ billion), 2011-15
Table 17: Nigeria gdp (current prices, $ billion), 2011-15
Table 18: Nigeria inflation, 2011-15
Table 19: Nigeria consumer price index (absolute), 2011-15
Table 20: Nigeria exchange rate, 2011-14

List of Figures
Figure 1: Nigeria insurance market value: $ billion, 2011-15(e)
Figure 2: Nigeria insurance market category segmentation: % share, by value, 2015(e)
Figure 3: Nigeria insurance market geography segmentation: % share, by value, 2015(e)
Figure 4: Nigeria insurance market value forecast: $ billion, 2015-20
Figure 5: Forces driving competition in the insurance market in Nigeria, 2015
Figure 6: Drivers of buyer power in the insurance market in Nigeria, 2015
Figure 7: Drivers of supplier power in the insurance market in Nigeria, 2015
Figure 8: Factors influencing the likelihood of new entrants in the insurance market in Nigeria, 2015
Figure 9: Factors influencing the threat of substitutes in the insurance market in Nigeria, 2015
Figure 10: Drivers of degree of rivalry in the insurance market in Nigeria, 2015
Figure 11: Aiico Insurance Plc: revenues and profitability
Figure 12: Aiico Insurance Plc: assets and liabilities
Figure 13: AXA: revenues and profitability
Figure 14: AXA: assets and liabilities

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