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  4. > Nigeria Insurance Report Q4 2016

Nigeria Insurance Report Q4 2016

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

Includes 3 FREE quarterly updates


BMI View:

We retain our opinion that the Nigerian insurance market remains small and comparatively underdeveloped at present. With a very low overall premium base, the market is at a nascent stage of development and we believe that it holds significant growth potential going forward. Rising incomes, a growing middle class and an expanding domestic economy are all factors that will boost the uptick in demand for key consumer lines. These factors will render the Nigerian market increasingly attractive to foreign investors, whose presence will likely increase market consolidation and accelerate product innovations.

Key Updates And Forecasts


- Nigeria's life insurance segment will remain under-developed, however, it will display rapid growth rates of 12.1% annually over the coming years, reaching NGN180bn (USD679mn) in 2020 - up from NGN113bn (USD527mn) in 2016.

Table Of Contents

Nigeria Insurance Report Q4 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) 15
Table: Non-Life Insurance Claims (Nigeria 2009-2013) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Nigeria 2013-2020) 25
Insurance Risk/Reward Index 26
Industry Risk/Reward Index 26
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 26
Market Overview 28
Life Market Overview 28
Product Offering 28
Competitive Landscape 29
Non-Life Market Overview 30
Product Offering 30
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
Sector-Specific Methodology 45
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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