Nigeria Insurance Q1 2019
With the largest population and economy in Sub-Saharan Africa, Nigeria's insurance market offers tremendous long-term potential. One of the key threats to the industry's development remains to be the widespread poverty and lack of insuranceaffordability. Even more affluent middle-class consumers have a tendency to avoid paying for insurance, hampering the growth ofcompulsory basic lines such as motor vehicle insurance. The country's economic stability in recent years has further hinderedgrowth, with penetration and density levels remaining low even by regional standards. As oil prices pick up and the economicrecovery gains traction, rising business and consumer spending will lead to faster growth in insurance premiums, though this will beundermined by high inflation, remaining close to 10% through the duration of our forecast period. Should these headwinds subside,there is considerable long-term growth potential in areas such as health and microinsurance.
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