Nigeria Insurance Report Q2 2016

Nigeria Insurance Report Q2 2016

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.

BMI Industry View
Table: Headline Insurance Forecasts (Nigeria 2013-2020)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Nigeria 2013-2020)
Table: Life Insurance Claims (Nigeria 2008-2013)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Nigeria 2013-2020)
Table: Non-Life Insurance Claims (Nigeria 2008-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Nigeria 2013-2020)
Insurance Risk/Reward Index
Sub-Saharan Africa Risk/Reward Index
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Leadway Assurance Company
Mansard Insurance
MMI Holdings
Old Mutual
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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