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.
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