Nigeria Insurance Q3 2018
Supported by the largest population and economy in Sub-Saharan Africa, Nigeria's insurance market offers tremendouslong-term potential. However, the industry's development has been constrained by widespread poverty and a 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 headline growth in insurance premiums, thoughthis will be undermined by high inflation, remaining close to 10% through the duration of our forecast period. Should theseheadwinds subside, there is considerable long-term growth potential in areas such as health and microinsurance.
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