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Nigeria Insurance Report Q4 2017

Nigeria Insurance Report Q4 2017

BMI View:

Despite consistently robust headline growth in insurance premiums in Nigeria, the recent performance and immediate outlook is not encouraging, when considered in real terms. Inflation will more than offset nominal premium growth in local currency terms until at least 2018, according to our forecasts. Beyond the next year or two, the prognosis brightens, with the prospect of a return to positive premium growth in both USD and real terms.

Key Updates And Forecasts

In 2016, life premium growth in local currency terms was 12.9%, while we forecast 15.0% in 2017. However, with inflation of 15.6% and 16.1% respectively, this translates into real growth of -2.7% and -1.1%. Positive real growth in premiums should return in 2018, when we foresee a rise in nominal terms of 13.6%, which is higher than our Country Risk team's inflation forecast of 11.8%.

BMI Industry View
Table: Headline Insurance Forecasts (Nigeria 2014-2021)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Nigeria 2014-2021)
Table: Life Claims (Nigeria 2010-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Nigeria 2014-2021)
Table: Non-Life Claims (Nigeria 2010-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Nigeria 2014-2021)
Insurance Risk/Reward Index
Sub-Saharan Africa Insurance Risk/Reward Index
Table: Sub-Saharan Africa Insurance Risk/Reward Index, Q4 2017
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
Non-Life Market Overview
Product Offering
Competitive Landscape
Company Profile
Leadway Assurance Company
Mansard Insurance
MMI Holdings
Old Mutual
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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