Nigeria Insurance Q4 2019
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Nigeria's insurance market is set to grow at mid single-digit rates over the next five years. Supported by a large andgrowing population, rising disposable household incomes and improving business and consumer confidence, the life and non-lifesegments offer increasingly attractive long-term investment opportunities. Premiums growth will, however, be limited due towidespread poverty and insurance affordability. As even the more affluent middle-class consumers tend to avoid purchasinginsurance, efforts need to be made to educate the Nigeria's potential consumer base about the benefits of life and non-lifeinsurance coverage. As oil prices pick up and the economic recovery gains traction, rising business and consumer spending shouldlead to faster headline growth in insurance premiums.
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