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The Insurance Industry in Nigeria, Key Trends and Opportunities to 2020

The Insurance Industry in Nigeria, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'The Insurance Industry in Nigeria Key Trends and Opportunities to 2020' report provides a detailed analysis of the Nigerian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of Nigerian economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural and man-made hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Nigeria, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Nigerian insurance industry, including:

  • An overview of Nigerian insurance industry
  • The Nigerian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Nigerian economy and demographics
  • The detailed competitive landscape in the Nigerian insurance industry
  • Various distribution channels in the Nigerian insurance industry
  • Detailed regulatory policies of the Nigerian insurance industry
  • An analysis of natural hazards in Nigeria
Scope

This report provides a comprehensive analysis of the insurance industry in Nigeria:
  • It provides historical values for Nigerian insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key segments in the Nigerian insurance industry, with market forecasts to 2020.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It analyzes the various distribution channels in Nigeria.
  • It profiles the top insurance companies in Nigeria, and outlines the key regulations affecting them.
  • It covers the economy and demographics structure of Nigeria.
  • It analyzes the impact of natural and man-made hazards in Nigerian insurance industry.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to Nigerian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in Nigerian insurance industry.
  • Assess the competitive dynamics in Nigerian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing Nigerian insurance industry and their impact on companies and the industry's future.
Key Highlights
  • The regulator's implementation of the 'No Premium, No Cover' concept in 2013 prevented insurers from selling products on a credit basis, and contributed to growth.
  • The adoption of a risk-based supervision model in February 2016 is expected make the industry robust and increase penetration levels over the forecast period.
  • Rising living costs due to the economic slowdown limited consumer capacity to spend on insurance and affected the industry’s growth.
  • The liberalization of economic policies, promoting public-private partnerships and strategic alliances with foreign firms are expected to attract foreign investments into the oil and energy sectors. This will drive demand for property insurance over the forecast period.
  • The strengthening of the public healthcare system is likely to hinder the business of private health insurers over the forecast period.
  • A strong regulatory framework, rapid population expansion and the government’s keen interest to enforce compulsory classes at all state levels are expected to drive growth in the Nigerian insurance industry over the forecast period.


  • Key Facts and Highlights
    • Table Nigerian Insurance Industry - Key Facts, 2015
    • Table Nigerian Insurance Industry - Segment Shares of the Top Insurers, 2014
  • Executive Summary
  • Economy and Demographics
    • Table Nigerian Government Credit Ratings
  • Industry Outlook
    • Regional Comparison
    • Industry Indicators
      • Gross written premium
        • Table Nigerian Insurance Industry - Gross Written Premium by Segment (NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Gross Written Premium by Segment (NGN Billion), 2015-2020
        • Table Nigerian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (NGN), 2011-2015
        • Table Nigerian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (NGN), 2015-2020
      • Claims
        • Table Nigerian Insurance Industry - Paid Claims by Segment(NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Paid Claims by Segment(NGN Billion), 2015-2020
      • Assets and investments
        • Table Nigerian Insurance Industry - Total Assets by Segment (NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Total Assets by Segment (NGN Billion), 2015-2020
        • Table Nigerian Insurance Industry - Life Insurance Investment Portfolio (NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Life Insurance Investment Portfolio (NGN Billion), 2015-2020
        • Table Nigerian Insurance Industry - Non-Life Insurance Investment Portfolio (NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Non-Life Insurance Investment Portfolio (NGN Billion), 2015-2020
        • Table Nigerian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (NGN Billion), 2011-2015
        • Table Nigerian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (NGN Billion), 2015-2020
  • Life Insurance Outlook
    • Gross Written Premium
      • Table Nigerian Life Insurance - Gross Written Premium (NGN Million and US$ Thousand), 2011-2015
      • Table Nigerian Life Insurance - Gross Written Premium (NGN Million and US$ Thousand), 2015-2020
    • Penetration
  • Non-Life Insurance Outlook
    • Property Insurance
      • Gross written premium
        • Table Nigerian Property Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Property Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Nigerian Property Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Property Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020
      • Profitability
        • Table Nigerian Property Insurance - Loss Ratio (%), 2011-2015
        • Table Nigerian Property Insurance - Loss Ratio (%), 2015-2020
    • Motor Insurance
      • Gross written premium
        • Table Nigerian Motor Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Motor Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Nigerian Motor Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Motor Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020
      • Profitability
        • Table Nigerian Motor Insurance - Loss Ratio (%), 2011-2015
        • Table Nigerian Motor Insurance - Loss Ratio (%), 2015-2020
    • Liability Insurance
      • Gross written premium
        • Table Nigerian Liability Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Liability Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Nigerian Liability Insurance - Paid Claims (NGN Million and US$ Thousand), 2011-2015
        • Table Nigerian Liability Insurance - Paid Claims (NGN Million and US$ Thousand), 2015-2020
      • Profitability
        • Table Nigerian Liability Insurance - Loss Ratio (%), 2011-2015
        • Table Nigerian Liability Insurance - Loss Ratio (%), 2015-2020
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Nigerian Marine, Aviation and Transit Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Marine, Aviation and Transit Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Nigerian Marine, Aviation and Transit Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Marine, Aviation and Transit Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020
      • Profitability
        • Table Nigerian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
        • Table Nigerian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
  • Personal Accident and Health Insurance Outlook
    • Personal Accident Insurance
      • Gross written premium
        • Table Nigerian Personal Accident Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Personal Accident Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020
      • Penetration
      • Claims
        • Table Nigerian Personal Accident Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015
        • Table Nigerian Personal Accident Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020
      • Profitability
        • Table Nigerian Personal Accident Insurance - Loss Ratio (%), 2011-2015
        • Table Nigerian Personal Accident Insurance - Loss Ratio (%), 2015-2020
  • Reinsurance Outlook
    • Reinsurance Accepted
      • Table Nigerian Reinsurance - Premium Accepted by Category (NGN Billion), 2011-2015
      • Table Nigerian Reinsurance - Premium Accepted by Category (NGN Billion), 2015-2020
    • Premium Ceded
      • Table Nigerian Reinsurance - Premium Ceded by Insurance Segment (NGN Billion), 2011-2015
      • Table Nigerian Reinsurance - Premium Ceded by Insurance Segment (NGN Billion), 2015-2020
  • Distribution Channel Outlook
  • Natural Hazards
    • Table Nigerian Annual Loss by Hazard
    • Flooding
    • Landslide
    • Storms
    • Man-made Calamities
    • Exposure
  • Competitive Landscape
    • Table Nigerian Insurance Industry - Market Shares of Leading Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Life Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Non-Life Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Property Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Motor Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Liability Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Marine, Aviation and Transit Insurers (%), 2014
    • Table Nigerian Insurance Industry - Market Shares of Leading Personal Accident and Health Insurers (%), 2014
    • Company Profiles
      • Leadway Assurance Company Ltd - company overview
        • Table Insurance Company - Key Facts
      • AIICO Insurance Plc - company overview
        • Table Insurance Company - Key Facts
      • Custodian and Allied Insurance Company Ltd - company overview
        • Table Insurance Company - Key Facts
      • Axa Mansard Insurance Plc- company overview
        • Table Insurance Company - Key Facts
      • Mutual Benefit Insurance Plc- company overview
        • Table Insurance Company - Key Facts
  • Governance, Risk and Compliance
    • Table Nigeria- Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life Insurance
        • Table Nigeria- Life Insurance Regulatory Framework
        • Table Nigeria- Life Insurance Intermediary Remuneration
      • Property Insurance
        • Table Nigeria- Property Insurance Regulatory Framework
      • Motor Insurance
        • Table Nigeria- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Nigeria- Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Workmen's compensation insurance
      • Motor third party liability insurance
      • Builder's liability insurance
    • Supervision and Control
      • Table Nigeria- Insurance Regulatory Frameworks for Company Registration and
      • International Association of Insurance Supervisors
      • African Insurance Organization (AIO)
      • National Insurance Commission (Naicom)
      • Nigerian Insurance Association (NIA)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Nigeria- Insurance Regulatory Frameworks for Company Registration and
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Nigeria- Minimum Capital Requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Nigeria - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Nigerian Life Insurance - Policies and Premium, 2011-2015
        • Table Nigerian Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Nigerian Life Insurance - Claims and Expenses, 2011-2015
        • Table Nigerian Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Nigerian Life Insurance - Assets and Investments, 2011-2015
        • Table Nigerian Life Insurance - Assets and Investments, 2015-2020
      • Non-linked policies
        • Table Nigerian Life Insurance - Non-Linked Policies, 2011-2015
        • Table Nigerian Life Insurance - Non-Linked Policies, 2015-2020
    • Non-Life Insurance
      • Policies and premium
        • Table Nigerian Non-Life Insurance - Policies and Premium, 2011-2015
        • Table Nigerian Non-Life Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Nigerian Non-Life Insurance - Claims and Expenses, 2011-2015
        • Table Nigerian Non-Life Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Nigerian Non-Life Insurance - Assets and Investments, 2011-2015
        • Table Nigerian Non-Life Insurance - Assets and Investments, 2015-2020
      • Property insurance
        • Table Nigerian Non-Life Insurance - Property Insurance, 2011-2015
        • Table Nigerian Non-Life Insurance - Property Insurance, 2015-2020
      • Property insurance by product
        • Table Nigerian Non-Life Insurance - Property Insurance by Product, 2011-2015
        • Table Nigerian Non-Life Insurance - Property Insurance by Product, 2015-2020
      • Motor insurance
        • Table Nigerian Non-Life Insurance - Motor Insurance, 2011-2015
        • Table Nigerian Non-Life Insurance - Motor Insurance, 2015-2020
      • Liability insurance
        • Table Nigerian Non-Life Insurance - Liability Insurance, 2011-2015
        • Table Nigerian Non-Life Insurance - Liability Insurance, 2015-2020
      • Marine, aviation and transit insurance
        • Table Nigerian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
        • Table Nigerian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
    • Personal Accident and Health Insurance
      • Policies and premium
        • Table Nigerian Personal Accident and Health Insurance - Policies and Premium, 2011-2015
        • Table Nigerian Personal Accident and Health Insurance - Policies and Premium, 2015-2020
      • Claims and expenses
        • Table Nigerian Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
        • Table Nigerian Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
      • Assets and investments
        • Table Nigerian Personal Accident and Health Insurance - Assets and Investments, 2011-2015
        • Table Nigerian Personal Accident and Health Insurance - Assets and Investments, 2015-2020
      • Personal accident insurance
        • Table Nigerian Personal Accident and Health Insurance - Personal Accident Insurance,2011-2015
        • Table Nigerian Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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