The Insurance Industry in Nigeria, Key Trends and Opportunities to 2018

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Main Title
Market Research Report 
The Insurance Industry in Nigeria, Key Trends
and Opportunities to 2018 
reportscue
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Synopsis "The report provides in-depth industry
analysis, information and insights of the
insurance industry in Nigeria, including The
Nigerian insurance industry's growth prospects by
insurance segments and categories  The
competitive landscape in the Nigerian insurance
industry The current trends and drivers of the
Nigerian insurance industry Challenges facing
the Nigerian insurance industry Detailed
regulatory framework of the Nigerian insurance
industry A benchmarking section on the Nigerian
insurance industry in comparison to other
countries in the African region"
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Report OverviewIn terms of written premium
value, the Nigerian insurance industry grew at a
review-period CAGR of 10.0. This was due to
the strong performance of the life segment, which
registered a CAGR of 22.2 during the review
period. The industry is projected to grow at a
CAGR of 7.5 over the forecast period. The
strength in the countrys economy, combined with
the introduction of new laws by the Nigerian
insurance regulator, is expected to contribute to
the overall growth of the Nigerian insurance
industry over the forecast period.
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Scope This report provides a comprehensive
analysis of the insurance industry in Nigeria
It provides historical values for the Nigerian
insurance industry for the reports 20092013
review period and forecast figures for the
20132018 forecast period. It offers a
detailed analysis of the key segments and
categories in the Nigerian insurance industry,
along with forecasts until 2018. It covers an
exhaustive list of parameters, including written
premium, incurred loss, loss ratio, commissions
and expenses, combined ratio, total assets, total
investment income and retentions. It profiles
the top insurance companies in Nigeria, and
outlines the key regulations affecting them.
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Key Highlights The growth in the insurance
industry during the review period was supported
by the increase in individuals disposable
income, along with a decrease in the countrys
inflation rate and a gradual increase in its
labor force.  The Nigerian insurance regulator
introduced new accounting standards (IFRS) for
the insurance industry in 2014, which was geared
more towards harmonizing the entire insurance
industry. The Nigerian government, in
collaboration with the insurance regulatory body,
enacted several favorable legislations. These
include 100 FDI in the insurance sector, and a
wide range of compulsory insurance classes.
According to the Nigerian insurance regulator
NAICOM, only 1 of the total adult population is
insured. This indicates a greater scope for new
insurers intending to operate and establish the
insurance business. Most Nigerian motorists
are unlicensed and uninsured, despite the motor
insurance being compulsory in Nigeria.
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Table of Contents 1 Executive Summary2
Introduction 3 Regional Market Dynamics 4 Life
Insurance Segment 5 Non-Life Insurance Segment 6
Personal Accident and Health Insurance Segment 7
Nigerian Insurance Industry Overview 8 Industry
Segmentation 9 Governance, Risk and Compliance 10
Competitive Landscape 11 Macroeconomic
Indicators 12 Appendix
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Reason To Buy Make strategic business
decisions using in-depth historic and forecast
industry data related to the Nigerian insurance
industry and each segment within it.
Understand the demand-side dynamics, key trends
and growth opportunities within the Nigerian
insurance industry. Assess the competitive
dynamics in the Nigerian insurance industry.
Identify the growth opportunities and market
dynamics within key segments. Gain insights
into key regulations governing the Nigerian
insurance industry and its impact on companies
and the industry's future. To Get Details
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