Benefits of the Report
The Nigerian Insurance Industry Report provides an in-depth research on the Nigerian insurance industry, focusing on Composite, Non-life, Life and Reinsurance operators. We have assessed the financial condition of the industry based on figures and information published in the approved financial statements of forty two (42) out of the fifty eight (58) licensed insurers. These 42 insurers collectively accounted for about 90% of the Industry’s estimated Gross Premium Income (GPI) generated in FY2014.
Over the last five years, the Nigerian Insurance Industry has grown at a compound annual growth rate (CAGR) of 11%, buoyed by increased capitalization as well as the introduction of policies aimed at promoting the local market. Nonetheless, the industry remains challenged with low apathy from the Nigerian populace and weak policy enforcement practices, resulting in a low penetration ratio of 0.4%. These challenges however present enormous opportunities which we have identified in our report. In addition, we have evaluated the current macroeconomic climate and the impact on the Industry and provided forecasts for 2 years.