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The Insurance Industry in Nigeria, Key Trends

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The report provides in depth market analysis, information and insights into 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 Nigeria insurance industry
• The challenges facing the Nigeria insurance industry
• The regulatory framework of the Nigeria insurance industry


The Nigerian insurance industry experienced strong growth over the review period, supported by relatively stable macro-economic conditions and a favorable investment climate. The insurance industry in the country is very small, yet highly crowded and competitive. The key segment driving the overall industry is the non-life segment, which accounted for the largest share of 61.6% of the industry’s total written premium in 2012. The Nigerian insurance industry is regulated by the National Insurance Commission (NAICOM), which controls the operations performed by all entities including insurance companies, reinsurance companies, insurance brokers, loss adjusters and intermediaries. For low income earners, the Nigerian government has concertedly promoted micro insurance; however a poor understanding among consumers of the benefits of such products and inefficient distribution channels is limiting their spread.


This report provides a comprehensive analysis of the insurance industry in Nigeria:
• It provides historical values for the Nigerian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key segments and categories in the Nigerian insurance industry, along with industry forecasts until 2017
• 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

Reasons 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
• Assess the competitive dynamics in the Nigerian insurance industry
• Understand the demand-side dynamics, key market trends and growth opportunities within 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

Key Highlights

• The insurance industry in Nigeria is growing alongside positive growth in the overall economy
• The insurance industry in the country is very small, yet highly crowded and competitive
• Over the forecast period, improvements in employment rates, income levels and the developing economy are expected to increase levels of disposable income, which in turn is expected to support further growth of the Nigerian life insurance segment
• The Nigerian insurance authority is currently targeting the country’s low income population by promoting micro insurance products
• To target Nigeria’s large Muslim community, the Nigerian government has planned to expand the reach of Sharia-compliant Takaful policies
• In 2012, NAICOM gave its draft Takaful guidelines to stakeholders for input and these guidelines are expected to be implemented in 2013

Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Nigerian Insurance Industry Overview
3.1 Nigerian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation
4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, Aviation and Transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.4 Reinsurance segment size by insurance segment, 2008–2017

For more information kindly visit :
The Insurance Industry in Nigeria, Key Trends and Opportunities to 2017

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