The Insurance Industry in Nigeria, Key Trends and Opportunities to 2020
- August 2016
- 149 pages
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.
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
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.
- 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.