"Nigeria Insurance Report Q3 2015" is now available at Fast Market Research

Nigeria's insurance sector remains at an embryonic stage of development with the combined assets of the country's life and non-life insurers comprising only a tiny percentage of GDP and total premiums lagging behind more developed regional markets such as South Africa. Ec onomic and population growth and rising prosperity are boosting demand for life and non-life products, however, in the short term at least, growth will be mitigated by currency market movements linked to falling oil prices.

In local currency terms, life and non-life insurance premiums in Nigeria are expected to sustain a high level of growth over the next half-decade through to 2019 with life insurance being the outperformer of the two segments we monitor. However, as oil prices continue to fall, we forecast a contraction in the USD value of premiums written across the market in 2015 and 2016, which comes as a result of depreciation of the Nigerian naira against the US dollar. Life premiums are expected to contract by 13.5% in 2015 while non-life premiums will decrease by 17.9% in US dollar terms.

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By all measures, insurance remains a relatively undeveloped segment of Nigeria's financial services sectors, comprising just 0.1% of overall GDP in 2015 in terms of the value of gross life premiums written and 0.2% of GDP in terms of gross non-life premiums written. This low rate of penetration is reflective of a number of factors which have combined to undermine purchases of insurance coverage, including low income levels and limited awareness of insurance products and their benefits as well as a lack of transparency regarding the operating practices of some operators. Challenges that have constrained the growth of the non-life segment in the past have included non-collection of premiums, a challenging economic and financial environment and a large number of sub-scale fringe operators. Challenges facing the life segment have included a lack of trust that is necessary for...

The Nigeria Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Nigeria Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Nigerian insurance industry.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in Nigeria's insurance market.

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