Fast Market Research recommends "Nigeria Insurance Report Q2 2016" from Business Monitor International, now available
[ClickPress, Tue Feb 23 2016] Nigeria's insurance industry is starting from a very low level of development, with the market currently worth less than 0.5% of overall GDP. However, while relatively small in scale at present, we believe that the industry has significant growth potential and that it is well placed to expand over the next few years as rising income levels and a growing middle class drive demand for key consumer lines. The potential opportunities on offer should begin to attract increasing interest from overseas investors in what is currently a fragmented competitive landscape with few major providers. The presence of foreign insurers should help accelerate the development of the market, leading to new product lines as well as the expansion of the micro-insurance sector.
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Key Updates And Forecasts
In January 2016, the governor of Nigeria's Cross River State announced plans to introduce a mandatory health insurance scheme for all taxable residents living in the state. Under the scheme, taxpayers would be required to make monthly contributions of NGN1,000 in return for which they would receive free public healthcare.
We have revised a number of our short-term US dollar growth forecast upwards this quarter, in reflection of alterations to our currency market projections. In the life insurance sector we forecast gross premiums to grow by 5.4% y-o-y in 2016 to USD540mn. Non-life premiums will expand by 4.1% to USD1.2bn.
We expect to see further M&A activity in Nigeria's insurance market during 2016 as smaller domestic firms struggle to raise capital, and therefore struggle to meet the capital adequacy requirements stipulated by the National Insurance Commission (NAICOM). The potential consolidation of the industry should provide an opportunity for investors and new entrants looking to gain a foothold in the Nigerian market.
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.
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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