Nigeria Insurance Report Q3 2016 - New Study Released

From: Fast Market Research, Inc.
Published: Thu Jun 16 2016

Despite of being small in scale at present, Nigeria's insurance sector has significant growth potential and is well-placed to expand rapidly in the foreseeable future , as rising disposable income and a growing middle class provide an uptick in demand for key consumer lines. These factors will render the Nigerian market increasingly attractive to foreign investors - whose presence will likely increase market consolidation as well as accelerate product innovations.

Key Updates And Forecasts

Nigeria's life insurance segment will remain under-developed; however, it will display rapid growth rates of 12.5% annually over the coming years, reaching NGN185.6bn (USD700mn) in 2020 - up from NGN113.8bn (USD530mn) in 2016.

Full Report Details at

Accounting for 66% of total premiums written in 2016, non-life insurance will continue to be the larger insurance segment in Nigeria. However, with an expected market share of 63% in 2020, it will be outperformed by life insurance in terms of growth potential. Over the coming years, non-life insurance will grow by 8.8% annually to NGN317.9bn (USD1.2bn) in 2020 - up from NGN225bn (USD1.05bn) in 2016.

Key factors accounting for these growth prospects include the demographic changes in Nigeria's large population alongside growth in disposable income, giving rise to a larger middle-class. Over time, these macro trends should attract increasingly more foreign investors seeking to establish a presence in Nigeria's growing insurance sector. Increased consolidation through acquisitions by foreign firms, especially within non-life insurance, is not out of the question as a large number of smaller domestic firms continue to struggle to raise capital in accordance with the NAICOM's capital requirements.

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.
Target business opportunities and risks in Nigeria through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156 (1.413.485.7001 Int'l)

You may also be interested in these related reports:

- India Insurance Report Q3 2016
- Estonia Insurance Report Q3 2016
- Poland Insurance Report Q3 2016
- Kenya Insurance Report Q3 2016
- Russia Insurance Report Q3 2016

Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email:
Contact Phone: 1-413-485-7001

Visit website »