Nigeria Insurance Report 2013

Date: January 2, 2013
Pages: 52
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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When NAICOM, the insurance regulator of Nigeria, launched its Market Development & Restructuring Initiative (MDRI), the ambitious objectives were due to have been achieved by the end of 2012. As we explain in this report, successes are hard to identify and to quantify. In terms of premiums written, we think that the entire insurance sector is only about 40% of the size envisaged by the architects of the MDRI. It is not at all clear that Nigerians have confidence in insurance companies. However many Nigerians actually use insurance is not obvious: however the figure is far nearer the 6% of 2008 than the 30% hoped for.

Nevertheless, the tenor of this annual report is much more positive than that of its predecessors. Real progress has been made towards the objectives of the MDRI. Nigeria's leading insurance companies may be (very) small organisations by most standards, and lacking in pricing power. However, they have demonstrated the ability to survive in the face of enormous challenges. Several of them enjoy the backing of multi-lateral institutions such as the International Finance Corporation (IFC - the private sector arm of the World Bank). A number are in partnership with multi-nationals from South Africa, many of whom are looking to expand their businesses in the rest of Sub-Saharan Africa (SSA).

In fact, 2013 could well be the year which shows whether Nigeria's insurance sector really is moving towards the transformation hoped for by the architect of the MDRI and some other protagonists. In this report we explain the various developments that have been underway in the insurance sector and in the broader economy. Crucially, though, we identify the factors to look for in 2013 that will show where Nigeria's insurance sector is headed.
Executive Summary
  Table: Nigeria's Total Premiums, 2010-2017
Key Insights And Key Risks
SWOT Analysis
Nigeria Insurance Industry SWOT
Nigeria Political SWOT
Nigeria Economic SWOT
Nigeria Business Environment SWOT
Life Sector Overview
Middle East And North Africa Life Sector Overview
  Table: Middle East And North Africa's Life Premiums, 2010-2017 (US$mn)
Nigeria Life Sector Update
Life Industry Forecast Scenario
  Table: Nigeria's Total Life Premiums, 2010-2017
Growth Drivers And Risk Management Projections
  Table: Nigeria's Insurance Key Drivers, Demographics, 2010-2017
Non-Life Sector Overview
Middle East And North Africa Non-Life Sector Overview
  Table: Middle East And North Africa's Non-Life Premiums, 2010-2017 (US$mn)
Nigeria Non-Life Sector Update
Non-Life Industry Forecast Scenario
  Table: Nigeria's Total Non-Life Premiums, 2010-2017
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
  Table: Nigeria - Economic Activity, 2011-2016
  Table: Nigeria's Macroeconomic Data And Forecasts, 2010-2017
Political Stability Outlook
  Table: Nigeria's Insurance Key Drivers - Disease Adjusted Life Years, 2010-2017
Islamic Finance
Insurance Risk/Reward Ratings
  Table: Nigeria's Insurance Risk/Reward Ratings
  Table: Middle East and Africa Insurance Risk/Reward Ratings
Competitive Landscape
Company Profiles
Leadway Assurance Company
Mansard Insurance
Demographic Outlook
  Table: Nigeria's Population By Age Group, 1990-2020 ('000)
  Table: Nigeria's Population By Age Group, 1990-2020 (% of total)
  Table: Nigeria's Key Population Ratios, 1990-2020
  Table: Nigeria's Rural And Urban Population, 1990-2020
BMI Methodology
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Indicators And Rationale
  Table: Weighting Of Indicators
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