Nigeria insurance: a sad performance in 2017

The Nigerian insurance sector recorded a gross premium of 235 billion naira between January and September 2017 according to the National Insurance Commission of Nigeria (NAICOM). A sad performance, considering that in 2016 this figure was carrying 325 billion naira.

A counter-performance deemed still “acceptable” by industry players. These evoke the difficult economic climate of 2017.

According to the figures obtained by the commission, the contribution of insurance to gross domestic product (GDP) in terms of penetration is only 0.48%.

The figures also showed that most of the industry’s activities were carried out by insurance brokers, with 75% of transactions being carried out by corporate clients.

According to Assistant Insurance Commissioner Thomas Sunday, NAICOM’s main mission is to expand the insurance market.

The international financial rating agency, Fitch Ratings, has nevertheless announced that the Nigerian insurance market will return to real gross premiums (GWP) growth in 2018, as favorable fundamentals support the long-term development of the sector. term.

And the agency notes that consolidation and technological improvements could lead to lower operating costs and insurers who will be able to reduce costs could gain market share by offering consumers better quality products.

 


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