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Nigeria

Life Report

Product Insurance Market Reports Life Rev Nigeria

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Nigeria's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Nigeria's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Nigeria

The Nigeria life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Nigeria. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Nigeria and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Nigeria’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Nigeria is available.

Axco’s report describes the regulatory framework that applies to the Nigerian domestic life insurance sector, including whether non-admitted insurance is permitted in Nigeria; as well as the legislation necessary to know regarding Nigeria’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Nigeria with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Nigerian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Nigeria, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Nigerian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Nigeria report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Nigeria Life and Benefits Report Extract

Below are brief extracts of information from the Nigeria Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

It is reported that NAICOM has reviewed the pandemic's impact on the insurance business, recognising that there is a need for improving the speed of claims payments and the use of technology within the sector, including digitalisation of policies and streamlining the transactional process.

NAICOM is looking to strengthen the industry's capital base in order to increase the risk retention ....

Pensions

Nigeria's pension system has historically struggled with corruption and a lack of compliance. In the wake of a corruption scandal involving Nigeria's pension system a ministerial committee was appointed August 2012, charged with reforming governance of pension schemes and redesigning the operational framework within which pension funds operate. As a result, the Pension Reform Act 2004 was repealed and replaced by Pension Reform Act, 2014, effective 1 July 2014 ....

Healthcare

Nigeria had over 200,000 confirmed cases of COVID-19 with more than 2,600 deaths by mid-September 2021. These numbers are likely undercounted; it is estimated that only 1.5% of Nigeria's population has been tested. The IMF approved USD 3.4bn of emergency support to Nigeria to mitigate the economic impact of the pandemic and the government borrowed additional funds from the World Bank and ....

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