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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Nigerian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Nigeria's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Nigeria non-life (P&C) market as well as trends by line of business. Axco analysts also report on Nigeria's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Nigeria's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Nigeria, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Nigeria, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Nigeria with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Nigerian insurance market is operating far below its potential. With a population of over 211 million in 2021, Nigeria is the most populous country in Africa. In terms of total market premium volume the country ranked 67 behind Egypt (59), Kenya (58), Morocco (48) and South Africa (25) in 2018. Its insurance penetration rate is even more discouraging, ranking at 159 of 167, behind most African countries, other than Chad and Eritrea.
Non-life premium income had been fairly stable between 2012 and 2016 ....
This is a brief extract of information; more updated information may be available in the latest published report.