From the Lagoon to the Ocean

2019 Nigeria Insurance Industry Report

From the Lagoon to the Ocean

2019 Nigeria Insurance Industry Report


In this report, we take a critical look at the Insurance sector in Nigeria, highlighting its current state and the opportunities for growth.

Nigeria’s insurance industry has not shared in the growth experienced by other Nigerian financial services, notably banks, pension funds and mutual funds. In fact, it has hardly grown in real terms over 10 years.

Without scale the industry suffers from poor returns on equity. Yet its smallness is also its opportunity. If it were to grow to the level reached by countries with similar GDP per capita, it might grow by a factor of 10 times in real terms in eight-to-10 years. The technological infrastructure and data necessary for expansion are largely available.

 
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