Boston, MA -- (SBWIRE) -- 08/28/2014 -- In terms of written premium value, the Nigerian insurance industry grew at a review-period CAGR of 10.0%. This was due to the strong performance of the life segment, which registered a CAGR of 22.2% during the review period. The industry is projected to grow at a CAGR of 7.5% over the forecast period. The strength in the country's economy, combined with the introduction of new laws by the Nigerian insurance regulator, is expected to contribute to the overall growth of the Nigerian insurance industry over the forecast period.

Report Highlights

- The growth in the insurance industry during the review period was supported by the increase in individuals' disposable income, along with a decrease in the country's inflation rate and a gradual increase in its labor force.
- The Nigerian insurance regulator introduced new accounting standards (IFRS) for the insurance industry in 2014, which was geared more towards harmonizing the entire insurance industry.
- The Nigerian government, in collaboration with the insurance regulatory body, enacted several favorable legislations. These include 100% FDI in the insurance sector, and a wide range of compulsory insurance classes.
- According to the Nigerian insurance regulator NAICOM, only 1% of the total adult population is insured. This indicates a greater scope for new insurers intending to operate and establish the insurance business.
- Most Nigerian motorists are unlicensed and uninsured, despite the motor insurance being compulsory in Nigeria.
- Poverty has been a major obstacle for the growth of the Nigerian economy, as well as the overall insurance industry.

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Report Scope

This report provides a comprehensive analysis of the insurance industry in Nigeria:

- It provides historical values for the Nigerian insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Nigerian insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Nigeria, and outlines the key regulations affecting them.

Reasons to Get this Report

- Make strategic business decisions using in-depth historic and forecast industry data related to the Nigerian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Nigerian insurance industry.
- Assess the competitive dynamics in the Nigerian insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Nigerian insurance industry and its impact on companies and the industry's future.

Companies Mentioned in this Report: Leadway Assurance Co. Ltd, AIICO Insurance Plc, Custodian and Allied Insurance Plc, Niger Insurance Plc, Unic Insurance Plc

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