This Insurance Sector Report captures the CSR's view on the medium-term prospects of the industry. Based on our analysis, we expect total premiums to reach N1 trillion ($6.13 billion) by 2019, increasing penetration to 0.9% from 0.4% of GDP in 2013. Thus, we project a CAGR of 21% in premiums over the next 5 years, on the back of improving access to credit, innovative insurance products, intense regulatory push and the low insurance penetration in Nigeria relative to emerging market peers. On a company specific level, we retain a BUY rating on CUSTODYINS and initiate coverage on CONTINSURE and AIICO with BUY ratings.
Nigeria’s insurance industry will remain driven by the country’s rich demography given the population of c.170m (estimated growth rate of 2.54% per year), median age of 17.9 years, rising urban population and emerging middle-class which the sector continues to explore.
The insurance industry regulatory body, National Insurance Commission, has approved the 2012 financial statements of twenty-eight (28) Insurance Companies out of the fifty (50) firms on the list while the remaining twenty-two (2) firm s have their approva
Rather than wane, the interest and belief in Nigeria's insurance industry continues to grow and some professionals and now more committed to helping the National Insurance Commission become a better regulator; because from where we see it, the problem of
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In Nigeria where the rule of law on a general basis seems to be growing steadily, financial regulation has gained greater strength from the positive impact of the restructuring initiatives in the aftermath of the global economic recession. With these, how
With A & G Insurance serving NAICOM's six (6) months suspension for complicated financial issues, one wonders when the day would come for NICON Insurance, IGI, Guinea and others who either do not have approved accounts by NAICOM or have obtained approval