The Insurance Industry in Nigeria, Key Trends and Opportunities to 2018

Published: Aug, 2014 | Pages: 176 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Nigeria, including:
The Nigerian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Nigerian insurance industry
The current trends and drivers of the Nigerian insurance industry
Challenges facing the Nigerian insurance industry
Detailed regulatory framework of the Nigerian insurance industry
A benchmarking section on the Nigerian insurance industry in comparison to other countries in the African region

Summary
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.
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.
Reason To Buy
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.
Key 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.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance Segment
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance Segment
5.1 Scale and Penetration
5.1.1 Total market gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration rate
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a percentage of GDP
6 Persol Accident and Health Insurance Segment
6.1 Scale and Penetration
6.1.1 Total market gross written premium
6.1.2 Premium per capita
6.1.3 Persol accident and health insurance penetration
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Nigerian Insurance Industry Overview
7.1 Nigerian Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
8 Industry Segmentation
8.1 Life Insurance
8.2 Non-Life Insurance
8.2.1 Property insurance
8.2.2 Motor insurance
8.2.3 Liability insurance
8.2.4 Marine, aviation and transit insurance
8.3 Persol Accident and Health Insurance
8.4 Reinsurance
9 Governce, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation and Market Practice by Type of Insurance
9.2.1 Life insurance
9.2.2 Property insurance
9.2.3 Motor insurance
9.2.4 Marine, aviation and transit insurance
9.2.5 Persol accident and health insurance
9.3 Compulsory Insurance
9.3.1 Workmen's compensation
9.3.2 Motor third-party liability insurance
9.3.3 Builder's liability insurance
9.4 Supervision and Control
9.4.1 Intertiol Association of Insurance Supervisors (IAIS)
9.4.2 African Insurance Organization (AIO)
9.4.3 tiol Insurance Commission (ICOM)
9.5 Non-Admitted Insurance Regulations
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market practices
9.5.4 Fines and pelties
9.6 Company Registration and Operations
9.6.1 Types of insurance organization
9.6.2 Establishing a local company
9.6.3 Foreign ownership
9.6.4 Types of license
9.6.5 Capital requirements
9.6.6 Solvency margins
9.6.7 Reserve requirements
9.6.8 Investment regulations
9.6.9 Statutory return requirements
9.6.10 Fee structure
9.7 Taxation
9.7.1 Insurance premium or policy taxation
9.7.2 Withholding taxes on premium paid overseas
9.7.3 Corporate tax
9.7.4 VAT
9.7.5 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to court
9.8.3 Altertive dispute resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Leadway Assurance Co. Ltd - company overview
10.2.2 AIICO Insurance Plc - company overview
10.2.3 Custodian and Allied Insurance Plc (CAI) - company overview
10.2.4 Niger Insurance Plc - company overview
10.2.5 Unic Insurance Plc - company overview
11 Macroeconomic Indicators
11.1 GDP at constant prices (US$)
11.2 GDP at current prices (US$)
11.3 GDP per capita at current prices (US$)
11.4 Inflation Rate (Percentage)
11.5 Life Expectancy (Years)
11.6 Total Number of Households (Million)
11.7 Total Number of Internet Users (Million)
11.8 Total population (Million)
11.9 Urban and Rural Population (Percentage)
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Nigerian Insurance Overall Written Premium by Segment (NGN Billion), 2009-2013
Table 3: Nigerian Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Nigerian Insurance Overall Written Premium by Segment (NGN Billion), 2013-2018
Table 5: Nigerian Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Nigerian Insurance Segmentation (% Share), 2009-2018
Table 7: Nigerian Life Insurance - Written Premium (NGN Billion), 2009-2013
Table 8: Nigerian Life Insurance - Written Premium (NGN Billion), 2013-2018
Table 9: Nigerian Life Insurance - Paid Claims (NGN Billion), 2009-2013
Table 10: Nigerian Life Insurance - Paid Claims (NGN Billion), 2013-2018
Table 11: Nigerian Life Insurance - Incurred Loss (NGN Billion), 2009-2013
Table 12: Nigerian Life Insurance - Incurred Loss (NGN Billion), 2013-2018
Table 13: Nigerian Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Nigerian Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Nigerian Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Nigerian Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Nigerian Life Insurance - Total Assets (NGN Billion), 2009-2013
Table 18: Nigerian Life Insurance - Total Assets (NGN Billion), 2013-2018
Table 19: Nigerian Life Insurance - Total Investment Income (NGN Billion), 2009-2013
Table 20: Nigerian Life Insurance - Total Investment Income (NGN Billion), 2013-2018
Table 21: Nigerian Life Insurance - Retentions (NGN Billion), 2009-2013
Table 22: Nigerian Life Insurance - Retentions (NGN Billion), 2013-2018
Table 23: Nigerian Life Insurance - Investment (NGN Billion), 2009-2013
Table 24: Nigerian Non-Life Insurance - Written Premium by Category (NGN Billion), 2009-2013
Table 25: Nigerian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 26: Nigerian Non-Life Insurance - Written Premium by Category (NGN Billion), 2013-2018
Table 27: Nigerian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 28: Nigerian Non-Life Insurance - Paid Claims (NGN Billion), 2009-2013
Table 29: Nigerian Non-Life Insurance - Paid Claims (NGN Billion), 2013-2018
Table 30: Nigerian Non-Life Insurance - Incurred Loss (NGN Billion), 2009-2013
Table 31: Nigerian Non-Life Insurance - Incurred Loss (NGN Billion), 2013-2018
Table 32: Nigerian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 33: Nigerian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 34: Nigerian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 35: Nigerian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 36: Nigerian Non-Life Insurance - Total Assets (NGN Billion), 2009-2013
Table 37: Nigerian Non-Life Insurance - Total Assets (NGN Billion), 2013-2018
Table 38: Nigerian Non-Life Insurance - Total Investment Income (NGN Billion), 2009-2013
Table 39: Nigerian Non-Life Insurance - Total Investment Income (NGN Billion), 2013-2018
Table 40: Nigerian Non-Life Insurance - Retentions (NGN Billion), 2009-2013
Table 41: Nigerian Non-Life Insurance - Retentions (NGN Billion), 2013-2018
Table 42: Nigerian Property Insurance - Written Premium (NGN Billion), 2009-2013
Table 43: Nigerian Property Insurance - Written Premium (NGN Billion), 2013-2018
Table 44: Nigerian Motor Insurance - Written Premium (NGN Billion), 2009-2013
Table 45: Nigerian Motor Insurance - Written Premium (NGN Billion), 2013-2018
Table 46: Nigerian Liability Insurance - Written Premium (NGN Billion), 2009-2013
Table 47: Nigerian Liability Insurance - Written Premium (NGN Billion), 2013-2018
Table 48: Nigerian Marine, Aviation and Transit Insurance - Written Premium (NGN Billion), 2009-2013
Table 49: Nigerian Marine, Aviation and Transit Insurance - Written Premium (NGN Billion), 2013-2018
Table 50: Nigerian Persol Accident and Health Insurance - Written Premium (NGN Billion), 2009-2013
Table 51: Nigerian Persol Accident and Health Insurance - Paid Claims (NGN Billion), 2009-2013
Table 52: Nigerian Persol Accident and Health Insurance - Paid Claims (NGN Billion), 2013-2018
Table 53: Nigerian Persol Accident and Health Insurance - Incurred Loss (NGN Billion), 2009-2013
Table 54: Nigerian Persol Accident and Health Insurance - Incurred Loss (NGN Billion), 2013-2018
Table 55: Nigerian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 56: Nigerian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 57: Nigerian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 58: Nigerian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 59: Nigerian Persol Accident and Health Insurance - Total Assets (NGN Billion), 2009-2013
Table 60: Nigerian Persol Accident and Health Insurance - Total Assets (NGN Billion), 2013-2018
Table 61: Nigerian Persol Accident and Health Insurance - Total Investment Income (NGN Billion), 2009-2013
Table 62: Nigerian Persol Accident and Health Insurance - Total Investment Income (NGN Billion), 2013-2018
Table 63: Nigerian Persol Accident and Health Insurance - Retentions (NGN Billion), 2009-2013
Table 64: Nigerian Persol Accident and Health Insurance - Retentions (NGN Billion), 2013-2018
Table 65: Nigerian Reinsurance Ceded by Insurance Industry (NGN Billion), 2009-2013
Table 66: Nigerian Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 67: Nigerian Reinsurance Ceded by Insurance Industry (NGN Billion), 2013-2018
Table 68: Nigerian Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 69: Nigerian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 70: Nigerian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 71: Nigerian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Nigerian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 73: Nigerian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Nigerian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Nigeria - Life Insurance Regulatory Framework
Table 76: Nigeria - Property Insurance Regulatory Framework
Table 77: Nigeria - Motor Insurance Regulatory Framework
Table 78: Nigeria - Minimum Capital Requirements
Table 79: Nigeria - Corporate Tax Rates for the Fincial Year 2013
Table 80: Nigerian Group Life Insurance Market Share, 2011
Table 81: Nigerian Group Pension Insurance Market Share, 2011
Table 82: Nigerian Individual Life Insurance Market Share, 2011
Table 83: Nigerian Non-Life and Persol Accident and Health Insurance Market Share, 2011
Table 84: Leadway Assurance Co. Ltd, Main Products
Table 85: Leadway Assurance Co. Ltd, Key Employees
Table 86: AIICO Insurance Plc, Main Products
Table 87: AIICO Insurance Plc, Key Employees
Table 88: CAI, Main Products
Table 89: CAI, Key Employees
Table 90: Niger Insurance Plc, Main Products
Table 91: Niger Insurance Plc, Key Employees
Table 92: Unic Insurance Plc, Main Products
Table 93: Unic Insurance Plc, Key Employees