Insurance in Nigeria

Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2011-15, and forecast to 2020). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Nigeria insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

The insurance market consists of the non-life insurance sector and the life insurance sector. The value of the market is shown in terms of gross premium incomes.

The Nigerian insurance market is expected to generate total gross written premiums of $1.8bn in 2015, representing a compound annual growth rate (CAGR) of 4.4% between 2011 and 2015.

The non-life insurance segment is expected to be the market's most lucrative in 2015, with total gross written premiums of $1.3bn, equivalent to 74.4% of the market's overall value.

The non-life insurance segment has suffered from non-payment of premiums in the past, with Swiss Re believing that this was the main factor behind stagnation in 2014. Companies need to improve payment mechanisms to stop this becoming an embedded practice and a structural market issue.

Scope

Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the insurance market in Nigeria

Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in Nigeria

Leading company profiles reveal details of key insurance market players’ global operations and financial performance

Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria insurance market with five year forecasts

Macroeconomic indicators provide insight into general trends within the Nigeria economy

Reasons to buy

What was the size of the Nigeria insurance market by value in 2015?

What will be the size of the Nigeria insurance market in 2020?

What factors are affecting the strength of competition in the Nigeria insurance market?

How has the market performed over the last five years?

What are the main segments that make up Nigeria's insurance market?

Companies mentioned

Aiico Insurance Plc, AXA, Custodian And Allied Insurance Ltd, Leadway Assurance Company Limited

Table of Contents

TABLE OF CONTENTS

Executive Summary 2

Market value 2

Market value forecast 2

Category segmentation 2

Geography segmentation 2

Market rivalry 2

Market Overview 7

Market definition 7

Market analysis 7

Market Data 8

Market value 8

Market Segmentation 9

Category segmentation 9

Geography segmentation 10

Market Outlook 11

Market value forecast 11

Five Forces Analysis 12

Summary 12

Buyer power 13

Supplier power 15

New entrants 17

Threat of substitutes 18

Degree of rivalry 19

Leading Companies 20

Aiico Insurance Plc 20

AXA 23

Custodian And Allied Insurance Ltd 27

Leadway Assurance Company Limited 28

Macroeconomic Indicators 29

Country Data 29

Methodology 31

Industry associations 32

Related MarketLine research 32

Appendix 33

About MarketLine 33

List of Tables

Table 1: Nigeria insurance market value: $ billion, 201115(e)

Table 2: Nigeria insurance market category segmentation: $ billion, 2015(e)

Table 3: Nigeria insurance market geography segmentation: $ billion, 2015(e)

Table 4: Nigeria insurance market value forecast: $ billion, 201520

Table 5: Aiico Insurance Plc: key facts

Table 6: Aiico Insurance Plc: key financials ($)

Table 7: Aiico Insurance Plc: key financials ()

Table 8: Aiico Insurance Plc: key financial ratios

Table 9: AXA: key facts

Table 10: AXA: key financials ($)

Table 11: AXA: key financials (€)

Table 12: AXA: key financial ratios

Table 13: Custodian And Allied Insurance Ltd: key facts

Table 14: Leadway Assurance Company Limited: key facts

Table 15: Nigeria size of population (million), 201115

Table 16: Nigeria gdp (constant 2005 prices, $ billion), 201115

Table 17: Nigeria gdp (current prices, $ billion), 201115

Table 18: Nigeria inflation, 201115

Table 19: Nigeria consumer price index (absolute), 201115

Table 20: Nigeria exchange rate, 201114

List of Figures

Figure 1: Nigeria insurance market value: $ billion, 201115(e)

Figure 2: Nigeria insurance market category segmentation: % share, by value, 2015(e)

Figure 3: Nigeria insurance market geography segmentation: % share, by value, 2015(e)

Figure 4: Nigeria insurance market value forecast: $ billion, 201520

Figure 5: Forces driving competition in the insurance market in Nigeria, 2015

Figure 6: Drivers of buyer power in the insurance market in Nigeria, 2015

Figure 7: Drivers of supplier power in the insurance market in Nigeria, 2015

Figure 8: Factors influencing the likelihood of new entrants in the insurance market in Nigeria, 2015

Figure 9: Factors influencing the threat of substitutes in the insurance market in Nigeria, 2015

Figure 10: Drivers of degree of rivalry in the insurance market in Nigeria, 2015

Figure 11: Aiico Insurance Plc: revenues & profitability

Figure 12: Aiico Insurance Plc: assets & liabilities

Figure 13: AXA: revenues & profitability

Figure 14: AXA: assets & liabilities

List of Tables

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List of Figures

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