Opportunities for insurance inclusion in Nigeria
Opportunities for insurance inclusion in NigeriaSeptember 26, 2012 •
In 2011, insurance reach in Nigeria was extremely low and the market was plagued by a number of challenges, many of them relating to distribution. The reach of the insurance market was limited to the higher-income, formally-employed male market and even those who were supposed to have compulsory insurance (e.g. vehicle owners) did not have it. The credit life insurance market was also underdeveloped.
The study explores the potential in the Nigerian insurance market and aims to demonstrate the market opportunities to insurance companies and other market practitioners.