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Published: Aug, 2016 | Pages:
149 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'The Insurance Industry in Nigeria Key Trends and Opportunities to 2020' report provides a detailed analysis of the Nigerian insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020). The report also gives a comprehensive overview of Nigerian economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural and man-made hazards on the insurance industry. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Summary
Timetric's 'The Insurance Industry in Nigeria, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Nigerian insurance industry, including: • An overview of Nigerian insurance industry • The Nigerian insurance industry's growth prospects by segment and category • A comprehensive overview of the Nigerian economy and demographics • The detailed competitive landscape in the Nigerian insurance industry • Various distribution channels in the Nigerian insurance industry • Detailed regulatory policies of the Nigerian insurance industry • An analysis of natural hazards in Nigeria
Scope
This report provides a comprehensive analysis of the insurance industry in Nigeria: • It provides historical values for Nigerian insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period. • It offers a detailed analysis of the key segments in the Nigerian insurance industry, with market forecasts to 2020. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. • It analyzes the various distribution channels in Nigeria. • It profiles the top insurance companies in Nigeria, and outlines the key regulations affecting them. • It covers the economy and demographics structure of Nigeria. • It analyzes the impact of natural and man-made hazards in Nigerian insurance industry.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to Nigerian insurance industry and each segment and category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in Nigerian insurance industry. • Assess the competitive dynamics in Nigerian insurance industry. • Identify the growth opportunities and market dynamics in key segments. • Gain insights into key regulations governing Nigerian insurance industry and their impact on companies and the industry's future.
Key Highlights
• The regulator's implementation of the 'No Premium, No Cover' concept in 2013 prevented insurers from selling products on a credit basis, and contributed to growth. • The adoption of a risk-based supervision model in February 2016 is expected make the industry robust and increase penetration levels over the forecast period. • Rising living costs due to the economic slowdown limited consumer capacity to spend on insurance and affected the industry's growth. • The liberalization of economic policies, promoting public-private partnerships and strategic alliances with foreign firms are expected to attract foreign investments into the oil and energy sectors. This will drive demand for property insurance over the forecast period. • The strengthening of the public healthcare system is likely to hinder the business of private health insurers over the forecast period. • A strong regulatory framework, rapid population expansion and the government's keen interest to enforce compulsory classes at all state levels are expected to drive growth in the Nigerian insurance industry over the forecast period.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2 EXECUTIVE SUMMARY 3 ECONOMY AND DEMOGRAPHICS 4 INDUSTRY OUTLOOK 4.1 Regional Comparison 4.2 Industry Indicators 4.2.1 Gross written premium 4.2.2 Claims 4.2.3 Assets and investments 5 LIFE INSURANCE OUTLOOK 5.1 Gross Written Premium 5.2 Penetration 6 NON-LIFE INSURANCE OUTLOOK 6.1 Property Insurance 6.1.1 Gross written premium 6.1.2 Penetration 6.1.3 Claims 6.1.4 Profitability 6.2 Motor Insurance 6.2.1 Gross written premium 6.2.2 Penetration 6.2.3 Claims 6.2.4 Profitability 6.3 Liability Insurance 6.3.1 Gross written premium 6.3.2 Penetration 6.3.3 Claims 6.3.4 Profitability 6.4 Marine, Aviation and Transit Insurance 6.4.1 Gross written premium 6.4.2 Penetration 6.4.3 Claims 6.4.4 Profitability 7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK 7.1 Personal Accident Insurance 7.1.1 Gross written premium 7.1.2 Penetration 7.1.3 Claims 7.1.4 Profitability 8 REINSURANCE OUTLOOK 8.1 Reinsurance Accepted 8.2 Premium Ceded 9 DISTRIBUTION CHANNEL OUTLOOK 10 NATURAL HAZARDS 10.1 Flooding 10.2 Landslide 10.3 Storms 10.4 Man-made Calamities 10.5 Exposure 11 COMPETITIVE LANDSCAPE 11.1 Company Profiles 11.1.1 Leadway Assurance Company Ltd - company overview 11.1.2 AIICO Insurance Plc - company overview 11.1.3 Custodian and Allied Insurance Company Ltd - company overview 11.1.4 Axa Mansard Insurance Plc- company overview 11.1.5 Mutual Benefit Insurance Plc- company overview 12 GOVERNANCE, RISK AND COMPLIANCE 12.1 Legislation Overview and Historical Evolution 12.2 Latest Changes in Regulation 12.3 Legislation and Market Practice by Type of Insurance 12.3.1 Life Insurance 12.3.2 Property Insurance 12.3.3 Motor Insurance 12.3.4 Liability insurance 12.3.5 Marine, aviation and transit insurance 12.3.6 Personal accident and health insurance 12.4 Compulsory Insurance 12.4.1 Workmen's compensation insurance 12.4.2 Motor third party liability insurance 12.4.3 Builder's liability insurance 12.5 Supervision and Control 12.5.1 International Association of Insurance Supervisors 12.5.2 African Insurance Organization (AIO) 12.5.3 National Insurance Commission (Naicom) 12.5.4 Nigerian Insurance Association (NIA) 12.6 Non-Admitted Insurance Regulations 12.6.1 Overview 12.6.2 Intermediaries 12.6.3 Market practices 12.6.4 Fines and Penalties 12.7 Company Registration and Operations 12.7.1 Type of insurance organization 12.7.2 Establishing a local company 12.7.3 Foreign ownership 12.7.4 Types of license 12.7.5 Capital requirements 12.7.6 Solvency margin 12.7.7 Reserve requirements 12.7.8 Investment regulations 12.7.9 Statutory return requirements 12.7.10 Fee structure 12.8 Taxation 12.8.1 Insurance premium or policy taxation 12.8.2 Withholding taxes on premium paid overseas 12.8.3 Corporate tax 12.8.4 VAT 12.8.5 Captives 12.9 Legal System 12.9.1 Introduction 12.9.2 Access to court 12.9.3 Alternative dispute resolution (ADR) 13 DATABOOK 13.1 Life Insurance 13.1.1 Policies and premium 13.1.2 Claims and expenses 13.1.3 Assets and investments 13.1.4 Non-linked policies 13.2 Non-Life Insurance 13.2.1 Policies and premium 13.2.2 Claims and expenses 13.2.3 Assets and investments 13.2.4 Property insurance 13.2.5 Property insurance by product 13.2.6 Motor insurance 13.2.7 Liability insurance 13.2.8 Marine, aviation and transit insurance 13.3 Personal Accident and Health Insurance 13.3.1 Policies and premium 13.3.2 Claims and expenses 13.3.3 Assets and investments 13.3.4 Personal accident insurance 14 DEFINITIONS AND METHODOLOGY 14.1 Definitions 14.2 Methodology 15 ABOUT TIMETRIC 15.1 Contact Timetric 15.2 About Timetric 15.3 Timetric's Services 15.4 Disclaimer
List of Tables
Table 1: Nigerian Insurance Industry - Key Facts, 2015 Table 2: Nigerian Insurance Industry - Segment Shares of the Top Insurers, 2014 Table 3: Nigerian Government Credit Ratings Table 4: Nigerian Insurance Industry - Gross Written Premium by Segment (NGN Billion), 2011-2015 Table 5: Nigerian Insurance Industry - Gross Written Premium by Segment (NGN Billion), 2015-2020 Table 6: Nigerian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (NGN), 2011-2015 Table 7: Nigerian Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (NGN), 2015-2020 Table 8: Nigerian Insurance Industry - Paid Claims by Segment(NGN Billion), 2011-2015 Table 9: Nigerian Insurance Industry - Paid Claims by Segment(NGN Billion), 2015-2020 Table 10: Nigerian Insurance Industry - Total Assets by Segment (NGN Billion), 2011-2015 Table 11: Nigerian Insurance Industry - Total Assets by Segment (NGN Billion), 2015-2020 Table 12: Nigerian Insurance Industry - Life Insurance Investment Portfolio (NGN Billion), 2011-2015 Table 13: Nigerian Insurance Industry - Life Insurance Investment Portfolio (NGN Billion), 2015-2020 Table 14: Nigerian Insurance Industry - Non-Life Insurance Investment Portfolio (NGN Billion), 2011-2015 Table 15: Nigerian Insurance Industry - Non-Life Insurance Investment Portfolio (NGN Billion), 2015-2020 Table 16: Nigerian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (NGN Billion), 2011-2015 Table 17: Nigerian Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (NGN Billion), 2015-2020 Table 18: Nigerian Life Insurance - Gross Written Premium (NGN Million and US$ Thousand), 2011-2015 Table 19: Nigerian Life Insurance - Gross Written Premium (NGN Million and US$ Thousand), 2015-2020 Table 20: Nigerian Property Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015 Table 21: Nigerian Property Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020 Table 22: Nigerian Property Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015 Table 23: Nigerian Property Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020 Table 24: Nigerian Property Insurance - Loss Ratio (%), 2011-2015 Table 25: Nigerian Property Insurance - Loss Ratio (%), 2015-2020 Table 26: Nigerian Motor Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015 Table 27: Nigerian Motor Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020 Table 28: Nigerian Motor Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015 Table 29: Nigerian Motor Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020 Table 30: Nigerian Motor Insurance - Loss Ratio (%), 2011-2015 Table 31: Nigerian Motor Insurance - Loss Ratio (%), 2015-2020 Table 32: Nigerian Liability Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015 Table 33: Nigerian Liability Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020 Table 34: Nigerian Liability Insurance - Paid Claims (NGN Million and US$ Thousand), 2011-2015 Table 35: Nigerian Liability Insurance - Paid Claims (NGN Million and US$ Thousand), 2015-2020 Table 36: Nigerian Liability Insurance - Loss Ratio (%), 2011-2015 Table 37: Nigerian Liability Insurance - Loss Ratio (%), 2015-2020 Table 38: Nigerian Marine, Aviation and Transit Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015 Table 39: Nigerian Marine, Aviation and Transit Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020 Table 40: Nigerian Marine, Aviation and Transit Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015 Table 41: Nigerian Marine, Aviation and Transit Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020 Table 42: Nigerian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 Table 43: Nigerian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 Table 44: Nigerian Personal Accident Insurance - Gross Written Premium (NGN Billion and US$ Million), 2011-2015 Table 45: Nigerian Personal Accident Insurance - Gross Written Premium (NGN Billion and US$ Million), 2015-2020 Table 46: Nigerian Personal Accident Insurance - Paid Claims (NGN Billion and US$ Million), 2011-2015 Table 47: Nigerian Personal Accident Insurance - Paid Claims (NGN Billion and US$ Million), 2015-2020 Table 48: Nigerian Personal Accident Insurance - Loss Ratio (%), 2011-2015 Table 49: Nigerian Personal Accident Insurance - Loss Ratio (%), 2015-2020 Table 50: Nigerian Reinsurance - Premium Accepted by Category (NGN Billion), 2011-2015 Table 51: Nigerian Reinsurance - Premium Accepted by Category (NGN Billion), 2015-2020 Table 52: Nigerian Reinsurance - Premium Ceded by Insurance Segment (NGN Billion), 2011-2015 Table 53: Nigerian Reinsurance - Premium Ceded by Insurance Segment (NGN Billion), 2015-2020 Table 54: Nigerian Annual Loss by Hazard Table 55: Nigerian Insurance Industry - Market Shares of Leading Insurers (%), 2014 Table 56: Nigerian Insurance Industry - Market Shares of Leading Life Insurers (%), 2014 Table 57: Nigerian Insurance Industry - Market Shares of Leading Non-Life Insurers (%), 2014 Table 58: Nigerian Insurance Industry - Market Shares of Leading Property Insurers (%), 2014 Table 59: Nigerian Insurance Industry - Market Shares of Leading Motor Insurers (%), 2014 Table 60: Nigerian Insurance Industry - Market Shares of Liability Insurers (%), 2014 Table 61: Nigerian Insurance Industry - Market Shares of Leading Marine, Aviation and Transit Insurers (%), 2014 Table 62: Nigerian Insurance Industry - Market Shares of Leading Personal Accident and Health Insurers (%), 2014 Table 63: Insurance Company - Key Facts Table 64: Insurance Company - Key Facts Table 65: Insurance Company - Key Facts Table 66: Insurance Company - Key Facts Table 67: Insurance Company - Key Facts Table 68: Nigeria- Insurance Regulatory Framework Key Features Table 69:Nigeria- Life Insurance Regulatory Framework Table 70:Nigeria- Life Insurance Intermediary Remuneration Table 71: Nigeria- Property Insurance Regulatory Framework Table 72: Nigeria- Motor Insurance Regulatory Framework Table 73: Nigeria- Liability Insurance Regulatory Framework Table 74: Nigeria- Insurance Regulatory Frameworks for Company Registration and Operation Table 75: Nigeria- Insurance Regulatory Frameworks for Company Registration and Operation Table 76: Nigeria- Minimum Capital Requirements Table 77: Nigeria - Corporate Tax Rates for the Financial Year 2016 Table 78: Nigerian Life Insurance - Policies and Premium, 2011-2015 Table 79: Nigerian Life Insurance - Policies and Premium, 2015-2020 Table 80: Nigerian Life Insurance - Claims and Expenses, 2011-2015 Table 81: Nigerian Life Insurance - Claims and Expenses, 2015-2020 Table 82: Nigerian Life Insurance - Assets and Investments, 2011-2015 Table 83: Nigerian Life Insurance - Assets and Investments, 2015-2020 Table 84: Nigerian Life Insurance - Non-Linked Policies, 2011-2015 Table85: Nigerian Life Insurance - Non-Linked Policies, 2015-2020 Table 86: Nigerian Non-Life Insurance - Policies and Premium, 2011-2015 Table 87: Nigerian Non-Life Insurance - Policies and Premium, 2015-2020 Table 88: Nigerian Non-Life Insurance - Claims and Expenses, 2011-2015 Table 89: Nigerian Non-Life Insurance - Claims and Expenses, 2015-2020 Table 90: Nigerian Non-Life Insurance - Assets and Investments, 2011-2015 Table 91: Nigerian Non-Life Insurance - Assets and Investments, 2015-2020 Table 92: Nigerian Non-Life Insurance - Property Insurance, 2011-2015 Table 93: Nigerian Non-Life Insurance - Property Insurance, 2015-2020 Table 94: Nigerian Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 95: Nigerian Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 96: Nigerian Non-Life Insurance - Motor Insurance, 2011-2015 Table 97: Nigerian Non-Life Insurance - Motor Insurance, 2015-2020 Table 98: Nigerian Non-Life Insurance - Liability Insurance, 2011-2015 Table 99: Nigerian Non-Life Insurance - Liability Insurance, 2015-2020 Table 100: Nigerian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 101: Nigerian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 102: Nigerian Personal Accident and Health Insurance - Policies and Premium, 2011-2015 Table 103: Nigerian Personal Accident and Health Insurance - Policies and Premium, 2015-2020 Table 104: Nigerian Personal Accident and Health Insurance - Claims and Expenses, 2011-2015 Table 105: Nigerian Personal Accident and Health Insurance - Claims and Expenses, 2015-2020 Table 106: Nigerian Personal Accident and Health Insurance - Assets and Investments, 2011-2015 Table 107: Nigerian Personal Accident and Health Insurance - Assets and Investments, 2015-2020 Table 108: Nigerian Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015 Table 109: Nigerian Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020 Table 110: Insurance Industry Definitions
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