Insurance in Nigeria

Insurance in Nigeria

Code: ML-OHIP2117 | Published: Feb-2015 | Pages: 30 | MarketLine
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Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2010-14, and forecast to 2019). 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 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 life insurance sector consists of mortality protection and annuity. The non-life insurance sector consists of accident and health, and property and casualty insurance segments. The insurance market depends on a variety of economic and non-economic factors, and future performance is difficult to predict. The forecast given in this report is intended as a rough guide to the direction in which the market is likely to move. This forecast is based on a correlation between past market growth and growth of base drivers, such as house price growth, GDP growth and long-term interest rates. All currency conversions have been calculated at constant annual 2013 average exchange rates.

- The Nigerian insurance market is expected to generate total gross written premiums of $2.4bn in 2014, representing a compound annual growth rate (CAGR) of 16.8% between 2010 and 2014.

- The non-life insurance segment is expected to be the markets most lucrative in 2014, with total gross written premiums of $1.6bn, equivalent to 69.1% of the markets overall value.

- The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.7% for the five-year period 2014 - 2019, which is expected to drive the market to a value of $3.6bn by the end of 2019.

Key Findings
Save time carrying out entry-level research by identifying the size, growth, 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 2014?

What will be the size of the Nigeria insurance market in 2019?

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

How has the market performed over the last five years?

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
Custodian And Allied Insurance Ltd 20
Aiico Insurance Plc 21
Leadway Assurance Company 24
Macroeconomic Indicators 25
Country Data 25
Methodology 27
Industry associations 28
Related MarketLine research 28
Appendix 29
About MarketLine 29

LIST OF TABLES
Table 1: Nigeria insurance market value: $ billion, 2010-14(e) 8
Table 2: Nigeria insurance market category segmentation: $ billion, 2014(e) 9
Table 3: Nigeria insurance market geography segmentation: $ billion, 2014(e) 10
Table 4: Nigeria insurance market value forecast: $ billion, 2014-19 11
Table 5: Custodian And Allied Insurance Ltd: key facts 20
Table 6: Aiico Insurance Plc: key facts 21
Table 7: Aiico Insurance Plc: key financials ($) 21
Table 8: Aiico Insurance Plc: key financials () 22
Table 9: Aiico Insurance Plc: key financial ratios 22
Table 10: Leadway Assurance Company: key facts 24
Table 11: Nigeria size of population (million), 2010-14 25
Table 12: Nigeria gdp (constant 2005 prices, $ billion), 2010-14 25
Table 13: Nigeria gdp (current prices, $ billion), 2010-14 25
Table 14: Nigeria inflation, 2010-14 26
Table 15: Nigeria consumer price index (absolute), 2010-14 26
Table 16: Nigeria exchange rate, 2010-13 26

LIST OF FIGURES
Figure 1: Nigeria insurance market value: $ billion, 2010-14(e) 8
Figure 2: Nigeria insurance market category segmentation: % share, by value, 2014(e) 9
Figure 3: Nigeria insurance market geography segmentation: % share, by value, 2014(e) 10
Figure 4: Nigeria insurance market value forecast: $ billion, 2014-19 11
Figure 5: Forces driving competition in the insurance market in Nigeria, 2014 12
Figure 6: Drivers of buyer power in the insurance market in Nigeria, 2014 13
Figure 7: Drivers of supplier power in the insurance market in Nigeria, 2014 15
Figure 8: Factors influencing the likelihood of new entrants in the insurance market in Nigeria, 2014 17
Figure 9: Factors influencing the threat of substitutes in the insurance market in Nigeria, 2014 18
Figure 10: Drivers of degree of rivalry in the insurance market in Nigeria, 2014 19
Figure 11: Aiico Insurance Plc: revenues and profitability 22
Figure 12: Aiico Insurance Plc: assets and liabilities 23
Custodian And Allied Insurance Ltd, Aiico Insurance Plc and Leadway Assurance Company

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