Insurance
From The Report: Nigeria 2019
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With a saturation rate of just 0.5% and a population of almost 200m, Nigeria’s insurance sector is attractive chiefly for its potential. The number of uninsured prospective customers is among the world’s largest within a single market. However, realising that potential has been difficult, with the sector fragmented and in need of consolidation. Although the industry regulator has been working to update and implement a new development plan, insurance companies are increasingly looking to non-traditional products to further boost exposure and overall access to policy coverage in Nigeria. These methods include micro-insurance for the retail market, index insurance for agriculture and new schemes for public health care. This chapter contains interviews with Alhaji Muhammadu Bagudu Hussaini, Managing Director and CEO, Nicon Insurance; and Nick Zaranyika, CEO, Total Health Trust.

Articles from this Chapter

Overview

Insuring growth: Sector set for expansion as new regulations come into effect
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With a saturation rate of just 0.5% and a population of almost 200m, Nigeria’s insurance sector is attractive chiefly for its potential. The number of uninsured prospective customers is among the world’s largest within a single market. However, realising that potential has been difficult, with the sector fragmented and in need of consolidation. “Consolidation is often said to be on the horizon, but this is unlikely in an underpenetrated industry where most companies are not running deficits.…

Analysis

Universal care: New initiatives seek to increase the rate of health coverage
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Health coverage is one of the areas most primed for growth in Nigeria’s insurance sector in the near future. Nigeria is working towards a goal of universal health care, and the responsibilities for realising this goal are distributed throughout multiple levels of government. New initiatives are expected to boost coverage and understanding of how health insurance can help mitigate risks, and private sector operators hope that this increase in awareness will drive growth in elective coverages. In…

Interview

Broader appeal: Alhaji Muhammadu Bagudu Hussaini, Managing Director and CEO, Nicon Insurance, on expanding insurance coverage
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Interview :Alhaji Muhammadu Bagudu Hussaini What is being done to increase the insurance penetration rate in Nigeria? ALHAJI MUHAMMADU BAGUDU HUSSAINI: Insurance policies are not at the forefront of people’s minds in Nigeria. When people do not have enough to get by, they do not think much about insurance, despite the necessity of safeguarding their possessions. Providers must make sure these underserved people are informed about and involved with the insurance sector. Newly insured people…

Interview

Collaborative care: Nick Zaranyika, CEO, Total Health Trust, on how to build confidence in the sector and develop mandatory coverage
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Interview :Nick Zaranyika How can Nigerian health insurance companies address the lack of consumer trust? NICK ZARANYIKA: Everyone has a role to play in increasing confidence and trust in the industry. It requires effort from the entire health care system, starting with regulatory bodies, health care providers, financiers and stakeholders. Of course, insurers must be certain that providers are fairly compensated for their services, so that insured customers are treated well. Health care practitioners…