Insurance

In 2015 Nigerian underwriters reported total gross written premiums of nearly N350bn ($1.1bn at the time of printing), according to data released by the Nigerian Insurers Association, an industry group. This figure was up around 19% on the previous year. In light of the pace of expansion, and in addition to Nigeria’s enormous population and low rate of insurance penetration, it is perhaps not surprising that the market has attracted a raft of major foreign insurance players in recent years. However, Nigeria’s insurers have faced a series of challenges. Far-reaching economic volatility, political instability and ongoing structural issues continue to hinder many local players. However, given the market opportunities many underwriters and market watchers are broadly optimistic about the future.

This chapter contains an interview with Mohammed Kari, Commissioner for Insurance, National Insurance Commission.