Insurance

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.