Insurance market in Nigeria

The size of the non life market grew substantially in 2008. It is anticipated despite the global recession, growth rates through 2009 and into 2010 will remain adequate as local retention of multinational premiums rises after the enforcement of local placement regulations by supervisory authorities

IN THE recent past, the structure of the Nigerian insurance market has altered significantly. In early 2007, there were 103 insurance companies operating in the market and, following the radically increased capital requirements implemented in February 2007, the number of licensed companies fell significantly. With effect from January 2010, 62 insurance companies were authorised by the federal government to operate in the insurance market. The insurance market at that time comprised of 18 life companies, 34 non-life companies and eight composite companies.