Good performance of the insurance market despite economic slowdown

Despite concerns over economic slowdown, Fitch has remained upbeat with regards to the Nigerian insurance market. The rating agency is expecting a continuous rise of the turnover in this sector.

In recent years, the market’s growth rate has, nonetheless, gone down. The economic upheavals and the structural changes that have surfaced in 2015, have only added to the threats lurking over insurers’ performance. The weakness of the Naira and the fall of oil prices have only compounded the misery of the companies struggling to survive.

Fitch has, nonetheless, noted that some insurance companies have managed to consolidate their turnover and improve their profits.

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