Substantial development of insurance by 2017

Nigerian authorities have carried out many controls in order to restore the confidence of the insured in the market as the regulatory body, NAICOM, has multiplied oversight operations. Risk and claim management, microinsurance, islamic insurance and the fight against money laundering are among the main targets of the authorities.
NAICOM is hoping that these measures will triple the market turnover at 6.4 billion USD by 2017. Premium income will then account for 3% of GDP compared to 1% at present. The insurable population will increase from 10% in 2012 to 22% in 2017. Motor insurance will remain dominant, followed by life and energy business.