Magazine date:
Nov 2013 Swiss Re has partnered with local reinsurer Continental Re with a view to develop life insurance in Nigeria. The low insurance penetration rate in the country, the large population and the good performance of the economy provide real growth potential in life insurance.
Premium collection is a major problem facing the Nigerian insurers. Good knowledge of the market by Continental Re is likely to help this partnership operate successfully. Both partners intend to develop microinsurance and set up distribution strategies based on new technologies and telemarketing.