Magazine date:
May 2014 The Nigerian authorities have for many years exerted important efforts to consolidate the insurance market which resulted in a more stringent legislative framework.
According to the latest report from the rating agency Pan Agusto & Co., the arrangements put in place (no coverage without premium settlement for the entire period of the coverage, imposing IFRS standards, new regulations for energy insurance, increase of the minimum capital, etc.) are now bearing fruit.
In 2013, gross premiums increased by 19% while insurers' capitalization has gone up by 177.1%. However, penetration rate still remains below 1%, far below BRICS’ performance, with the lack of qualified staff still hindering the sector.