Posted By: | December 01, 2020 |

Improving Nigeria’s Insurance Penetration: Legal, Regulatory and Market Considerations


According to industry statistics, Nigeria’s Insurance Penetration Rate (IPR) in 2013 was 0.39%, declining from 0.48% in 2010. However, Nigeria’s IPR worsened to 0.06% in 2016 - compared to South Africa (SA)’s 13.2%, the highest in Africa - whilst insurance sector contribution to Nigeria’s real GDP was abysmally low at only 0.02%. Illustratively, according to a 2013 survey by NOI Polls, 86% of Nigerians polled do not have any form of health insurance cover.

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