Monday, September 20, 2021

Nigeria’s penetration rate lowest among nine African markets

By Omobola Tolu-Kusimo

Nigeria ranks fifth among nine insurance markets in Africa in terms of premiums in 2020, but came in last in terms of insurance penetration, according to the report by Sigma from Swiss Re.

The countries are Egypt, Algeria, Morocco, Tunisia, Ghana, Ivory Coast, Kenya, Nigeria and South Africa.

Nigeria also showed the biggest decline in premium volume in 2020,  compared with the previous year, with an inflation-adjusted negative growth rate of 14.8 per cent.

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Meanwhile, to further deepen insurance penetration and develop the insurance sector, the Federal Government, through the Ministry of Finance, would be meeting with  operators to work out plans for provision of insurance for all assets of government.

The Head, Publicity Sub-Committee of the Insurers’ Committee and Managing Director, NSIA Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said this at a briefing  after the Committee meeting in Lagos.

She said the Federal Government had expressed its willingness to insure all its assets, stressing that insurance operators would be having a meeting with the Ministry of Finance to work out premium payment for the assets.

She noted that the insurance sector operators are excited over government’s concern to insure all its assets.

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