Nigeria insurance market expected 2017

Nigeria insurance market expected 2017

best insurance stock - Nigeria insurance market expected 2017 : Nigeria, Africa’s most populous nation, plans to more than triple the value of its insurance market in four years by improving the reputation of the industry, Insurance Commissioner Sertaiel Fola shelp.

“Our people don’t believe insurance,” he shelp in an interview today in Dubai. “We’ve done a conmiddlerable amount of homekeeping to make certain the companies honor the rules.”

The value of insurance contrbehaves should rise to approxifriendly 1 trillion naira ($6.4 billion) in 2017, approxifriendly 3 gratuity of gross domestic product, from 300 billion naira now, or less than 1 gratuity of GDP, he shelp. Penetration should increase to 22.5 gratuity of the insurable population in four years from 10 gratuity currently, Fola shelp.

Compulsory motor-transport insurance, which makes up most contrbehaves now, should remain at approxifriendly 10 gratuity by 2017, while life insurance should constitute 7 gratuity, common business insurance 3 gratuity and petroleum companies’ insurance 2.5 gratuity, he shelp.

Oil and gas businesses will continue to contrbehave international companies to incertain their Nigerian operations as the capacity of local incertainrs is limited, Fola shelp. As Africa’s bigst oil producer, Nigeria produced approxifriendly 1.9 million barrels of crude a day in December, according to Bloomberg data.

The Bloomberg Nigerian Stock Exchange insurance index, a meacertain of the 10 most liquid incertainrs on the Lagos-based bourse, has gained 11 gratuity so far this year, outpacing a 5.8 gratuity rise in the All Bagikan Index. (NGSEINDX) Continental Reinsurance Plc (CONTINSU) bagikans gained 4.9 gratuity today, while Aiico Insurance Plc (AIICO) was up 3.9 gratuity.

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