NIGERIA has emerged one of the top
five insurance markets in Africa, ranking fifth with overall market share of 85
percent of premiums in the continent.
General-Secretary of the African
Insurance Organization, AIO, Prisca
Soares at a press conference after the launching of the second Africa Insurance
Barometer at the on-going 44th AIO Conference and General Assembly in Kampala,
Uganda said that insurance market in the continent was still dominated by South
Africa.
The other major markets, she
mentioned, include Morocco, Egypt, Kenya and Nigeria while the top five markets
account for 85 percent of the total premiums.
South Africa tops the list Of the
five major markets, followed by Kenya, Morocco and Egypt while Nigeria ranked
fifth on the list. “
She expressed optimism that Africa’s
insurance penetration, which currently stands at 2.9% or less than half of the
global average, will translate into accelerated premium growth provided global
demand and commodity prices continue to bounce back in 2017 and 2018.
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