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Nigeria insurance marketplace expected 2017

best insurance stock - Nigeria insurance marketplace position expected 2017 : Nigeria, Africa’s most populous nation, plans to to a greater extent than than triple the value of its insurance marketplace position inward 4 years past times improving the reputation of the industry, Insurance Commissioner Daniel Fola said.

“Our people don’t trust insurance,” he said inward an interview today inward Dubai. “We’ve done a considerable total of housekeeping to brand certain the companies honor the rules.”


The value of insurance contracts should ascent to nearly 1 trillion naira ($6.4 billion) inward 2017, nearly iii per centum of gross domestic product, from 300 billion naira now, or less than 1 per centum of GDP, he said. Penetration should growth to 22.5 per centum of the insurable population inward 4 years from 10 per centum currently, Fola said.

Compulsory motor-vehicle insurance, which makes upwards most contracts now, should rest at nearly 10 per centum past times 2017, spell life insurance should institute seven percent, full general business insurance iii per centum as well as oil companies’ insurance 2.5 percent, he said.

Oil as well as gas businesses volition transcend away on to contract international companies to insure their Nigerian operations equally the capacity of local insurers is limited, Fola said. As Africa’s largest oil producer, Nigeria produced nearly 1.9 meg barrels of unsmooth a hateful solar daytime inward December, according to Bloomberg data.

The Bloomberg Nigerian Stock Exchange insurance index, a mensurate of the 10 most liquid insurers on the Lagos-based bourse, has gained eleven per centum then far this year, outpacing a 5.8 per centum ascent inward the All Share Index. (NGSEINDX) Continental Reinsurance Plc (CONTINSU) shares gained 4.9 per centum today, spell Aiico Insurance Plc (AIICO) was upwards 3.9 percent.

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