Insurance

Nigeria Insurance

With many competing firms offering a robust suite of product offerings and related services, the insurance market in Nigeria is vibrant and growing. Like many sectors across Africa, however, domestic insurers often lack the capacity to underwrite the majority of risks stemming from the main drivers of the economy. Nigeria’s primary revenue generators – oil and gas, and the mining sector – require a level of coverage that is currently beyond the capacity of many domestic insures. This is especially true in the reinsurance market, which is dominated by foreign players. As a result, the National Insurance Commission (NAICOM) is seeking ways to increase the capacity of insurers under its purview. Over the course of 2017 NAICOM will institute risk-based supervision across the industry, which is expected to enhance the sector’s ability to effectively assess and manage risk, and encourage firms to significantly raise their capital buffers. Furthermore, Nigeria’s young and growing population will continue to be a force driving foreign investment into the insurance sphere.

This chapter contains an interview with Eguarekhide Longe, CEO, Aiico Pension.

Cover of The Report: Nigeria 2017

The Report

This chapter is from the Nigeria 2017 report. Explore other chapters from this report.

Interviews & Viewpoints

Sketch of Eguarekhide Longe, CEO, Aiico Pension
Eguarekhide Longe, CEO, Aiico Pension: Interview