The first bank and the first insurance company to start operations in Nigeria only have a little over two decades between their start dates, with the bank as the older one. Despite this, insurance penetration or acceptance in Nigeria isn't at the level that banking was two decades ago.
The year 2020 was a rough year that started with a pandemic followed by a nationwide protest across major cities in Nigeria against the Federal Special Anti-Robbery Squad (SARS) activities. Some business owners also lost their means of livelihood to theft and vandalism during that period.
The question afterward was: what's the fate of these business owners considering the level of insurance penetration in the country?
Intelpoint set out to understand this industry by getting the perspectives of key stakeholders in the insurance space: traditional insurance companies, insurance sales agents, and business owners.
The result is The Nigerian Insurance Industry, a report that paints a comprehensive picture of one of the oldest industries in the country. Babatunde Fajemirokun, MD/CEO of one of the biggest insurance companies in Nigeria, AIICO Insurance, wrote the Foreword for the report.
Key takeaways from the report:
- Top insurance companies in Nigeria by turnover and assets
- Sectors driving the Nigerian insurance industry
- Relationship between insurance coverage and people's education, religion, and age, among others
- The relationship between insurance agents' education, remuneration, and their output
- Everyone's side of the story: traditional insurance companies, insurance sales agents, and business owners
- The biggest challenges with selling insurance products
- Opportunities abound across multiple sectors of the economy