A more competitive market since the arrival of new insurers

The Nigerian insurance market is attracting many international players. Several South African insurers along with French Axa and Ivorian NSIA have showed up there .

The entry of these new players led to a competition that had been very poor and that is now particularly remarkable in corporate risks. New participants are targeting this market where supply has failed to meet demand in a satisfactory fashion.

In addition, market opportunities remain quite significant as the National Insurance Commission aims to increase insurance penetration rate in a market where the middle class is growing rapidly.