Insurance contribution to GDP has increased sharply

The Nigerian insurance is booming thanks to a sustained economic activity and an improving legislative framework. Its contribution to the country’s GDP increased from 0.5 % in 2010 to 0.7% in 2012, that is a leap of 40%. At the same time the number of insured people has tripled from 500 000 in 2010 to 1.5 million in 2012.

Such a penetration rate implies the existence of a significant margin of progress in Nigeria. Between 2011 and 2013, the number of insurance companies with foreign capital increased from 3 to 10, reflecting, thus, the hopes raised by this market.