“Nigeria’s Insurance Sector To Grow In 2016” – Experts Predict

Experts have predicted a growth in Nigeria’s insurance industry utilizing the expansion of ICT deployment, population density and massive use of telecommunication facilities to sell insurance products.

KPMG in its recent analysis on “The African Insurance Market at a Glance” observed that many markets in the Sub-Sahara Africa including Nigeria are experiencing a step forward in terms of the sophistication of the insurance market.

The firm sees active regulatory agenda and reform which the National Insurance Commission (NAICOM) has consistently pursued.

Experts see positive collaboration between regulators to show best practice and agree common framework for future reform.

This can be seen in the recent endorsement of a Memorandum of Understanding (MoU) between NAICOM and the National Association of Insurance Commissioners (NAIC) of the United States for the purpose of maintaining efficient, safe, fair and stable insurance markets in Nigeria and the United States.

Both NAICOM and NAIC believe such cooperation will enable them effectively regulate the industry and entrench international best practices.

Under the agreement, the authorities will provide mutual assistance periodically through training, participation in internships with specific educational focus, educational seminars, provision of training manuals/materials and any other issues of common interest.