The National Insurance Commission, NAICOM, has frowned at the low ranking of Nigerian insurance sector in Africa despite the country’s huge population.
Deputy Commissioner for Insurance, Technical, Mr. Sunday Thomas, who decried the low ranking said that the Commission is leaving no stone unturned in its efforts to making the market number one in Africa.
Thomas said, “It is very worrisome that the Nigerian insurance market is still ranked low in Africa. However, NAICOM is actively working to ensure that the low ranking is improved upon.”
It will be recalled that the General-Secretary of the African Insurance Organization, AIO, Ms Prisca Soares at a press conference after the launch of the second Africa Insurance Barometer at the 44th AIO Conference and General Assembly in Kampala, Uganda last year said that insurance market in the continent was still dominated by South Africa.
The other major markets, she mentioned, include Morocco, Egypt, and Kenya while the top five markets account for 85 percent of the total premiums.
Soares said, “With a volume of $46 billion, representing 72 percent of the total insurance premiums in the continent, South Africa is still by far Africa’s largest insurance e market.
“Of the five major markets, South Africa tops the list followed by Kenya, Morocco and Egypt while Nigeria ranked fifth on the list. The Africa Insurance Barometer provides a comprehensive overview of the current state and future prospects of the $64 billion African insurance market,” she said.