Microinsurance Assessment and Landscape Study in Nigeria - Supply Side Perspectives
Understanding the dynamics of a country’s various industries helps governments and others to make effective decisions about priority areas. For Microinsurance (MI), there has been a rather extensive use of landscape studies that compile the key information about Microinsurance in a country—number of people covered, gross written premiums (GWP), distribution, sometimes claims, administrative costs and commissions. In some cases, where these studies have been conducted, they have been helpful to insurance regulators, government policymakers and insurance associations, as well as insurers and intermediaries in assessing the markets, identifying opportunities and using as the foundation for market planning. In Nigeria this supply-side Microinsurance landscape study, has been conducted to provide a status update on MI progress, to facilitate the stakeholders around key financial inclusion programs, regulations and build strong interest by insurers in expanding the market.
This report is based on results from a detailed Supply-side Landscape study of insurers in which every insurance company in Nigeria was contacted, including a qualitative survey. Based on a consistent definition, those insurers that offered Microinsurance' were provided with a quantitative survey with which to provide their key Microinsurance data. The data collected was as at December 31, 2017. This information was cleaned and analysed to provide the insights within this paper. The results were presented at the EFInA Microinsurance workshop of insurers, regulators, distributors and donors; the results were discussed in two groups - one of regulators and one of insurers with distributors. The discussions led to a series of proposed actions provided by the participants which have been reviewed and fed into this final report.
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