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Nigeria ranks fifth in Africa in terms of premiums: Swiss Re

Nigeria comes last in terms of insurance premiums among nine African markets

Nigeria ranks fifth among nine insurance markets in Africa in terms of premiums, according to Swiss Re’s World Insurance Sigma report. The nine African insurance markets are Egypt, Algeria, Morocco, Tunisia, Ghana, Ivory Coast, Kenya, Nigeria and South Africa.

Nigeria also recorded the biggest drop in premiums in 2020 year-on-year. It also ranks last in terms of insurance premiums for 2020.

Swiss Re in its report forecasted that global insurance premiums will be reach the $7 trillion mark by the end of 2022.

Irina Fan, head insurance market analysis, Swiss Re Institute said that whether it is private medical insurance or supply chain interruption for businesses, the pandemic experience has made people much more aware of the need for insurance protection.

Last month, it was reported that AXA Mansard has partnered with telco Airtel Nigeria to improve access to health insurance for Nigerians.

Head of Emerging Customer and Digital Partnership Group, AXA Mansard, Mr Alphred Egbai told the media, “Our research has shown the value and importance of having a health insurance plan to the public especially for the emerging customers in the country, but for many reasons, the uptake of insurance products has been low.

“In order to mitigate these challenges and satisfy the health needs of the retail consumer whilst also encouraging the uptake of health insurance in the country, we have partnered with Airtel Nigeria to provide a solution that gives users a convenient way to purchase and manage their AXA Mansard micro-insurance plans.”

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