Lloyd's country profile: Nigeria - January 2013

Nigeria's non-life insurance sector: Compulsory insurance policies have been introduced in some classes of the non-life insurance segment, fuelling premium growth, while the segment's penetration grows slowly. An on going challenge for the non-life insurance community is the intense competition between players and the evolving regulatory regime.

The Nigerian insurance market is being driven by mandatory third-party motor insurance, and this growth momentum is expected to steadily increase as compliance for compulsory motor insurance level grows.

This Lloyd's country report assesses insurance opportunities in Nigeria.