Nigeria’s Insurance Industry Becomes Second Largest In Africa

The Nigerian insurance industry has been ranked the second in Africa.

This was according to reports from the commissioner for Insurance of NAICOM, Fola Daniel during a conference which held recently.

“Nigeria’s insurance industry is now the second largest in Africa from a fifth position three years ago. Nigeria should be the first because it has the potential to make it rank as the number one on the continent.

As part of the financial industry reform initiatives of the Federal Government, NAICOM has carried out several industry specific reforms that had significantly impacted and positively changed the industry, leading to improvement in perception by the insuring public.”

Speaking further, Daniel said the insurance umbrella has done a lot recently to place Nigeria’s insurance business on the global map.

Among the efforts he mentioned included introduction of wide range of regulatory guidelines, which in addition to other market development initiatives were targeted at strengthening insurance  institutions, building confidence in the insurance market and making the sector more attractive to investors.