Nigeria has lowest penetration rate among 9 insurance African markets in 2020

By MEIR team

Nigeria ranks fifth among nine insurance markets in Africa in terms of premiums in 2020 but came in last in terms of insurance penetration, according to the latest sigma report from Swiss Re.

The countries are: Egypt; Algeria; Morocco; Tunisia; Ghana; Ivory Coast; Kenya; Nigeria and South Africa.

Nigeria also showed the biggest decline in premium volume in 2020, as compared with 2019, with an inflation-adjusted negative growth rate of 14.8 per cent.

Read more:

Source: World insurance reports 2020, 2019, Swiss Re

Middle East Insurance Review

Leave a Comment

Your email address will not be published. Required fields are marked *