Governance, Risk and Compliance in The Nigerian Insurance Industry 2016 – Research and Markets


DUBLIN–(BUSINESS WIRE)–Research and Markets has announced the addition of the “Governance, Risk and Compliance – The Nigerian Insurance Industry” report to their offering.

“Governance, Risk and Compliance – The Nigerian Insurance Industry”
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The ‘Governance, Risk and Compliance – The Nigerian Insurance Industry’ report is the result of extensive research into the insurance regulatory framework in Nigeria.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights:

– The Nigerian insurance industry is regulated by Naicom.

– Workers’ compensation insurance, motor third-party liability, healthcare professional liability insurance, and builder’s liability insurance are compulsory.

– The government of Nigeria allows 100% foreign direct investments in the insurance industry.

– Composite insurance is permitted in Nigeria.

– Non-admitted insurance is not permitted. However, exceptional risks can be insured with unauthorized insurers, provided prior approval is obtained from Naicom.

Key Topics Covered:

1 Introduction

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.4 Compulsory Insurance

2.5 Supervision and Control

2.6 Non-Admitted Insurance Regulations

2.7 Company Registration and Operations

2.8 Taxation

2.9 Legal System

3 Appendix

Companies Mentioned

– Nigeria Reinsurance Corporation

– Royal Assurance Agency

– African Alliance Insurance Company Ltd

– Alliance & General Insurance Life Assurance

– Capital Express Assurance Limited

– Anchor Insurance Company Ltd

– LASACO Assurance Plc

For more information visit

Research and Markets
Laura Wood, Senior Manager
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