Nigeria to be among global giants in life insurance segment

Nigeria has been tipped to be among top global contenders in the insurance life segment given the size and value of its market.

MAPFRE’s Global Insurance Potential Index (MAPFRE GIP), in a report indicated that Nigeria, Egypt and Pakistan in the next few years would be top contenders in that space given the scale of its market.

Currently, China, the US, and India top the list of countries with the highest insurance potential in both life and non-life lines, according to a new report from MAPFRE Economics.

However, MAPFRE also recognised the value of markets that have capacity to close their own IPG, but have relatively little economic weight.

“For example, there are three countries Nigeria, Egypt and Pakistan that, in the next few years could be contenders in the life segment for the top 10 positions currently occupied by other emerging markets,” MAPFRE said in a statement. “Within the non-life line, Pakistan, Egypt, Bangladesh, Nigeria and the Philippines (in that order) have been identified as countries with huge potential to reduce their domestic insurance gap.”

MAPFRE’s Global Insurance Potential Index (MAPFRE GIP) has been updated with the latest available data from 2019.

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