Agusto & Co’s Insurance Industry Report provides a comprehensive study on the Nigerian Insurance Industry’s performance including 2017 estimates as well as our forecast for 2018. The report analyses the financial condition of each business segment (Composite, Non-Life, Life and Reinsurance) on a stand-alone basis and as an Industry.
Our assessment of the Industry is based on figures and information published in the approved financial statements of forty nine (49) licensed underwriters and reinsurers for the period ended 31 December 2016. These 49 insurers collectively accounted for 96% of the Industry’s estimated Gross Premium Income (GPI) generated in the financial year 2016 and provide a good representation of the Industry.
In this year’s report, we have enlarged our competitive landscape scope and ranked industry operators using various indicators (including ratios) under investment management, profitability, resources, capital adequacy, cash flow & liquidity and risk retention & exposure. Based on our experience in rating insurance companies in Nigeria, we have provided our expertise and candid opinion on key factors which we believe will shape the Industry’s performance in the near term.
The economy went into full blown recession in 2016 up until Q2, 2017. As a result, premiums collected by the Industry declined across major business lines.