2018 HMO Industry Report


In 2017, the World Health Organisation, estimated that about 11% of the world’s population spent over 10% of their annual income on medical related expenses, while about 100 million people were pushed into poverty after incurring huge medical expenditure in 2017. As dire as these global numbers may be, the Nigerian scenario paints a worse picture. Agusto & Co estimates that only about 5% of Nigerians have health insurance.  Consequently, an estimated 83% of Nigerians pay their medical bills out-of-pocket, which represents a major drag on disposable income of most Nigerian families. Despite the significant benefits of health insurance, which has been proven globally as the most efficient means to finance medical expenses, the Industry performance has remained lethargic in Nigeria.

  • The report provides information on the Health Insurance Industry and provides a broad insight of the Industry’s operations.
  • It examines the Industry’s size, structure and competitive profile of operators and outlines key competitive tools pertinent to the success of a HMO.
  • It reviews the financial condition of operators and highlights critical factors that impact profitability in the Industry.
  • It also provides an overview of the regulator and regulations guiding the Industry. It also juxtapose Nigeria’s regulatory environment to those of similar economies.
Benefits of the Survey
  • The survey highlights issues around service quality and its attendant effects on enrolees.
  • It outlines the Industry’s bases of competition through the eyes of enrolees.
  • It reveals the competitive profile of HMOs through the perspective of enrolees and informal sector operators.
  • The report identifies the elusive issues with on-boarding informal sector operators, particularly issues around payment structure, awareness and plans renewal.
  • The report also captures that key frustrations of enrolees and factors that could lead to switching HMO.