{"id":34819,"date":"2021-01-11T20:17:57","date_gmt":"2021-01-11T20:17:57","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=34819"},"modified":"2021-01-11T16:23:10","modified_gmt":"2021-01-11T16:23:10","slug":"mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector","title":{"rendered":"McKinsey & Company predicts bright future for Nigerian insurance sector"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance sector in Nigeria and some other African countries, describing Africa as one of the world\u2019s hot regions for insurance penetration.<\/p>\n

In a report entitled \u201cAfrica\u2019s insurance market is set for takeoff,\u201d released by the global firm on Sunday, the company said it has noted that steady economic growth in most countries combined with a largely underdeveloped insurance sector have positioned the continent as the second-fastest-growing region for insurance globally after Latin America.<\/p>\n

The report pointed out that the coronavirus pandemic which had profoundly affected both lives and livelihoods has seen consumers cutting back on discretionary expenditure, including insurance, in the face of income and market volatility.<\/p>\n

The report reads:<\/p>\n

\u201cThe African insurance market\u2019s immaturity points to significant scope for the growth of Africa\u2019s insurance industry which is valued at about $68 billion in terms of GWP and is the eighth largest in the world\u2014although this is not equally distributed across the continent.<\/p>\n

\u201cThe Pension Reform Act of 2014 in Nigeria has benefited both consumers and the insurance industry alike, leading to a 70 percent growth in the sale of pension products in that country between 2012 and 2017.<\/p>\n

\u201cThe shift to digital channels in Africa is well underway, and with that comes greater expectations of service delivery. While we are seeing a number of insurers starting to digitise customer journeys, significant opportunities still exist to accelerate this in many markets.<\/p>\n

\u201cThe COVID-19 pandemic has accelerated this trend, by driving demand for digital and remote channels, and we expect this to continue beyond the crisis.<\/p>\n

\u201cHowever, the impact of the coronavirus is expected to delay rather than alter the pattern and potential of future growth. And in some cases, the crisis may accelerate existing trends, notably the shift toward digital and remote channels, which has the potential to offer new opportunities to both insurers and consumers.<\/p>\n

\u201cWe believe that a strategic approach that takes into account the unique characteristics of African markets and looks to collaborate with regulators to drive reform and safeguard consumers could unlock significant value not just for industry players but for society more broadly at this critical time.\u201d<\/p>\n

The report further noted that markets in the region have been inconsistent in terms of size, mix, growth, and degree of consolidation, with 91 per cent of premiums concentrated in just ten countries.<\/p>\n

\u201cIn the Southern Africa region, 54 percent of premiums are for life insurance. Non-life insurance, however, plays a larger role in Anglophone West Africa, North Africa, East Africa, and even more so in francophone Africa.<\/p>\n

\u201cThe level of maturity in these six regions is low, relative to global reference countries, as measured by insurance density premium per capita.<\/p>\n

\u201cWhile most African countries have experienced double-digit insurance growth in CAGR in local currency over the last five years, this has mostly been driven by economic growth, rather than deepening market penetration.\u201d<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance sector in Nigeria and some other African countries, describing Africa as one of the world\u2019s hot regions for insurance penetration. In a report entitled \u201cAfrica\u2019s insurance market is set for takeoff,\u201d released by the global […]<\/p>\n","protected":false},"author":84,"featured_media":34818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,2412,254,2411],"class_list":["post-34819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-mckinsey-company","tag-nigeria","tag-nigerian-insurance-sector"],"yoast_head":"\nMcKinsey & Company predicts bright future for Nigerian insurance sector - Nigeria<\/title>\n<meta name=\"description\" content=\"A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance secto ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McKinsey & Company predicts bright future for Nigerian insurance sector\" \/>\n<meta property=\"og:description\" content=\"A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance secto ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T20:17:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ffc7b516ca5a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"McKinsey & Company predicts bright future for Nigerian insurance sector\",\"datePublished\":\"2021-01-11T20:17:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\"},\"wordCount\":503,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-5ffc7b516ca5a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"McKinsey & Company\",\"Nigeria\",\"Nigerian insurance sector\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/mckinsey-company-predicts-bright-future-for-nigerian-insurance-sector\",\"name\":\"McKinsey & Company predicts bright future for Nigerian insurance sector - 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