Despite the low insurance adoption, penetration and acceptance in the country, Nigeria’s insurance industry is ranked fifth in Africa. The top five insurance markets on the continent are said to have overall market share of 85 percent of premiums across Africa. General-Secretary of the African Insurance Organization (AIO), Ms Prisca Soares, speaking at a press conference after the launching of the second Africa Insurance Barometer at the just concluded 44th AIO Conference and General Assembly in Kampala, Uganda, said insurance market in the continent was still dominated by South Africa. The other major markets, she mentioned, include Morocco, Egypt, Kenya and Nigeria while the top five markets account for 85 percent of the total premiums. Kenya grew fastest in 2015 achieving a compound annual growth rate of slightly more than 10 percent from 2011 – 2015, Soares said. According to her, “With a volume of $46 billion, representing 72 percent of the total insurance prem...
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