Nigerian Insurance Lags Behind BRIC Countries, Says Agusto & Co

3 April 2014

The Nigerian insurance industry has remained resilient amidst an increasingly competitive domestic market and heightened regulatory oversight, a report has shown.

But while the report stated that the industry's Gross Premium Income (GPI) grew by 19 per cent over prior year, it revealed that insurance penetration ratio was still below one per cent and lags behind the BRIC countries with Brazil having 3.65 per cent; Russia at 1.29 per cent; India at 3.82 per cent and China at 2.98 per cent.

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