Insurance in Nigeria will grow stronger in next decades, Experts predicts


Get real time updates directly on you device, subscribe now.

Insurance in Africa, especially Nigeria, will grow stronger in the next decades due to the demographic transition, combined with a growing insurance penetration, an insurance expert, Mr Ceonraad Vrolijk, has said.

Vrolijk, who is the Regional Chief Executive of Allianz Africa, spoke at a dinner in Lagos, where he announced the opening of the Nigeria branch; through new underwriting outfit, “Allianz Nigeria Insurance Plc”.

The News Agency of Nigeria (NAN) reports that Allianz Nigeria Insurance Plc is a composite Insurance company licenced to transact Life and Non-Life Insurance business in Nigeria.

Their products range from retail products such as Motor, Life, Home Insurance and corporate products.

Vrolijk said: “We believe insurance in Africa, especially, Nigeria, will grow stronger in the next decades.

“This is due to the demographic transition, combined with a growing insurance penetration, which is still below two per cent.”

Vrilijk said that the group had penetrated Nigerian market to optimise insurance service for all citizens in personal or commercial lines.

He said that in nearly two decades, Africa had witnessed significant population growth, rapid transformation in financial sector, digital disruption, telecommunication and accessibility to internet.

Vrolijk said the Allianz group with its headquarters in Munich, Germany, had offered micro insurance solution to 500,000 low income households on the continent.

He said that the group had also floated a contemporary risk for business in the area of cyber security.

Speaking about the future; he said that Allianz would like to look more closely into the Cyber Liability Insurance Coverage (CLIC) in Nigeria.

“As one of the largest investors, we manage over €650 billion (Euros), on behalf of insurance customers and additional €14 trillion in third party assets in more than 70 countries with 150,000 employees.

“The group recorded a total revenue of €126 billion (Euros) in 2017 and an operating profit of €11 billion for the group.

“The success story highlighted our commitment to investment, as our presence is now imbedded over 70 countries,” he said.

In his remarks, Mr Olasunkanmi Adekeye, the Managing Director, Allianz, Nigeria, said that the company officially transformed from “Ensure Insurance Plc to Allianz Nigeria Insurance Plc in December 2018.

Adekeye said that this was after the meeting of all the regulatory requirements.

“The Allianz Group has fulfilled all the regulatory requirements to rebrand the company to Allianz Nigeria Insurance Plc,” he said.

The managing director said that the company would dismantle the complexities of insurance in the country, by making insurance accessible to all citizens.

According to him, Claims’ payment will be automated; purchase of insurance products will become 100 per cent digital, among others.

“Allianz will bring micro insurance to the homes of many Nigerians,” he assured. (NAN)

Leave a Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.