In its Insurance Sector report 2020 Proshare Nigeria Pvt. Best’s Market Segment Report noted that “Nigeria’s Insurance Market Offers Significant Potential Despite Headwinds,” analysts at AM Best cite obstacles to insurance market growth that include low consumer awareness, lax enforcement of mandatory coverage laws, and new proposed capital requirements. Low incomes and a lack of understanding of the benefits of life insurance remain the most important obstacles facing life insurers. For the insurance sector, we are far behind but we are doing a lot of catching up. This is to make sure that whatever resources are put in the insurance sector is well protected.

Source: Nigerian Tribune July 05, 2021 08:03 UTC