An Overview of the Non-Oil Sector and Opportunities for the Insurance Industry Muda Yusuf, DG, Lagos Chamber of Commerce and Industry (LCCI), Lagos.

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Presentation transcript:

An Overview of the Non-Oil Sector and Opportunities for the Insurance Industry Muda Yusuf, DG, Lagos Chamber of Commerce and Industry (LCCI), Lagos

Outline Nigerian Economy: A Snapshot Role of Insurance Industry in Economic Growth and Development Economic Diversification and Insurance Industry Insurance Industry: Stylised Facts & Challenges Non-Oil Sectors and Opportunities for the Insurance Industry: Financial Sector Trade Sector Manufacturing Sector Agriculture Sector Solid Minerals Sector Economic Reality & Insurance Industry Repositioning Conclusion

Nigerian Economy: A Snapshot “Drastic fall in global oil price coupled with poor domestic economic management predicated the current economic woe and challenges” Oil Price Fall Oil Revenue Decline FOREX Crisis Strained Foreign Reserves GDP Recession Stagflation

GDP Growth Rate & Sectoral Performance April, 2015-Jult, 2016

Role of Insurance Industry in Economic Growth and Development “By Way of Enhancing Risk-taking Abilities of Entrepreneurs, a Strong and Competitive Insurance Industry is a Compelling Imperative for any Nation’s Economic Growth and Development.” Management Risk Long Term Capital Intermediation Financial Financial Security

Economic Diversification and Insurance Industry Insurance industry is central to successful economic diversification The diversification plan will create new businesses and window for underwriting firms Insurance industry needs to respond quickly to the economic and business dynamics Knowing the specific vulnerabilities and opportunities that insurance companies face can help make better and informed strategic decisions. Economic Diversification and Risk Diversification Nexus

Insurance Sector: Stylised Facts & Challenges 0.65% contribution to GDP. Less than 1% of Nigerians have life insurance. Near-zero informal sector penetration. Insurance density at 0.225%. About N300 billion premium (third largest in Africa, 2015). Insurance Industry

Global/domestic economic & financial shocks create opportunities for credit & risk management

Economic Reality & Insurance Industry Repositioning “The Current Financial and Economic Realities Necessitate a New and More Adaptive Insurance Business Model”

Thank you