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

2. 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

3. 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

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

5. 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

6. 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

7. 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

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

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

18. Thank you