a comprehensive review of the insurance landscape in Nigeria and the near-term expectation for the industry.
Furthermore, while the industry’s performance in FY 2021 was moderated by the payout of claims emanating from the violence that trailed the #EndSARS protest, such outflows were minimal in 2022 given the non-recurring nature of the crisis. Consequently, the Nigerian insurance industry’s estimated net claims for FY 2022 rose by a slower 13% relative to the previous year.
In the near term, Agusto & Co. expects the introduction of a risk-based capital regime to gain momentum while NAICOM continues to implement policies and directives that would boost the industry’s sustainability. A strong regulatory stance to claims payments which resulted in the withdrawal of the license of some insurers in 2022, though being contested in the court of law, would remain in 2023 and possibly going forward as part of NAICOM’s efforts to sanitise the industry.