It also noted that the persistent naira devaluation has reduced the financial strength of the industry’s capital since the last recapitalisation exercise in 2007.
The rating agency said this in its 2022 insurance industry report titled ‘The Nigerian insurance industry – More resilient than expected despite headwinds’. It pointed out that, “although some insurers have strengthened their capital base through earnings retention, the ability of most Industry operators to solely underwrite large ticket transactions has dwindled based on the lower value of capital in USD terms.“Therefore, Agusto & Co. believed that the recapitalisation exercise could be a watershed in the Industry.
It added that “Agusto & Co. expects a modest performance by the Industry in the near term. Performance would be supported by enhanced bancassurance which would allow insurance operators to leverage the more structured data and client base of the banking industry to deepen their reach in the retail market.
“There are also new insurance products, particularly for the agriculture sector that have come on stream to boost GPI. Furthermore, the sharp switch to virtual channels, one of the many rapid changes witnessed during the pandemic-induced lockdowns in 2020 should be sustained in the near term.”
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