Why Nigeria’s insurance penetration remains low despite high population

Nigeria's insurance industry penetration remains low at 0.4 percent of the gross domestic product (GDP) despite the country’s over 200 million population.

With South Africa posting an insurance penetration rate of 11.3 percent, followed by Namibia at 7.4 percent, Morocco at 2.1 percent and Kenya at 1.2 percent, questions continue to mount over why years of reforms in Africa’s most populous nation have failed to translate into stronger insurance uptake. Industry operators say insurance penetration, which is measured