NIGERIA MOTOR INSURANCE MARKET

INTRODUCTION

It shields you from legal responsibility in the event of a collision, along with your car and other drivers. It offers monetary compensation for any harm brought to persons or their property.

NIGERIA MOTOR INSURANCE MARKET SIZE AND FORECAST

The Nigeria Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.

MARKET DYNAMICS

Insurtech companies like Etap have recently arisen in Nigeria and other parts of Africa to close the gap and streamline the insurance purchase and claim-making processes. Etap promises to make it possible for car owners to get insurance in 90 seconds and finish filing claims in three minutes.

Following pre-seed fundraising in a round led by Mobility 54, the venture capital arm of Toyota Tsusho, and CFAO Group, the firm is currently on a growth push across the country of West Africa.

A new third-party automobile insurance premium that would go into effect this month is expected to be announced by actors in the Nigerian insurance industry and the National Insurance Commission (NAICOM).

At a meeting of the industry committee held in Lagos, the commission worked with business owners.

The new rate is the result of discussions between a committee made up of the Commission and the chief executive officers of insurance firms, and it would constitute an increase in the existing N5,000 premium paid by motorists.

One of the six mandatory insurance plans outlined by the Insurance Act of 2003, third-party automobile insurance is also the most often used of the mandatory insurance classes.

NEW PRODUCT LAUNCH 

Mizala has announced the beginning of its operations in Nigeria in collaboration with Universal Insurance PLC. Through the activation of its flagship product, Flexi Auto Insurance, Mizala will provide Nigerians with specialised and practical digital insurance services. Flexi Auto Insurance from Mizala is a groundbreaking auto insurance package that enables clients to purchase their insurance on a pay-as-you-go basis weekly, monthly, or annually.

The Flexi Insurance product from Mizala, which liberalises and improves the experience of complete insurance coverage for car owners in Nigeria through an easy payment mechanism, appears positioned to transform the auto insurance market.

COMPANY PROFILE

• Nem Insurance PLC
• Niger Insurance Plc
• AXA Mansard
• AIICO Car Insurance
• LeadWay Car Insurance

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost perNigeria Motor Insurance Marketright now and how will it change in the next 5-6 years?
2. Average cost to set up aMotor Insurance MarketinNigeria?
3. How manyNigeria Motor Insurance Marketare manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of aNigeria Motor Insurance Marketand key vendor selection criteria
6. Where is theNigeria Motor Insurance Marketmanufactured? What is the average margin per equipment?
7. Market share ofNigeria Motor Insurance Marketmanufacturers and their upcoming products
8. The most important plannedNigeria Motor Insurance Marketin next 2 years
9. Details on network of majorNigeria Motor Insurance Marketand pricing plans
10. Cost advantage for OEMs who manufactureNigeria Motor Insurance Marketin-house
11. 5 key predictions for next 5 years inNigeria Motor Insurance Market
12. Average B-2-BNigeria Motor Insurance Marketprice in all segments
13. Latest trends inNigeria Motor Insurance Market, by every market segment
14. The market size (both volume and value) ofNigeria Motor Insurance Marketin 2022-2030 and every year in between?
15. Global production breakup ofNigeria Motor Insurance Market, by suppliers and their OEM relationship