Nigeria

Axco provides details on the life insurance sector including Nigerian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Nigeria, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Nigerian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Nigeria report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

It is reported that NAICOM has reviewed the pandemic's impact on the insurance business, recognising that there is a need for improving the speed of claims payments and the use of technology within the sector, including digitalisation of policies and streamlining the transactional process.

NAICOM is looking to strengthen the industry's capital base in order to increase the risk retention ....

Nigeria's pension system has historically struggled with corruption and a lack of compliance. In the wake of a corruption scandal involving Nigeria's pension system a ministerial committee was appointed August 2012, charged with reforming governance of pension schemes and redesigning the operational framework within which pension funds operate. As a result, the Pension Reform Act 2004 was repealed and replaced by Pension Reform Act, 2014, effective 1 July 2014 ....

Nigeria had over 200,000 confirmed cases of COVID-19 with more than 2,600 deaths by mid-September 2021. These numbers are likely undercounted; it is estimated that only 1.5% of Nigeria's population has been tested. The IMF approved USD 3.4bn of emergency support to Nigeria to mitigate the economic impact of the pandemic and the government borrowed additional funds from the World Bank and ....