Insurance in Nigeria: The next frontier for SA firms?
In many ways, South Africa remains the most advanced economy in Africa, but it's by no means the only interesting insurance market on the continent.
Indeed, by many measures, the Nigerian economy has overtaken South Africa as the largest in Africa, and it's a space that is offering all kinds of opportunities for entrepreneurs and well-established firms alike.
Insurance in Nigeria is an especially exciting field right now, with analysts forecasting solid growth in the medium term.
The Nigerian medical insurance sector looks set to be an especially interesting arena, especially given the growth of the Nigerian middle class and a predicted influx of expat employees who demand first-rate primary healthcare and private hospitals.
Given the sluggish and competitive domestic market, it's no wonder South African insurers are increasingly looking to expand in markets throughout Africa. And it's no surprise at all that many are seeing Nigeria as the key new market.
We're particularly interested in seeing to what extent successful South African insurance products translate in the Nigerian market or whether insurers will need to make substantial adjustments to attract Nigerian consumers. Watch this space!