In appreciation of the fact that the Nigerian insurance market has a huge and unexploited insurance needs, Kenyan investors from Britam Group and Jubilee Holdings plan to enter the nation's insurance market to harness the available potentials.
Britam Group Managing Director, Benson Wairegi stated that considering the available potentials in the market, the insurance firm would be exploring the possibility of entering the Nigerian market in the future.
Britam operates in other African countries including Kenya, Uganda, South Sudan and Rwanda. He added Britam wants to tap the growing demand for financial services by the rapidly expanding African middle class.
Similarly, Kenyan based Jubilee Holdings Limited plans to establish insurance company in the country and some countries in West Africa as the outfit targets expansion across Africa.
Other countries being considered in the sub-region are Burkina Faso, Cote d' Ivoire, and Mali as Jubilee Holdings is already doing some business in these countries through the Aga Khan Development Network.
While pointing out that the organisation is determined to grow both in its current operations and new markets in line with its ambition to be the most important financial services group on the continent, the chairman of Jubilee Holdings, Nizar Juma, informed that "West Africa offers good opportunities for us and we will likely use the greenfield option there. We are already doing some business in these countries through the Aga Khan Development Network."
A.M. Best Company had in a report on the region's "untapped demand," said that Africa holds significant opportunity for insurers as the region's Gross Domestic Product (GDP) is expected to experience good growth in the coming years.
The world's oldest and most authoritative insurance rating agency also pointed out that Nigeria, which has seen substantial growth through its strong oil and gas sector, has the biggest insurance market in West Africa.
As a result, South African insurers have been allocating billions of rands in capital to expand into the rest of Africa as part of a bid to diversify revenue streams.
Old Mutual acquired Oceanic Insurance Company Limited and Oceanic Life Assurance Company Limited, a subsidiary of former Oceanic Bank which was acquired by Ecobank.
Liberty Holdings plans to acquire insurance businesses in Nigeria and the insurer plans to achieve this with about one billion rands without recourse to debt funding.
Excited about the progress FBN Life Assurance Company Limited, Sanlam Group had also indicated its intention to increase its stake in the life underwriting firm.
Britam Group Managing Director, Benson Wairegi stated that considering the available potentials in the market, the insurance firm would be exploring the possibility of entering the Nigerian market in the future.
Britam operates in other African countries including Kenya, Uganda, South Sudan and Rwanda. He added Britam wants to tap the growing demand for financial services by the rapidly expanding African middle class.
Similarly, Kenyan based Jubilee Holdings Limited plans to establish insurance company in the country and some countries in West Africa as the outfit targets expansion across Africa.
Other countries being considered in the sub-region are Burkina Faso, Cote d' Ivoire, and Mali as Jubilee Holdings is already doing some business in these countries through the Aga Khan Development Network.
While pointing out that the organisation is determined to grow both in its current operations and new markets in line with its ambition to be the most important financial services group on the continent, the chairman of Jubilee Holdings, Nizar Juma, informed that "West Africa offers good opportunities for us and we will likely use the greenfield option there. We are already doing some business in these countries through the Aga Khan Development Network."
The world's oldest and most authoritative insurance rating agency also pointed out that Nigeria, which has seen substantial growth through its strong oil and gas sector, has the biggest insurance market in West Africa.
As a result, South African insurers have been allocating billions of rands in capital to expand into the rest of Africa as part of a bid to diversify revenue streams.
Old Mutual acquired Oceanic Insurance Company Limited and Oceanic Life Assurance Company Limited, a subsidiary of former Oceanic Bank which was acquired by Ecobank.
Liberty Holdings plans to acquire insurance businesses in Nigeria and the insurer plans to achieve this with about one billion rands without recourse to debt funding.
Excited about the progress FBN Life Assurance Company Limited, Sanlam Group had also indicated its intention to increase its stake in the life underwriting firm.
No comments:
Post a Comment