Of the 10 emerging markets that the IFC studied for its 2015 SheforShield report,1 Nigeria had the second highest expected growth rate for women’s insurance. By 2030, the total value for women’s insurance is expected to rise to around N2.9 trillion (approximately $8 billion), which will be 9 to 13 times the value of the premiums in 2013.
While this presents a large opportunity for the women’s market; realistically, the Nigerian insurance industry struggles to engage with all-potential consumers - men, women, and businesses - and, as a result, the overall insurance penetration rate remains very low. With an insurance penetration rate of only 0.31 percent, Nigeria lags considerably behind other emerging markets such as India (3.7 percent) and Kenya (2.4 percent). This indicates that much work needs to done in Nigeria to raise awareness about the important role that insurance can play in improving the health and financial security of both men and women.