McKinsey Foresees Bright Prospect for Nigeria, Others' Insurance Sector

By Obinna Chima
McKinsey & Company, a global management consultancy services company, has described the insurance sector in Nigeria and some other countries in Africa as one of the world’s hot regions for insurance penetration.
The global firm stated this in a report titled: “Africa’s insurance market is set for takeoff.”
It noted that steady economic growth in most countries combined with a largely underdeveloped insurance sector have positioned the continent as the second-fastest-growing region for insurance globally after Latin America.
Prior to the impact of COVID-19, the insurance market was expected to grow at compound annual growth rates (CAGRs) of seven per cent per annum between 2020 and 2025, nearly twice as fast as North America, over three times that of Europe, and better than Asia’s six per cent, it stated.

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