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Insurance in Nigeria and Kenya: A financial performance comparison

Insurance in Nigeria and Kenya: A financial performance

In South Africa, the insurance industry is relatively mature, sophisticated and competitive. As South Africa continues to be a gateway to the rest of Africa, we thought it would be interesting to consider two of the other relatively large insurance markets in Africa.

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insurance in nigeria and kenya

Insurance in Nigeria and Kenya: A finacial performance comparison

In South Africa, the insurance industry is relatively mature, sophisticated and competitive. As South Africa continues to be a gateway to the rest of Africa, we thought it would be interesting to consider two of the other relatively large insurance markets in Africa. This article covers some of the insights gained from working in a number of African countries and predominantly focuses on the results of a recent benchmarking study conducted by KPMG of nine short term insurers in Nigeria and six short term insurers in Kenya for 2018. The focus areas of the study were profitability, use of reinsurance, reserving ratios and volumes of business written.

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