I’m flying to Lagos for a few days to work with a couple of Nigerian insurers.
The Nigerian financial services market is already significant and growing, but insurance is still quite small. Risk and capital management are embryonic and there are simply too few actuaries in the market to push practices beyond the 1970s.
Net Premium Valuations with only very crude allowances for expenses and not separate reinsurance balances are the norm. With Profits business management is a little Wild West with few protections in place for policyholders.
Let’s see how the trip goes.