West African insurance trip

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.

Published by David Kirk

The opinions expressed on this site are those of the author and other commenters and are not necessarily those of his employer or any other organisation. David Kirk runs Milliman’s actuarial consulting practice in Africa. He is an actuary and is the creator of New Business Margin on Revenue. He specialises in risk and capital management, regulatory change and insurance strategy . He also has extensive experience in embedded value reporting, insurance-related IFRS and share option valuation.