Nigeria Eyes South African Insurance Market

November 5 - The African country of Nigeria is aiming to push its insurance industry into a different league and is eyeing South Africa's market as a model.

Nigeria's insurance industry is presently small scale and interested parties, as well as the government, are keen to see it join the league of developed insurance markets around the globe.

To do so, Nigeria is carefully studying the industries in South Africa, as well as the United Kingdom to see what can be done to push its market in the same direction.

This week, a unique conference was held in Lagos, Nigeria which brought together some of the top names in global insurance in order to give their opinions about how the African country can get its industry launched. Stakeholders will brainstorm, discuss and plan ways to assist Nigeria's insurance market.

The organizers hope that this will be the first conference in what will become an annual event to be known as the Insurance Stakeholders Parliament. The first conference, organized by the Financial Standard Newspaper in partnership with Risk Analyst Insurance, will be entitled Refocusing the Insurance Industry.

As part of the brainstorming done at the conference, participants will study intensely the industries in South Africa and the United Kingdom, especially factors that worked for the countries and helped their insurance markets develop to the point where they are at today.

Three insurers with many years experience from the UK and South Africa have been invited to be guest speakers at the Insurance Stakeholders Parliament in Lagos this week.