In general, there is limited public awareness of insurance in Nigeria, and distrust by those who are aware of it, particularly in urban areas. There is plenty of room for improving business practices towards consumers and innovating to serve the retail and microinsurance segments. The very low penetration of insurance coupled with a large and growing population and economy, represent an attractively large potential market. The top priority for creating an inclusive insurance sector in Nigeria is improving public confidence, trust and awareness.
With a view to improving the employment situation, particularly with regard to young people, the Algerian Government is committed to promoting the development of a competitive private sector, with a focus on very small, small and medium-sized enterprises, which currently employ 70% of the labour force in the formal sector. It is with this goal in mind that the study examines the current situation, the environment and the supply and demand sides of the market.
De plus en plus d'entreprises, en particulier les très petites et petites entreprises, ne sont pas assurées contre les divers risques liés à leur activité. Dans l'économie et la société algérienne, les revenus des entrepreneurs sont de plus en plus précaires.
Microinsurance markets are growing rapidly. New providers enter the market, offering innovative products and/or employing innovative provider models. Innovations can lead to new consumer protection needs, and also have a tendency to aggravate existing challenges of asymmetric information, market power imbalances and other imperfections that are typical for insurance products in general and are worse when poor and illiterate consumers are concerned.
Berlin, 24th – 25th June 2013
Making financial markets work for the poor