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INSURANCE QUESTION

1. Can you please give a short account of the insurance sector pre and post 2008 global financial meltdown? 2. What are the current challenges and trend facing the industry? 3. What are the growth prospects of Nigerian insurance industry by insurance segments and categories? 4. Do insurance companies in the country have the capacities to indemnify the oil and gas sector as well as the newly power sector firms in the country? How successful is the local content being implemented in the sector? 5. What are the Impacts of No cover no premium policy on premium earned and the proposed micro-insurance and Takaful insurance on the industry and market penetration 6. Do you foresee any inroad of foreign players in the sector as seen in the banking sector? If yes what would be the impact on the industry? 7. The regulatory framework in the industry has remained mercurial in the last 10 years- 2003 and 2005 recapitalization exercise. How do regulatory policies impact on firms and the industrys futures? 8. The acquisition by IEI of Heritage Bank, what implication does it portends to the industry as a whole? 9. How did you see the acquisition of Crusader by Custodian and Allied Plc.? Is this another pointer to consolidation exercise or an imminent crisis in the sector? 10. What should be the optimal capital structure for insurance companies in Nigeria? 11. What would be the impact of Solvency II on the insurance sector in Nigeria? 12. Who are the key players in the industry and how has competition shaped the structure of the industry? 13. The top two industrys leader- Industrial and General Insurance (IGI) and Leadway insurance are not listed on the NSE. Why? 14. Most Insurance companies listed on the NSE have their prices trading around nominal price, what reason can be adduced for this trend? 15. One of the major challenges for the sector is the lack/scare innovative technology/products to drive market penetration and increased accessibility of information to the public. How can this issue be resolved? 16. Where do you see the insurance industry in the next 5 years in terms of their contribution to GDP, providing protection and indemnity to individuals and corporation, and the likes?

SWOT ANALYSIS
SWOT Analysis Strengths 1. Patents 2. Insurance having currently good market 3. Premium rates are increasing and so are commissions 4. The variety of product is increasing 5. IT bringing new dimensions to insurance sector Weaknesses 1. Insurance companies are often slow to changing needs 2. Buying insurance policy is a cumbersome process 3. Products are services are similar to competitors Opportunities 1. Technology is improving paperless transactions are available 2. Busy life, customers need flexible and customizable policies 3. Like mobile banking mobile insurance could be a hit 4. New innovations in technology measuring weather variables Threats 1. Weather cycle 2. New substitute product emerging 3. Increasing expenses and lower product margin will hit hard on the smaller agencies and insurance companies 4. Government regulations on issues like health care and terrorism can quickly changes the direction of insurance