The internet penetration in Nigeria is at an all-time high and it is only going to get better. Combined with the proliferation of smartphones in the market, more and more Nigerian consumers are increasingly going online to purchase goods and services.
Auto-industry is one industry experiencing an increasingly better environment for doing business, especially those businesses that have embraced e-commerce. Many loan and insurance providers are advertising and selling their products to customers directly on the internet.
In 2014, only 2.5 million vehicles in Nigeria have valid insurance meaning over 85% of the 15 million cars plying the roads were insured. The number was much lower in 2012 and 2013.
The last quarter of 2015 saw an improvement in the number of car insurance policies bought by car owners. According to the Nigerian Insurers Association (NIA) an estimated 3 million Nigerians had valid car insurance at the end of 2015 and by the end of the first second quarter of 2016 the number of car insurance holders is estimated to rise by 39%.
Experts say that the rise in the number of insurance policies could be attributed to the …read more