Decline of Nigerian insurers' turnover in 2021

According to a report published by the pan-African rating agency Agusto & Co, the turnover realized by Nigerian insurers decreased by 12.2% in 2021. The premiums collected fell from 592.3 billion NGN (1.5 billion USD) in 2020 to 520 billion NGN (1.2 billion USD) in 2021.

The decrease in premium income is linked to the pandemic's negative impacts and the ensuing economic slowdown.

Agusto & Co also says that the market remains resilient thanks to several initiatives adopted by local companies to improve insurance penetration. These initiatives include the development of bancassurance and the acceleration of the sector's digital transformation.