The insurance market in Nigeria
Identity
| Population: 213 401 323 habitants |  |
| GDP: 440.83 billion USD | |
| GDP per inhabitant: 2 065.7 USD | |
| GDP growth rate: 2.4% | |
| Inflation rate (2019): 17% |
Data as of 31/12/2021, Source: World Bank
The insurance market in Nigeria: main indicators
| 2022 | |
| Turnover | 1.619 billion USD |
| Penetration rate | 0.37% |
| Insurance density | 7.58 USD |
Structure of the insurance market in Nigeria
Composite companies | 12 |
Non-life | 15 |
Life | 13 |
Takaful | 4 |
| Microinsurance | 7 |
Reinsurance companies | 3 |
| Total | 54 |
Data as of 05/06/2023, Source: National Insurance Commission (NAICOM)
National Insurance Commission (NAICOM) | www.naicom.gov.ng |
Nigerian Insurance Association (NIA) | www.nigeriainsurers.org |
The insurance market in Nigeria: premium evolution
Figures in million USD
| Activities | 2018 | 2019 | 2020 | 2021 | 2022 |
Non-life | 672 427 | 770 890 | 571 000 | 863 136 | 930 133 |
Life | 495 391 | 621 661 | 642 000 | 635 202 | 689 293 |
| Total | 1 167 818 | 1 392 551 | 1 213 000 | 1 498 338 | 1 619 426 |
Sources : Swiss Re Institute & National Insurance Commission (NAICOM)
Exchange rate as at 31/12/2018: 1 NGN = 0.00274 USD ; at 31/12/2019: 1 NGN = 0.00274 USD ; at 31/12/2020: 1 NGN= 0.00261 USD ; 31/12/2021: 1 NGN = 0.00243 USD ; at 31/12/2022: 1 NGN = 0.00223 USD
Read also | Insurance companies in Nigeria
