The insurance market in Nigeria

Identity

Population: 206 139 600 inhabitants
Nigeria flag
GDP: 432.294 billion USD
GDP per inhabitant: 2 097 USD
GDP growth rate: -1.8%
Inflation rate (2019): 11.4%

Data as of 31/12/2020, Source: World Bank

The insurance market in Nigeria: main indicators

 2020
Turnover1.213 billion USD
Penetration rate0.28%
Insurance density6 USD

Structure of the insurance market in Nigeria

Insurance and reinsurance companies
Composite companies
14
Non-life
28
Life
16
Takaful
4
Reinsurance companies
4
Total66
Intermediaries
Insurance brokers
510
Total510

Data as of 31/12/2020, Source: National Insurance Commission (NAICOM)

Supervisory authority
National Insurance Commission (NAICOM)
www.naicom.gov.ng
Professional body
Nigerian Insurance Association (NIA)
www.nigeriainsurers.org

The insurance market in Nigeria: premium evolution

Figures in million USD
Activities20162017201820192020
Non-life
655 030604 446672 427770 890571 000
Life
404 841419 539495 391621 661642 000
Total1 059 8711 023 9851 167 8181 392 5511 213 000

Sources : Swiss Re Institute & National Insurance Commission (NAICOM)

Exchange rate as at 31/12/2016: 1 NGN = 0.00325 USD ; at 31/12/2017: 1 NGN = 0.00275 USD ; 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.

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