The insurance market in Nigeria

Identity

Population: 218 541 212 habitants
Nigeria flag
GDP: 472.62 billion USD
GDP per inhabitant: 2 065.7 USD
GDP growth rate: 3.3%
Inflation rate (2019): 18.8%

Data as of 31/12/2022, Source: World Bank

The insurance market in Nigeria: main indicators

 2023
Turnover1.114 billion USD
Penetration rate0.34%
Insurance density7.41 USD

Structure of the insurance market in Nigeria

Insurance and reinsurance companies
Composite companies
12
Non-life
27
Life
13
Takaful
4
Microinsurance8
Reinsurance companies
3
Total67

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

Branches2023 turnover2022 turnover2022-2023 evolution (1)2023 shares
NGNUSDNGNUSD
Energy167 800 000186 258125 700 000280 31133.49%16.73%
Fire148 000 000164 28092 600 000206 49859.83%14.75%
Motor114 900 000127 53962 200 000138 70684.73%11.45%
Marine69 100 00076 70151 000 000113 73035.49%6.89%
Accident59 000 00065 49046 100 000102 80327.98%5.88%
Miscellaneous risks56 300 00062 49339 500 00088 08542.53%5.61%
Non-life total615 100 000682 761417 100 000930 13347.47%61.31%
Life total388 100 000430 791309 100 000689 29325.56%38.69%
Grand total1 003 200 0001 113 552726 200 0001 619 42638.14%100%

(1) Growth rate in local currency
Sources: National Insurance Commission (NAICOM)
Exchange rate as at 31/12/2023 : 1 NGN = 0.00111 USD ; as at 31/12/2022 : 1 NGN = 0.00223 USD

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