The insurance market in Nigeria
Identity
| Population: 206 139 600 inhabitants |  |
| 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 | |
| Turnover | 1.213 billion USD |
| Penetration rate | 0.28% |
| Insurance density | 6 USD |
Structure of the insurance market in Nigeria
Composite companies | 14 |
Non-life | 28 |
Life | 16 |
Takaful | 4 |
Reinsurance companies | 4 |
| Total | 66 |
| Intermediaries | |
Insurance brokers | 510 |
| Total | 510 |
Data as of 31/12/2020, 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 | 2016 | 2017 | 2018 | 2019 | 2020 |
Non-life | 655 030 | 604 446 | 672 427 | 770 890 | 571 000 |
Life | 404 841 | 419 539 | 495 391 | 621 661 | 642 000 |
| Total | 1 059 871 | 1 023 985 | 1 167 818 | 1 392 551 | 1 213 000 |
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.
