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| Population (1) (2024) : 232 679 478 inhabitants |
| GDP (1) (2024): 252.26 billion USD |
| GDP per capita (2024): 1 084 USD |
| GDP growth rate (1) (2024): 4.1% |
| Inflation rate (1) (2024): 33.2% |
(1) Source: World Bank
Nigerian insurance market: main indicators in 2024
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| Turnover | 1.015 billion USD |
| Penetration rate | 0.4% |
| Insurance density | 4.4 USD |
Nigerian insurance market structure
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| Market players | Nombre |
| Composite companies | 12 |
| Non-life companies | 29 |
| Life companies | 13 |
| Takaful companies | 5 |
| Microinsurance companies | 17 |
| Reinsurance companies | 3 |
| Total | 79 |
Nigerian insurance market features
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| Regulatory authority: National Insurance Commission (NAICOM) |
| Professional organization: Nigerian Insurance Association (NIA) |
Nigerian insurance market: premium evolution
Figures in thousands USD
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| 2020 | 2021 | 2022 | 2023 | 2024 | 2024 shares | |
| Non-life | 737 878 | 863 136 | 930 133 | 682 761 | 710 450 | 69.90% |
| Life | 605 197 | 635 202 | 689 293 | 430 791 | 305 435 | 30.10% |
| Total | 1 343 075 | 1 498 338 | 1 619 426 | 1 113 552 | 1 015 885 | 100% |
Exchange rate as at 31/12/2024: 1 NGN = 0.00065 USD ; at 31/12/2023 : 1 NGN = 0.00111 USD ; at 31/12/2022: 1 NGN = 0.00223 USD ; at 31/12/2021 : 1 NGN = 0.00243 USD ; at 31/12/2020 : 1 NGN = 0.00261 USD
Read also | Insurance companies in Nigeria
