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As at 31 December 2024, the Nigerian insurance market reported a turnover 1.562 billion NGN (1 billion USD), up 56% in local currency, compared to the 1.003 billion NGA (1.1 billion USD) recorded at the end of 2023.
Non-life premiums amounted to 1.092 billion NGN (705.5 million USD), against 470 billion NGN (303.7 million USD) for life insurance.
Claims settled by all insurers stood at 622 billion NGN (401.8 million USD), 437 billion NGN (282.3 million USD) of which by non-life companies and 185 billion NGN (119.5 million USD) by life entities.
Total assets amounted to 3.900 billion NGN (2.5 billion USD), against 2.670 billion NGN (3 billion USD) in 2023, an increase of 46.1% in local currency.
This data was presented by Kunle Ahmed, President of the Nigerian Insurers Association (NIA) during its 54th Annual General Meeting held on 26 June 2025 in Lagos, Nigeria.
