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Nigeria

Nigeria

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Nigeria Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Nigeria includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Nigeria can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +1
Abuja
NGN
206.15 mn (2020)
2.41 (2020)
9.55%
245,411.17
0.28

The Nigerian insurance market is operating far below its potential. With a population of over 195 million in 2018 Nigeria is the most populous country in Africa. In terms of total market premium volume, in terms of local currency, the non-life premium income had been fairly stable between 2012 and 2016 but increased by 9.88% in 2017.

According to the insurance supervisor, NAICOM, the insurance market in January 2019 comprised 14 life companies, 28 non-life companies and 13 composite companies, as well as two takaful insurers and one microinsurance company. In late 2019, NAICOM approved two companies as composite takaful operators, bringing the total number of takaful operators to four. There are two locally licensed reinsurers in the Nigerian market plus the contact office of a regional reinsurance company and Africa Re, which is based in Lagos but not subject to compliance with local insurance legislation.

Although there are no official statistics available in respect of distribution channel market share in Nigeria, Axco reports on market estimates.

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