Insurances - Nigeria | Statista Market Forecast (2024)

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Market Insights Financial

Nigeria

The Insurances market in Nigeria is projected to reach a market size (gross written premium) of US$8.12bn in 2024.
Life insurances dominates the market with a projected market volume of US$4.91bn in 2024.
The average spending per capita in the Insurances market amounts to US$35.44 in 2024.
When compared globally, the United States has the highest nominal value, reaching US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of -3.20%, resulting in a market volume of US$7.13bn by 2028.
In global comparison, the United States will generate the most gross written premium, reaching US$4,642.0bn in 2024.
Nigeria's insurance market is experiencing a surge in demand for health insurance due to the increasing awareness of the importance of preventive healthcare.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

in-scope

Life insurances
Non-life insurances

out-of-scope

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Insurances

Life insurance
Non-life insurances
- Health insurance
- Motor Vehicle Insurance
- Property Insurance
- General Liability Insurance
- Legal Insurance

Related markets:

Capital Raising

Digital Assets

Analyst Opinion

The Insurances market in Nigeria has been experiencing significant growth and development in recent years.

Customer preferences:

Customers in Nigeria are increasingly recognizing the importance of insurance coverage to protect their assets and mitigate risks. There is a growing awareness among the population about the benefits of insurance in safeguarding against unforeseen events, which is driving the demand for various insurance products in the market. Trends in the market:
One notable trend in the Nigerian insurance market is the increasing adoption of digital technologies. Insurers are leveraging technology to reach a wider customer base, streamline processes, and enhance the overall customer experience. Additionally, there is a growing trend towards customized insurance products tailored to meet the specific needs of different customer segments. This personalized approach is resonating well with consumers and driving growth in the market. Local special circ*mstances:
The insurance market in Nigeria is also influenced by local factors such as regulatory changes and government policies. The regulatory environment plays a crucial role in shaping the market dynamics and fostering trust among consumers. Moreover, the prevalence of informal insurance practices in the country presents both challenges and opportunities for formal insurers to expand their reach and educate the population about the benefits of regulated insurance products. Underlying macroeconomic factors:
The growth of the insurance market in Nigeria is closely tied to the overall economic landscape of the country. As the economy continues to diversify and expand, there is a corresponding increase in disposable income levels, which is driving the demand for insurance products. Additionally, the rising middle-class population in Nigeria is fueling the growth of the insurance market, as more individuals seek to protect their assets and investments. Overall, the insurance market in Nigeria is poised for further expansion as insurers continue to innovate, adapt to changing customer preferences, and capitalize on the evolving macroeconomic landscape of the country.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.