Nigeria Insurance Market Report Overview
The gross written premium of the Nigerian insurance market was NGN733 billion ($1.7 billion) in 2022. The market is expected to achieve a CAGR of more than 10% during 2023-2027. The Nigeria insurance market research report provides in-depth market analysis, information, and insights into the Nigeria insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Nigeria Insurance Market Outlook, 2022-2027 (NGN Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Nigerian economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | NGN733 billion ($1.7 billion) |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance · General Insurance |
Leading Companies | · AIICO · FBN Life · Leadway · Custodian Life · AXA · Lasaco Assurance · Nsia Insurance · Cornerstone · Capital Express · Alliance |
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Nigeria Insurance Market Trends
Insurance penetration and embedded insurance are some of the key market trends impacting the Nigeria insurance market.
Insurance penetration remains low in the country, AXA is bundling a comprehensive fire insurance package for homes along with its motor insurance policies at no additional cost, to boost penetration. Furthermore, in April 2023, AXA collaborated with telecommunications company Airtel to launch an embedded insurance product that provides basic health insurance. This coverage is bundled with Airtel data plans, covering medication and hospitalization costs, as well as providing free consultations with doctors.
Nigeria Insurance Market by Segments
The key segments in the Nigerian insurance market are life insurance and general insurance. The general insurance segment dominated the Nigerian insurance market in 2022. General insurance lines of business include property, motor, MAT, general insurance PA&H, and other miscellaneous insurances. New law-making health insurance that is compulsory for all Nigerians is responsible for the growth of this general insurance segment. Commercial general insurance dominated the total general insurance sector with property insurance being the largest LOB in the general insurance sector in 2022, followed by motor and marine, aviation, and transit (MAT). General insurance penetration remains low, placing well below the emerging and developed markets averages in 2022e.
Nigeria Insurance Market Analysis by Segments, 2022 (%)
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Nigeria Insurance Market – Competitive Landscape
Some of the key companies in the Nigeria insurance market are AIICO, FBN Life, Leadway, Custodian Life, AXA, Lasaco Assurance, Nsia Insurance, Cornerstone, Capital Express, and Alliance. AIICO was the leading insurer in 2021, followed by Leadway and FBN Life. Fin insurance was the fastest-growing insurer during the review period.
Nigeria Insurance Market Analysis by Companies, 2021 (%)
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Segments Covered in the Report
Nigeria Insurance Market Segments Outlook (Value, NGN Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Nigeria insurance industry.
- Historical values for the Nigeria insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Nigeria insurance industry and market forecasts for 2027.
- Profiles of top life insurance companies in Nigeria and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Nigeria insurance industry.
- A comprehensive overview of the Nigerian economy, government initiatives, and investment opportunities.
- The Nigeria insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Nigeria insurance industry’s market structure gives details of lines of business.
- Nigeria’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Nigeria insurance industry and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Nigeria insurance industry.
- Assess the competitive dynamics in the Nigeria insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
AIICO Insurance
Leadway Assurance
Sovereign Trust
Zenith General Insurance
AXA Mansard Insurance
Mutual Benefit
Nem Insurance
Cornerstone Insurance