Insurance industry premium soars to N1.562trn in 2024
The Nigerian insurance industry reported a gross written premium of N1.562 trillion in 2024, a 56% increase over the N1.003 trillion recorded in 2023. The FY2024 data shows that non-life business accounted for N1.1 trillion, while life business generated N470 billion. The industry’s total assets also expanded significantly to N3.9 trillion; a 46.1% rise from […]
The Nigerian insurance industry reported a gross written premium of N1.562 trillion in 2024, a 56% increase over the N1.003 trillion recorded in 2023.
The FY2024 data shows that non-life business accounted for N1.1 trillion, while life business generated N470 billion.
The industry’s total assets also expanded significantly to N3.9 trillion; a 46.1% rise from N2.67 trillion in 2023.
Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, disclosed this at the 54th Annual General Meeting (AGM) of NIA held in Lagos.
According to him, the net claims paid by the industry amounted to N622 billion, with the non-life segment accounting for N437 billion and the life segment N185 billion.
“Market capitalization also grew substantially, reaching N1.2 trillion, a 41% increase from N850 billion in 2022,” he said.
Within the period, Ahmed said the industry experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics.
“Within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
“The life insurance segment also saw substantial growth with group life insurance emerging as the largest premium generator,” he said.
The NIA chairman, however, said despite the growth, “insurance penetration remains low, with efforts to improve penetration tied to addressing the enforcement of compulsory insurance policies, improvement in claims payment process and the consolidation of the insurance enabling laws.”