English
Français
Identity
| Population: 218 541 212 habitants | |
| GDP: 472.62 billion USD | |
| GDP per inhabitant: 2 065.7 USD | |
| GDP growth rate: 3.3% | |
| Inflation rate (2019): 18.8% |
Data as of 31/12/2022, Source: World Bank
The insurance market in Nigeria: main indicators
| 2023 | |
| Turnover | 1.114 billion USD |
| Penetration rate | 0.34% |
| Insurance density | 7.41 USD |
Read also | Boosting the Nigerian insurance market
Structure of the insurance market in Nigeria
Composite companies | 12 |
Non-life | 27 |
Life | 13 |
Takaful | 4 |
| Microinsurance | 8 |
Reinsurance companies | 3 |
| Total | 67 |
Source: National Insurance Commission (NAICOM)
National Insurance Commission (NAICOM) | www.naicom.gov.ng |
Nigerian Insurance Association (NIA) | www.nigeriainsurers.org |
The insurance market in Nigeria: premium evolution
Figures in million
| Branches | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|
| NGN | USD | NGN | USD | |||
| Energy | 167 800 000 | 186 258 | 125 700 000 | 280 311 | 33.49% | 16.73% |
| Fire | 148 000 000 | 164 280 | 92 600 000 | 206 498 | 59.83% | 14.75% |
| Motor | 114 900 000 | 127 539 | 62 200 000 | 138 706 | 84.73% | 11.45% |
| Marine | 69 100 000 | 76 701 | 51 000 000 | 113 730 | 35.49% | 6.89% |
| Accident | 59 000 000 | 65 490 | 46 100 000 | 102 803 | 27.98% | 5.88% |
| Miscellaneous risks | 56 300 000 | 62 493 | 39 500 000 | 88 085 | 42.53% | 5.61% |
| Non-life total | 615 100 000 | 682 761 | 417 100 000 | 930 133 | 47.47% | 61.31% |
| Life total | 388 100 000 | 430 791 | 309 100 000 | 689 293 | 25.56% | 38.69% |
| Grand total | 1 003 200 000 | 1 113 552 | 726 200 000 | 1 619 426 | 38.14% | 100% |
(1) Growth rate in local currency
Sources: National Insurance Commission (NAICOM)
Exchange rate as at 31/12/2023 : 1 NGN = 0.00111 USD ; as at 31/12/2022 : 1 NGN = 0.00223 USD
Read also | Insurance companies in Nigeria
