The Nigerian insurance industry recorded a robust performance in 2024, with gross written premiums reaching N1.562 trillion, reflecting a 56% increase from the N1.003 trillion reported in 2023.
This surge was largely driven by the non-life segment, which accounted for N1.1 trillion of the total premium. The life insurance business contributed N470 billion, underscoring strong momentum across both sectors.
Revealing these figures at the 54th Annual General Meeting of the Nigerian Insurers Association (NIA), the Chairman, Mr. Kunle Ahmed, described the year as one of notable progress, shaped by evolving market dynamics, economic shifts, and regulatory reforms.
According to Ahmed, the industry’s total assets also saw substantial growth, rising by 46.1% to N3.9 trillion, up from N2.67 trillion in 2023. Market capitalization followed suit, climbing to N1.2 trillion—a 41% increase from N850 billion recorded in 2022.
The sector’s commitment to claims settlement was also evident, with net claims totaling N622 billion. Of this, the non-life segment paid N437 billion, while the life segment accounted for N185 billion.
Ahmed noted that within the non-life insurance segment, fire and oil & gas policies were key revenue drivers, with all non-life product lines posting consistent quarter-on-quarter gains.
The life insurance sector also recorded significant advancement, led by group life insurance, which emerged as the top premium generator in that category.
Despite these encouraging figures, Ahmed acknowledged that insurance penetration remains relatively low in Nigeria. He emphasized that improving penetration would require stronger enforcement of compulsory insurance laws, enhancing the claims settlement process, and consolidating existing insurance regulations to build public trust.
With the industry showing renewed resilience and adaptability, stakeholders remain optimistic about sustaining this growth trajectory while working to deepen insurance inclusion across the country.
