The Nigerian insurance industry recorded impressive growth in 2024, posting a gross written premium (GWP) of ₦1.562 trillion for the financial year.
This marks a 56% increase from the ₦1.003 trillion achieved in 2023, according to Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA). Ahmed shared the figures during the NIA’s 54th Annual General Meeting held Thursday in Lagos.
Key Growth Highlights
The industry also saw a significant rise in total assets, which climbed to ₦3.9 trillion in 2024 — a 46.1% jump from ₦2.67 trillion in the previous year.
“The Nigerian insurance sector in 2024 experienced remarkable progress, shaped by regulatory reforms, economic trends, and shifting market dynamics,” Ahmed said.
A detailed breakdown showed:
- Non-life insurance contributed ₦1.1 trillion to the GWP.
- Life insurance generated ₦470 billion.
- Market capitalization rose by 41% to ₦1.2 trillion, up from ₦850 billion in 2022.
The industry also paid ₦622 billion in net claims. Out of this, the non-life segment accounted for ₦437 billion, while life insurance settled ₦185 billion in claims.
What’s Driving the Growth?
Ahmed explained that fire, oil, and gas insurance were the leading drivers in the non-life segment, recording strong quarter-on-quarter growth.
In the life insurance space, group life policies emerged as the top revenue earner.
Challenges and the Road Ahead
Despite this growth, insurance penetration in Nigeria remains low. Ahmed emphasized the need for:
Stronger enforcement of compulsory insurance policies
Faster claims settlement processes
Consolidation of enabling laws to support the sector
“We remain committed to driving innovation, expanding the market, and building a resilient and inclusive insurance sector for all Nigerians,” he added.
The NIA pledged to continue its work on regulatory reforms and partnerships to position the industry for long-term growth and to improve financial inclusion nationwide.
