The Nigerian insurance sector experienced a remarkable financial boost in the 2024 fiscal year, as Gross Written Premiums (GWPs) climbed by 56% to N1.56 trillion, up from N1.00 trillion in the preceding year. This performance was primarily driven by the non-life insurance segment.
This development was highlighted by the Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, during the association’s 54th Annual General Meeting held at the Insurers House in Lagos.
Ahmed acknowledged that 2024 was a transformative year for the Nigerian insurance space, influenced by shifts in regulation, macroeconomic factors, and evolving industry dynamics.
He said, “Available data indicated robust growth in gross premiums. The industry reported a gross written premium of N1.56tn, a 56 per cent increase over the N1.003tn recorded in 2023.”
The non-life sector led the charge, contributing N1.1 trillion to the total premium, while life insurance added N470 billion. The industry’s combined asset base grew significantly as well, hitting ₦3.9 trillion — a 46.1% rise from ₦2.67 trillion in 2023. Capitalisation within the market also experienced an upswing, reaching N1.2 trillion — a 41% increase from the N850 billion reported in 2022.
Claim settlements across the sector totaled about N622 billion, with non-life insurance responsible for N437 billion and life insurance covering N185 billion. Among non-life products, the fire, oil, and gas insurance categories stood out as top revenue contributors, each showing healthy growth across all quarters. Life insurance also saw meaningful progress, with group life policies becoming the top performer in terms of premium inflow.
Despite the impressive financial metrics, Ahmed pointed out that overall insurance uptake across Nigeria remained relatively low. To tackle this, efforts such as stricter enforcement of compulsory insurance, faster claims processing, and updates to the legal framework supporting insurance were pursued to stimulate deeper market penetration.
He also highlighted that the Automatic ECOWAS Brown Card Scheme was fully operational in 2024, providing uninterrupted insurance protection for drivers moving within the West African sub-region.
He said, “Our special thanks go to the Commissioner for Insurance, Mr Olusegun Omosehin, and all members of the Governing Council for making this possible. In the year, we witnessed motor business underwriting companies increasingly issuing motor insurance certificates with ECOWAS Brown Cards using the electronic certificates provided on the Nigerian Insurance Industry Platform and the Nigerian Insurance Industry Database.
“The Association will continue to work and collaborate with the Nigerian National Bureau to enable it to meet the expectations of all stakeholders.”
Looking ahead, Ahmed expressed optimism about the industry’s trajectory, stressing the Association’s resolve to strengthen cooperation, foster inclusive growth, and unlock new opportunities for the Nigerian insurance market.
He said, “As we continue to navigate emerging challenges and opportunities, the Association remains dedicated to deepening these relationships, fostering mutual understanding, and driving collective progress for the benefit of the entire Nigerian insurance ecosystem. Together, we build a stronger, more impactful industry.”
