The Nigerian Insurance Industry chalked up gross written premiums of NGN1.56tn ($1.02bn) in 2024, 56% higher than the NGN1.00tn reported in 2023, according to the Nigerian Insurers Association (NIA).
Growth was driven by the non-life insurance branch that contributed NGN1.1tn to total GWP. Life business accounted for NGN470bn in GWP.
Net claims totalled NGN622bn, with the non-life branch accounting for NGN437bn and the life segment, NGN185bn.
Total industry’s assets grew to NGN3.9tn as of the end of 2024, 46.1% higher than 12 months previously.
Mr Kunle Ahmed, NIA chairman, said that the insurance industry’s 2024 performance was due to factors including regulatory changes, economic conditions and evolving market dynamics. He added, nevertheless, that more work was needed to increase the low insurance penetration rate.
The growth momentum in the insurance industry has continued into 2025. In the first quarter of 2025, the insurance industry posted overall GWP of NGN769.2bn, a record high for the first quarter of any year, revealed the NIA.
Nigeria’s headline inflation rate was an average of 31% in 2024.