Gross Written Premium of the insurance industry in the 2024 financial year rose by 56 per cent to N1.56tn from N1.00tn in the previous year, led by non-life insurance business.
This was disclosed by the Chairman of the Nigerian Insurers Association, Kunle Ahmed, at the 54th Annual General Meeting of the association held at the Insurers House in Lagos.
Ahmed noted that the Nigerian insurance industry experienced notable developments in 2024, shaped by regulatory changes, economic conditions, and evolving market 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.
“Non-life business accounted for N1.1tn, while life business generated N470bn. The industry’s total assets expanded significantly to ₦3.9 tn, a 46.1 per cent rise from ₦2.67 tn in 2023. Market capitalisation also grew substantially, reaching N1.2 tn, a 41 per cent increase from N850 bn in 2022.”
The industry paid about N622bn in claims, with the non-life segment accounting for N437bn and the life segment for N185bn.
Within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases. The life insurance segment also saw substantial growth, with group life insurance emerging as the largest premium generator.
In the year under review, the NIA chairman noted that insurance penetration remained low despite the growth in the industry’s financial numbers.
Some of the efforts aimed at boosting penetration included the enforcement of compulsory insurance policies, improvement in the claims payment process and the consolidation of the insurance enabling laws.
Ahmed added that the Automatic ECOWAS Brown Card Scheme commenced fully in 2024, thus ensuring seamless insurance coverage for motorists travelling across ECOWAS member states.
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.”
On the outlook, Ahmed 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.”
