The Nigerian insurance industry recorded a gross written premium (GWP) of N1.56 trillion in 2024, representing a 56% increase from N1 trillion in 2023, according to the Nigerian Insurers Association (NIA).
The announcement was made at the 54th annual general meeting of the NIA held in Lagos, where the association’s Chairman, Kunle Ahmed, presented key industry performance metrics. The data highlighted strong growth across both life and non-life segments.
A total of N622 billion was paid out in claims to policyholders, accounting for approximately 40% of the total premium income. Within this, non-life underwriters disbursed N437 billion, while life insurers paid N185 billion.
Breaking down the premium figures, the non-life segment contributed N1.1 trillion, while the life business accounted for N70 billion. Ahmed noted that fire, oil and gas insurance were the top revenue generators in the non-life sector, while group life insurance led the life segment.
The industry also experienced robust asset growth, with total assets rising 46.1% to N3.9 trillion, up from N2.67 trillion in 2023. Market capitalisation followed suit, climbing 41% to N1.2 trillion, compared to N850 billion the previous year.
These figures underscore the resilience and growth potential of Nigeria’s insurance market amid ongoing economic reforms and increasing public awareness.
