The performance of the Nigerian insurance industry on these two index, premium earned and commitment to policyholders is on upward spiral, the premium recorded for 2024 increased by 56% from N1.00tr in 2023 to N1.562 tr, while claims paid was N622tr, with the non-life segment accounting for N437 bn and the life segment for N185 bn.
The Chairman of the Nigerian Insurers Association (NIA), Mr Kunle Ahmed, gave the details of the win win industry’s 2024 financial performance for both the operators and claimants at the Association’s 2025 Annual General Meeting (AGM) held at Insurers House in Victoria Island, Lagos, Thursday June 26, 2025. The details of the industry’s performance presented on the backdrop of Digital Disruption & Social Innovation, with the rider, Reshaping Our Traditional Models; showed that non-life business accounted for N1.1 tn, while life business secured N470 bn.
The industry’s total assets expanded significantly to N3.9 tr, a 46.1% rise from N2.67 tr in 2023. Market capitalization also grew substantially, reaching N1.2 tr, a 41% increase from N850bn.
The NIA Chairman attributed the industry’s performance in 2024 to a combination of factors including regulatory changes, economic conditions, and evolving market dynamics.
“The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics
With rising statistics to cheer the Chairman said it would still remain a short fuse because, “Despite this growth, insurance penetration remains low, with efforts to improve penetration tied to addressing the enforcement of compulsory insurance policies, improvement in claims payment process and the consolidation of the insurance enabling laws.”
The option to sustain and improve the performance he positioned, is to “focus is on advancing the insurance industry by developing innovative products tailored to the needs of the financially excluded individuals and enforcing compulsory insurance policies to drive industry growth and development.”
