BY NKECHI NAECHE-ESEZOBOR—Despite the harsh economic challenges, the Nigerian insurance industry at the end of 2024 financial year paid a total of N622 billion as claims
The Chairman Nigerian Insurers Association, ( NIA), Kunle Ahmed, disclosed this during its 54th annual general meeting held today in Lagos, that the non-life segment accounting for N437 billion and the life segment for N185 billion.
He also noted that the industry reported a gross written premium of N1.562 trillion when compared to N1.003 trillion recorded in 2023, indicating 56% growth.
He added that the Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
The industry total assets expanded significantly to N3.9 trillion, a 46.1% rise from N2.67 trillion in 2023 while Market capitalization also grew substantially, reaching N1.2 trillion, a 41% increase from N850 billion in 2022.
While 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.
He however noted that 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.
On ECOWAS brown card he said, “in 2024 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 (NIIP) and the Nigerian Insurance Industry Database (NIID).
“ The Association will continue to work and collaborate with the Nigerian National Bureau to enable it meet the expectations of all stakeholders.
