By Taiye Olayemi

 

 

 

Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year.

 

 

 

Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) on Thursday in Lagos.

 

 

 

Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.

 

 

 

According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.

 

 

 

He said, “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics.

 

 

 

“Available data indicated robust growth in gross premiums. The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023.

 

 

 

“Non-life business accounted for N1.1 trillion, while life business generated N470 billion.

 

 

 

“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023.

 

 

 

“Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”

 

Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.

 

 

 

He said 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.

 

 

 

“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 law.

 

 

 

“As we reflect on the achievements and challenges of the past year, we reaffirm our commitment to driving progress and innovation within the Nigerian insurance industry.

 

 

 

“The strides we have made through regulatory reforms, market expansion, and strengthened collaborations underscore our dedication to building a resilient, inclusive, and forward-looking sector.

 

 

 

“Our journey is one of continuous evolution, and with the unwavering support of our members and stakeholders, we will remain steadfast in our pursuit of excellence.

 

 

 

“Together, we will enhance industry standards, deepen financial inclusion, and foster a culture of integrity and professionalism that will shape the future of Nigerian insurance,” he said. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa