By Bakare Ogunleye
The Nigerian insurance industry said growth has been recorded in 2024, with gross written premiums (GWP) surging to N1.56 trillion, marking a 56 per cent increase from the N1.003 trillion position in 2023.
This growth comes as insurer’s disbursed N622 billion in claims to policyholders, representing approximately 40 per cent of the total premium income for the year.
Revealing the performance metrics at the 54th yearly general meeting of the Nigerian Insurers Association (NIA) in Lagos, the association’s Chairman, Kunle Ahmed, highlighted strong sector wide performance across both life and non-life segments.
According to him, the non-life insurance business contributed N1.1 trillion to the total premium, while the life segment accounted for N70 billion. On the claims side, non-life underwriters paid out N437 billion, with life insurers settling N185 billion in claims.
The industry also saw significant growth in assets, which climbed 46.1 per cent to N3.9 trillion in 2024 from N2.67 trillion a year earlier. Similarly, market capitalization rose by 41 per cent, reaching N1.2 trillion, up from N850 billion in 2022.
Ahmed noted that fire, oil and gas insurance lines were key revenue drivers within the non-life sector, while group life insurance remained the top performance on the life side. He, however, acknowledged the persistent challenge of low insurance penetration, stressing the need for strengthened enforcement of compulsory insurance policies, streamlined claims processes, and legislation reforms to increase adoption.
The National Insurance Commission (NAICOM), he added, continues to play a vital role in sector governance, driving reforms through enhanced solvency requirements, consumer protection measures, and digital transformation initiatives to ensure broader access and operational efficiency.
Also speaking at the meeting, the Director General of the council, Mrs. Bola Odukale, reiterated the NIA’s commitment to working with NAICOM and other financial sector stakeholders to develop initiatives, inclusive products across the needs of underserved Nigerians and expand the reach of insurance across the country.
