Lagos: The Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year, marking a substantial increase over the previous year. Mr. Kunle Ahmed, Chairman of the Nigerian Insurers Association (NIA), shared these figures during the 54th Annual General Meeting of the NIA held in Lagos.
According to News Agency of Nigeria, this represents a 56 percent increase from the N1.003 trillion generated in 2023. The industry’s total assets also saw a notable rise, reaching N3.9 trillion, up 46.1 percent from N2.67 trillion in the previous year. Ahmed noted the significant developments within the industry, influenced by regulatory changes, economic conditions, and evolving market dynamics.
The non-life insurance business was a major contributor, accounting for N1.1 trillion of the gross written premium, while the life insurance segment generated N470 billion. Market capitalization also experienced growth, rising to N1.2 trillion, a 41 percent increase from N850 billion in 2022.
Ahmed further detailed that the net claims paid by the industry stood at N622 billion, with the non-life segment responsible for N437 billion and the life segment for N185 billion. Within the non-life sector, fire, oil, and gas insurance lines were significant drivers of revenue growth, showing strong quarter-on-quarter increases. The life insurance segment also saw substantial growth, with group life insurance emerging as the largest premium generator.
Despite these achievements, Ahmed highlighted that insurance penetration remains low. Efforts are underway to address this issue by enforcing compulsory insurance policies, improving the claims payment process, and consolidating the insurance enabling law. He emphasized the industry’s commitment to progress and innovation, driven by regulatory reforms, market expansion, and strengthened collaborations.
Ahmed concluded by reaffirming the industry’s dedication to building a resilient, inclusive, and forward-looking sector. He expressed confidence in enhancing industry standards, deepening financial inclusion, and fostering a culture of integrity and professionalism to shape the future of Nigerian insurance.
