Nigeria’s insurance industry achieved a significant milestone with Gross Premium Written (GPW) reaching N813.1 billion in Q2 2024, marking a 47.4% year-on-year growth and a 72.7% quarterly increase. According to the National Insurance Commission (NAICOM), this robust growth reflects improved regulatory oversight, increased public awareness, and the industry’s resilience amidst macroeconomic challenges. Life insurance claims settlement reached an impressive 92.5%, while the Motor Insurance segment reported a 95.3% claims settlement ratio, demonstrating strong operational efficiency.
The sector also recorded a total asset value of N3.68 trillion, a 9.5% rise from Q1 2024, with the Non-Life business contributing N2.29 trillion and Life insurance N1.39 trillion. Despite uneven market share concentration, with the top ten Life and Non-Life players controlling a significant portion of premiums, the industry showed profitability with a net loss ratio of 55.5%, an improvement over the previous year. Key growth drivers included strategic underwriting, efficient claims settlement, and effective risk management practices.
NAICOM emphasized the sector’s resilience, soundness, and stability, supported by a notable rise in claims reported (N297.9 billion) and paid (N259.4 billion). These figures reflect the industry’s efforts to enhance consumer confidence while ensuring profitability. The report concluded that the Nigerian insurance market continues to demonstrate a positive trajectory with strong regulatory support and market dynamics, signaling sustained growth potential.
