Nigerian insurance industry reported a gross written premium of N1.562 trillion in 2024, a 56 per cent increase over the N1.003 trillion recorded in 2023.
Non-life business accounted for major growth standing at N1.1 trillion, while life business generated N470 billion.
The industry鈥檚 total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023.
Market capitalization also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.
Net claims paid by the industry amounted to N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
Read Also: Nigeria opens door to new economy as Tinubu signs landmark tax reform laws
Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed who made this known during the 54th annual general meeting of the association said the industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics.
Ahmed stated that 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.
He said: 鈥淭he 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 laws鈥.