Nigeria Insurance Report

Published 29 October 2015

Quarterly report providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

Why you should buy this report

  • Benefit from the latest market opportunities
  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position

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Nigeria Insurance Report
Product Price

BMI View: We have a positive outlook for both Nigeria's life and non-life insurance segments over the coming years. Key growth drivers reside in the country's improving economic conditions, which means that with rising incomes and a growing middle class, increasingly more Nigerians will be able to afford long-term and short-term insurance contracts as their rates of auto and home ownership increase. We note, however, that currency movements due to falling oil prices and national security issues may weigh on the growth potential of life and non-life premiums.

Headline Insurance Forecasts (Nigeria 2012-2019)
Indicator 2012e 2013e 2014e 2015f 2016f 2017f 2018f 2019f
Gross life premiums written, NGNbn 66.51 77.16 87.92 100.33 110.95 127.63 145.14 163.54
Gross life premiums written, NGN, % y-o-y 14.7 16.0 13.9 14.1 10.6 15.0 13.7 12.7
Gross life premiums written, USDbn 0.42 0.48 0.53 0.49 0.48 0.50 0.53 0.57
Gross life premiums written, USD, % y-o-y 12.6 15.7 9.9 -7.2 -3.2 4.2 6.3 8.0
Gross non-life premiums written, NGNbn 191.14 206.11 222.34 228.71 248.56 268.89 293.63 318.45
Gross non-life premiums written, NGN, % y-o-y 8.8 7.8 7.9 2.9 8.7 8.2 9.2 8.5
Gross non-life premiums written, USDbn 1.20 1.29 1.35 1.13 1.07 1.05 1.07 1.11
Gross non-life premiums written, USD, % y-o-y 6.7 7.6 4.0 -16.3 -4.9 -2.0 2.0 3.9

Key Updates And Forecasts

  • With a share of nearly 70% in total written non-life premiums in 2016, non-life insurance is by far the more important segment in Nigeria's insurance sector. Notably, with insurance penetration rates of around 0.2%, non-life insurance is only slightly more developed than life insurance. We expect, however, that life insurance will continue to outpace its non-life counterpart over the...

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BMI Industry View
Table: Headline Insurance Forecasts (Nigeria 2012-2019)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Nigeria 2012-2019)
Table: Life Insurance Claims (Nigeria 2007-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Nigeria 2012-2019)
Table: Non-Life Insurance Claims (Nigeria 2008-2013)
Non-Life Sub-Sector Forecast
Table: Non Life Insurance Premiums by Product Line (Nigeria 2012-2019)
Industry Risk Reward Ratings
Sub-Saharan Africa Risk/Reward Index
Table: Sub-Saharan Africa Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Leadway Assurance Company
Mansard Insurance
MMI Holdings
Old Mutual
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

The Nigeria Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Nigeria Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Nigerian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in Nigeria's insurance market.
  • Target business opportunities and risks in Nigeria through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).


BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.


The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.