Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The Nigerian non-life insurance market recorded written premiums of $1 billion in 2023, representing a compound annual growth rate (CAGR) of 3.6% between 2018 and 2023.
- The property segment accounted for the market's largest proportion in 2023, with total written premiums of $0.5 billion, equivalent to 51.3% of the market's overall value.
- The market is contracted due to slow GDP growth, increased inflation rate, and declined private consumption expenditure. According to CEIC Data, private consumption expenditure dropped to $44.758 billion in December 2023, down from $54.731 billion in September 2023. This decline, coupled with increased inflation, has impacted the growth of the non-life insurance market.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Nigeria
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria non-life insurance market with five year forecasts
Reasons to Buy
- What was the size of the Nigeria non-life insurance market by value in 2023?
- What will be the size of the Nigeria non-life insurance market in 2028?
- What factors are affecting the strength of competition in the Nigeria non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up Nigeria's non-life insurance market?
Table of Contents
1 Executive Summary
2 Market Overview
3 Market Data
4 Market Segmentation
5 Market Outlook
6 Five Forces Analysis
7 Competitive Landscape
8 Company Profiles
9 Macroeconomic Indicators
10 Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Aiico Insurance PLC
- Custodian Investment PLC
- AXA Mansard Insurance plc
- Custodian and Allied Insurance Limited
