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Nigeria Insurance Market, By Life Insurance (Individual Life Insurance, Group Life Insurance, Annuities); By Non-Life (General) Insurance (Motor Insurance, Fire & Property Insurance, Marine, Aviation, and Transit (MAT) Insurance, General Accident Insuranc

Publisher BlueWeave Consulting
Published Jul 04, 2025
Length 133 Pages
SKU # BLWC20227910

Description

Nigeria Insurance Market Size Set to Touch USD 8.74 Billion by 2031
Nigeria Insurance Market is expanding at a steady growth rate, primarily due to reforms, digitalization, rising incomes, and expanding demand across life and non-life segments.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Nigeria Insurance Market size by value at USD 7.35 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Nigeria Insurance Market size to grow at a steady CAGR of 2.50%, reaching a value of USD 8.74 billion by 2031. The Insurance Market in Nigeria is driven by a rising middle class, urbanization, and increasing awareness of financial protection. Regulatory reforms by NAICOM, including compulsory insurance policies, are enhancing compliance and market confidence. Digital transformation and mobile penetration are expanding access, especially through InsurTech and fintech partnerships. Economic diversification across agriculture, infrastructure, and SMEs is creating new insurable assets. Microinsurance is gaining traction among underserved populations, while improved distribution channels and financial literacy campaigns are fostering broader participation. Together, these factors are reshaping the insurance landscape, making it more inclusive, technology-driven, and responsive to Nigeria’s evolving socio-economic dynamics.
Opportunity – Microinsurance for Informal and Underserved Sectors
Microinsurance is emerging as a significant growth driver for Nigeria Insurance Market by targeting low-income and informal sector populations. With over 80 million Nigerians working outside the formal economy, demand for affordable, accessible coverage is rising. Microinsurance products offer simplified terms, low premiums, and flexible delivery through mobile platforms, cooperatives, and microfinance institutions. Regulatory support from NAICOM and growing fintech partnerships are accelerating adoption. This segment expands financial inclusion and also builds resilience among vulnerable groups, positioning microinsurance as a key catalyst for deepening insurance penetration and fostering equitable growth across Nigeria’s socio-economic spectrum.
Fire and Property Insurance Segment Leads Nigeria Market
The fire and property insurance segment is the largest in Nigeria’s non-life insurance market. This segment’s dominance is fueled by increased infrastructure development, commercial real estate investments, and stricter regulatory enforcement on asset protection. Businesses and individuals alike are prioritizing coverage for buildings, equipment, and inventory, driving sustained demand. While motor insurance, marine, aviation, and transit (MAT) insurance, and general accident insurance contribute follow fire and property insurance segment in Nigeria non-life insurance portfolio.

Impact of Escalating Geopolitical Tensions on Nigeria Insurance Market

Escalating geopolitical tensions are reshaping Nigeria Insurance Market by increasing operational risks and premium volatility. Rising global oil prices and disrupted trade routes are inflating claims in marine, aviation, and logistics insurance. Reinsurance costs are surging due to heightened global uncertainty, straining local insurers’ capacity. Capital market instability threatens investment portfolios, impacting solvency margins. Additionally, demand is rising for political risk, terrorism, and business interruption coverage. These dynamics are forcing Nigerian insurers to recalibrate underwriting strategies, adopt advanced risk models, and explore new products to remain resilient amid shifting global risk patterns.

Competitive Landscape

Nigeria Insurance Market is highly fragmented, with numerous players serving the market. Major companies dominating the market including Leadway Assurance Company Ltd, AIICO Insurance Plc, Custodian and Allied Insurance Plc, AXA Mansard Insurance Plc, Cornerstone Insurance Plc, FBN Insurance Ltd, Lasaco Assurance Plc, NEM Insurance Plc, Mutual Benefits Assurance Plc, Sovereign Trust Insurance Plc, and Industrial and General Insurance Plc. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in Nigeria Insurance Market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and Nigeria Insurance Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Nigeria Insurance Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

133 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. Nigeria Insurance Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Rising middle-class income and urbanization
3.2.1.2. Regulatory push for compulsory insurance schemes
3.2.1.3. Expansion of digital and mobile insurance platforms
3.2.2. Restraints
3.2.2.1. Low public awareness and financial literacy
3.2.2.2. Weak enforcement of mandatory insurance policies
3.2.2.3. Limited trust in insurers due to past claim disputes
3.2.3. Opportunities
3.2.3.1. Microinsurance for informal and underserved sectors
3.2.3.2. Strategic partnerships with fintech and telecom providers
3.2.4. Challenges
3.2.4.1. Fragmented market with undercapitalized players
3.2.4.2. Cultural and religious perceptions hindering adoption
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. Nigeria Insurance Market: Marketing Strategies
5. Nigeria Insurance Market: Pricing Analysis
6. Nigeria Insurance Market Overview
6.1. Market Size & Forecast, 2019–2031
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Life Insurance
6.2.1.1. Individual Life Insurance
6.2.1.2. Group Life Insurance
6.2.1.3. Annuities
6.2.2. By Non-Life (General) Insurance
6.2.2.1. Motor Insurance
6.2.2.2. Fire and Property Insurance
6.2.2.3. Marine, Aviation & Transit (MAT) Insurance
6.2.2.4. General Accident Insurance
6.2.3. By Reinsurance
6.2.3.1. Facultative Reinsurance
6.2.3.2. Treaty Reinsurance
6.2.3.3. Life and Non-Life Reinsurance
7. Competitive Landscape
7.1. List of Key Players and Their Offerings
7.2. Nigeria Insurance Company Market Share Analysis, 2024
7.3. Competitive Benchmarking, By Operating Parameters
7.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on Nigeria Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
9.1. Leadway Assurance Company Ltd
9.2. AIICO Insurance Plc
9.3. Custodian and Allied Insurance Plc
9.4. AXA Mansard Insurance Plc
9.5. Cornerstone Insurance Plc
9.6. FBN Insurance Ltd
9.7. Lasaco Assurance Plc
9.8. NEM Insurance Plc
9.9. Mutual Benefits Assurance Plc
9.10. Sovereign Trust Insurance Plc
9.11. Industrial and General Insurance Plc
9.12. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
11.1. Qualitative Research
11.1.1. Primary & Secondary Research
11.2. Quantitative Research
11.3. Market Breakdown & Data Triangulation
11.3.1. Secondary Research
11.3.2. Primary Research
11.4. Breakdown of Primary Research Respondents, By Region
11.5. Assumptions & Limitations
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Nigeria Insurance Segmentation
Figure 2 Nigeria Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2024
Figure 4 Nigeria Insurance Market Size, By Value (USD Million), 2019–2031
Figure 5 Nigeria Insurance Market Share, By Life Insurance, By Value, 2019–2031
Figure 6 Nigeria Insurance Market Share, By Non-life Insurance, By Value, 2019–2031
Figure 7 Nigeria Insurance Market Share, By Reinsurance, By Value, 2019–2031
List of Tables
Table 1 Nigeria Insurance Market Size, By Value (USD Million), 2019–2031
Table 2 Nigeria Insurance Market Size, By Life Insurance, By Value, 2019–2031
Table 3 Nigeria Insurance Market Size, By Non-life Insurance, By Value, 2019–2031
Table 4 Nigeria Insurance Market Size, By Reinsurance, By Value, 2019–2031
Table 6 Leadway Assurance Company Ltd Company Overview
Table 7 Leadway Assurance Company Ltd Financial Overview
Table 8 AIICO Insurance Plc Company Overview
Table 9 AIICO Insurance Plc Financial Overview
Table 10 Custodian and Allied Insurance Plc Company Overview
Table 11 Custodian and Allied Insurance Plc Financial Overview
Table 12 AXA Mansard Insurance Plc Company Overview
Table 13 AXA Mansard Insurance Plc Financial Overview
Table 14 Cornerstone Insurance Plc Company Overview
Table 15 Cornerstone Insurance Plc Financial Overview
Table 16 FBN Insurance Ltd Company Overview
Table 17 FBN Insurance Ltd Financial Overview
Table 18 Lasaco Assurance Plc Company Overview
Table 19 Lasaco Assurance Plc Financial Overview
Table 20 NEM Insurance Plc Company Overview
Table 21 NEM Insurance Plc Financial Overview
Table 22 Mutual Benefits Assurance Plc Company Overview
Table 23 Mutual Benefits Assurance Plc Financial Overview
Table 24 Sovereign Trust Insurance Plc Company Overview
Table 25 Sovereign Trust Insurance Plc Financial Overview
Table 26 Industrial and General Insurance Plc Company Overview
Table 27 Industrial and General Insurance Plc Financial Overview

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