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Non-Life Insurance in Nigeria

Publisher MarketLine
Published Dec 11, 2025
Length 41 Pages
SKU # MTLN20936983

Description

Non-Life Insurance in Nigeria

Summary

Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2019-24, and forecast to 2029). 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 typically 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 Nigerian non-life insurance market recorded gross written premiums of $0.7 billion in 2024, representing a negative compound annual growth rate (CAGR) of 4.6% between 2019 and 2024.
  • The property segment accounted for the market's largest proportion in 2024, with total gross written premiums of $0.4 billion, equivalent to 56.1% of the market's overall value.
  • The contraction of the Nigerian non-life insurance market is primarily driven by adverse exchange rate movements and the depreciation of the Nigerian naira against the dollar, which reduced the market’s value when converted into dollars. However, the market expanded in local currency, supported by rising premiums and continued demand across property, motor, and liability segments.
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 2024?
  • What will be the size of the Nigeria non-life insurance market in 2029?
  • 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

41 Pages
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market rivalry
1.6. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Who are the leading players?
7.2. What are the strategies of the leading players?
7.3. What are the most recent developments in the market?
8 Company Profiles
8.1. Aiico Insurance PLC
8.2. Custodian Investment PLC
8.3. AXA Mansard Insurance plc
8.4. Custodian and Allied Insurance Limited
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: Nigeria non-life insurance market value: $ billion, 2019-24
Table 2: Nigeria non-life insurance market category segmentation: % share, by value, 2019-24
Table 3: Nigeria non-life insurance market category segmentation: $ billion, 2019-24
Table 4: Nigeria non-life insurance market geography segmentation: $ billion, 2024
Table 5: Nigeria non-life insurance market value forecast: $ billion, 2024-29
Table 6: Aiico Insurance PLC: Key Facts
Table 7: Aiico Insurance PLC: Annual Financial Ratios
Table 8: Aiico Insurance PLC: Key Employees
Table 9: Custodian Investment PLC: Key Facts
Table 10: Custodian Investment PLC: Annual Financial Ratios
Table 11: Custodian Investment PLC: Key Employees
Table 12: AXA Mansard Insurance plc: Key Facts
Table 13: AXA Mansard Insurance plc: Annual Financial Ratios
Table 14: AXA Mansard Insurance plc: Key Employees
Table 15: Custodian and Allied Insurance Limited: Key Facts
Table 16: Custodian and Allied Insurance Limited: Key Employees
Table 17: Nigeria Size of Population (Million), 2020-24
Table 18: Nigeria Real GDP (Constant 2010 Prices, $ Billion), 2020-24
Table 19: Nigeria GDP (Current Prices, $ Billion), 2020-24
Table 20: Nigeria Inflation, 2020-24
Table 21: Nigeria Consumer Price Index (Absolute), 2020-24
Table 22: Nigeria Exchange Rate, 2019-24
List of Figures
Figure 1: Nigeria non-life insurance market value: $ billion, 2019-24
Figure 2: Nigeria non-life insurance market category segmentation: $ billion, 2019-24
Figure 3: Nigeria non-life insurance market geography segmentation: % share, by value, 2024
Figure 4: Nigeria non-life insurance market value forecast: $ billion, 2024-29
Figure 5: Forces driving competition in the non-life insurance market in Nigeria, 2024
Figure 6: Drivers of buyer power in the non-life insurance market in Nigeria, 2024
Figure 7: Drivers of supplier power in the non-life insurance market in Nigeria, 2024
Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Nigeria, 2024
Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Nigeria, 2024
Figure 10: Drivers of degree of rivalry in the non-life insurance market in Nigeria, 2024

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