Trade & Investment
Nigeria’s insurance industry is one of the biggest in Africa, although its penetration is very low compared to its potential market size due largely to cultural and religious beliefs. Despite this, the industry remains resilient. According to Agusto & Co.’s estimates, the Nigerian Insurance Industry’s gross premium income (GPI) grew by 15% year-on-year to ₦592.3 billion in the financial year ended 31 December 2020 with total investment income in excess.
With the implementation of the Pension Reform Act 2014 and the sustained implementation of tight monetary regime by the Central Bank of Nigeria, the insurance industry is expected to continue in the path of growth which is estimated to be at an annual average of 10%. The industry is regulated by National Insurance Commission (NAICOM) which is charged with the effective administration, supervision, regulation and control of the business of insurance in Nigeria.
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