The Nigerian Insurance Market

Abodunrin Roberts

Quick overview

  • At present there are about 57 registered insurance companies and 2 registered reinsurance companies. 
  • Out of the 57 insurance companies, about 14 companies underwrite life assurance business. 
  • There are 460 registered insurance brokers and about 15,000 insurance agents
  • The Nigerian insurance market has been described as brokers’ market because presently brokers control over 90 per cent of the premium income. 

Source: The Nigerian Insurers Association


Some companies in the market


Other useful links


A few facts about Nigeria

  • Country: Nigeria
  • Capital: Abuja
  • Largest city: Lagos
  • Population: 206,630,269 (2020 estimate)
  • Official languages: English
  • National languages: Hausa, Igbo, Yoruba
  • Currency: Naira (₦) (NGN)


Would you like to know much more about the different insurance markets around the World? If yes, check out our course “F02 – Introduction to the Market“.