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“.
