Nigeria

The country profile below provides information on population, gross domestic product, insurance premiums and leading insurers.

Insurance Association

Nigerian Insurers Association
Web: http://www.nigeriainsurers.org/

 

POPULATION, 2011-2014 (1)

Year Population
2011 155,215,573
2012 170,123,740
2013 174,507,539
2014 177,155,754

(1) Estimated.

Source: U.S. Central Intelligence Agency.

 

 

GROSS DOMESTIC PRODUCT, 2009-2013 (1)

Year GDP
2009 $328.1
2010 353.2
2011 369.8
2012 414.5
2013 478.5

(1) Based on Purchasing Power Parity calculations, which take into account the relative cost of living and inflation rates of countries. GDP estimate for July for each year shown.

Source: U.S. Central Intelligence Agency.

 

 

LIFE AND NONLIFE INSURANCE PREMIUMS, 2014

(U.S. $ millions)

  Direct premiums written
Nonlife premiums (1) $1,332
Life premiums 457
Total premiums $1,790
Percent of total world premiums 0.04%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 4/2015.

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LEADING NONLIFE INSURANCE COMPANIES, 2013

  Gross written premiums
Company NGN Mn USD Mn
Leadway Assurance Co. Ltd. 19,371.1 123.1
Custodian and Allied Insurance Co. Plc. 17,167.1 109.1
Mansard Insurance Plc. 10,604.1 67.4
AIICO Insurance Plc. 9,354.9 59.5
NEM Insurance Co. Plc. 8,933.3 56.8
Sovereign Trust Insurance Plc. 8,673.7 55.1
STACO Insurance Plc. 6,743.0 42.9
Royal Exchange ASS Nigeria Plc. 6,736.8 42.8
Zenith General Insurance Co. Ltd. 6,605.3 42.0
Industrial and General Insurance Plc. 6,527.1 41.5

Source: Axco Insurance Information Services.

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LEADING LIFE INSURANCE COMPANIES, 2013

 

  Gross written premiums
Company NGN Mn USD Mn
Leadway Assurance Co. Ltd. 16,732.2 106.4
AIICO Insurance URANCE Plc. 13,388.5 85.1
Niger Insurance Plc. 7,582.3 48.2
African Alliance Insurance Co. Ltd. 6,569.0 41.8
FBN LIFE 3,899.0 24.8
Capital Express Insurance Co. Ltd. 3,424.0 21.8
Mansard INSURANCE 2,975.6 18.9
Mutual Benefit Life Assurance Co. Ltd. 2,534.1 16.1
Royal Prudential Life Assurance Plc. 2,142.5 13.6
Standard Alliance Life Assurance Co. Ltd. 1,874.3 11.9

Source: Axco Insurance Information Services.

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