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, 2011-2015 (1)

 

Year Population
2011 155,215,573
2012 170,123,740
2013 174,507,539
2014 177,155,754
2015 181,562,056

(1) Estimated.

Source: U.S. Central Intelligence Agency.

 

 

Gross Domestic Product, 2011-2015 (1)

(U.S. $ billions)

Year GDP
2011 $369.8
2012 414.5
2013 478.5
2014 1,058.0
2015 1,092.0

(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.

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Life And Nonlife Insurance Premiums, 2015

(U.S. $ millions)

  Direct premiums written
Nonlife premiums (1) $974
Life premiums 446
Total premiums $1,420
Percent of total world premiums 0.03%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2016.

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Leading Nonlife Insurance Companies, 2014

 

  Gross written premiums
Company NGN Mn USD Mn
Leadway Assurance Co. Ltd. 17,838.3 112.5
Custodian and Allied Insurance Co. Plc. 16,146.4 101.8
AXA Mansard Insurance Plc. 13,124.7 82.8
Mutual Benefit ASS Plc. 11,347.2 71.6
NEM Insurance Co Plc. 9,548.3 60.2
AIICO Insurance Plc. 8,873.6 56.0
Zenith General Insurance Co. Ltd. 7,720.4 48.7
Sovereign Trust Insurance Plc. 7,205.5 45.5
Royal Exchange ASS Nigeria Plc. 6,719.8 42.4
STACO Insurance Plc. 5,895.6 37.2

Source: Axco Insurance Information Services.

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Leading Life Insurance Companies, 2014

 

  Gross written premiums
Company  NGN Mn    USD Mn  
Leadway Assurance Co Ltd. 21,169.9 133.7
AIICO Insurance Plc  11,680.3 73.7
Niger Insurance Plc  8,652.6 54.6
FBN LIFE  7,109.4 44.9
African Alliance Insurance Co Ltd  5,618.9 35.5
Mutual Benefit Life Assurance Co Ltd  3,812.7 24.1
Standard Alliance Life Assurance Co Ltd. 2,994.4 18.9
Capital Express Insurance Co Ltd  2,869.1 18.1
Royal Prudential Life Assurance Plc 2,639.4 16.7
Custodian Life Assurance  2,517.1 15.9

Source: Axco Insurance Information Services.

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