Insurance

2018 Nigeria insurance industry snapshot

Chairman, Nigerian Insurers Association, Tope Smart

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Chuks Udo Okonta

Gross Premium Written N413.8 billion

Gross Claims Paid N193.5 billion

Reinsurance Paid N118.4 billion

Net Premium Income N287.8 billion

Total Underwriting Profit N56.6 billion

Profit Before Tax N40.2 billion

Profit After Tax N31.5 billion

Shareholders’ Fund N378.3 billion

Total Assets N1.2 trillion

Management Expenses N88.9 billion

Number of Companies 58

Number of Offices 854

Number of Employees 6,731 (Male 60%, Female 40%)

Insurance Penetration 1.6%

Contribution to GDP 0.34%

10yr CAGR of Gross Premium 8.75%

Source: 2018 Nigeria Insurance Digest, produced by the Nigerian Insurers Association

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