Nigeria Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
- The Nigerian non-life insurance market had total gross written premiums of $0.7 billion in 2022, representing a compound annual growth rate (CAGR) of 8.4% between 2017 and 2022.
- The Property segment accounted for market's the largest proportion in 2022, with total gross written premiums of $0.1 billion, equivalent to 17.4% of the market's overall value.
- Nigeria’s non-life insurance market experienced rather high growth over the historical period, however, the market reported lower growth of 4.3% in 2022, as compared to 2021.The cost of claims for non-life insurance providers will increase as a result of inflation driving up Nigerian insurance customers' costs.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Nigeria
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria non-life insurance market with five year forecasts by both value and volume
- What was the size of the Nigeria non-life insurance market by value in 2022?
- What will be the size of the Nigeria non-life insurance market in 2027?
- What factors are affecting the strength of competition in the Nigeria non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What strategies do leading players follow?
- 7.4. What has been the rationale behind recent M&A activity?
- 7.5. How has the COVID-19 outbreak impacted the market?
- 8 Company Profiles
- 8.1. AXA SA
- 8.2. Custodian Investment PLC
- 8.3. NEM Insurance Plc
- 8.4. Leadway Assurance Company Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. About MarketLine
- List of Tables
- Table 1: Nigeria non-life insurance market value: $ billion, 2017-22(e)
- Table 2: Nigeria non-life insurance market category segmentation: % share, by value, 2017-2022(e)
- Table 3: Nigeria non-life insurance market category segmentation: $ billion, 2017-2022
- Table 4: Nigeria non-life insurance market geography segmentation: $ billion, 2022(e)
- Table 5: Nigeria non-life insurance market value forecast: $ billion, 2022-27
- Table 6: Nigeria non-life insurance market share: % share, by value, 2022(e)
- Table 7: AXA SA: key facts
- Table 8: AXA SA: Annual Financial Ratios
- Table 9: AXA SA: Key Employees
- Table 10: AXA SA: Key Employees Continued
- Table 11: AXA SA: Key Employees Continued
- Table 12: Custodian Investment PLC: key facts
- Table 13: Custodian Investment PLC: Annual Financial Ratios
- Table 14: Custodian Investment PLC: Key Employees
- Table 15: NEM Insurance Plc: key facts
- Table 16: NEM Insurance Plc: Annual Financial Ratios
- Table 17: NEM Insurance Plc: Key Employees
- Table 18: Leadway Assurance Company Ltd: key facts
- Table 19: Leadway Assurance Company Ltd: Key Employees
- Table 20: Nigeria size of population (million), 2018-22
- Table 21: Nigeria gdp (constant 2005 prices, $ billion), 2018-22
- Table 22: Nigeria gdp (current prices, $ billion), 2018-22
- Table 23: Nigeria inflation, 2018-22
- Table 24: Nigeria consumer price index (absolute), 2018-22
- Table 25: Nigeria exchange rate, 2017-21
- List of Figures
- Figure 1: Nigeria non-life insurance market value: $ billion, 2017-22(e)
- Figure 2: Nigeria non-life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: Nigeria non-life insurance market geography segmentation: % share, by value, 2022(e)
- Figure 4: Nigeria non-life insurance market value forecast: $ billion, 2022-27
- Figure 5: Forces driving competition in the non-life insurance market in Nigeria, 2022
- Figure 6: Drivers of buyer power in the non-life insurance market in Nigeria, 2022
- Figure 7: Drivers of supplier power in the non-life insurance market in Nigeria, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Nigeria, 2022
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Nigeria, 2022
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Nigeria, 2022
- Figure 11: Nigeria non-life insurance market share: % share, by value, 2022(e)
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