Non-Life Insurance in Nigeria
Summary
Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The Nigerian non-life insurance market recorded written premiums of $1 billion in 2023, representing a compound annual growth rate (CAGR) of 3.6% between 2018 and 2023.
- The property segment accounted for the market's largest proportion in 2023, with total written premiums of $0.5 billion, equivalent to 51.3% of the market's overall value.
- The market is contracted due to slow GDP growth, increased inflation rate, and declined private consumption expenditure. According to CEIC Data, private consumption expenditure dropped to $44.758 billion in December 2023, down from $54.731 billion in September 2023. This decline, coupled with increased inflation, has impacted the growth of the non-life insurance market.
- 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
- What was the size of the Nigeria non-life insurance market by value in 2023?
- What will be the size of the Nigeria non-life insurance market in 2028?
- 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?
- What are the main segments that make up 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 rivalry
- 1.6. 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. Who are the leading players?
- 7.2. What are the strengths and strategies of the leading players?
- 7.3. What are the challenges in the market?
- 8 Company Profiles
- 8.1. Aiico Insurance PLC
- 8.2. Custodian Investment PLC
- 8.3. AXA Mansard Insurance plc
- 8.4. Custodian and Allied Insurance Limited
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Nigeria non-life insurance market value: $ billion, 2018-23
- Table 2: Nigeria non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: Nigeria non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: Nigeria non-life insurance market geography segmentation: $ billion, 2023
- Table 5: Nigeria non-life insurance market value forecast: $ billion, 2023-28
- Table 6: Aiico Insurance PLC: Key Facts
- Table 7: Aiico Insurance PLC: Annual Financial Ratios
- Table 8: Aiico Insurance PLC: Key Employees
- Table 9: Custodian Investment PLC: Key Facts
- Table 10: Custodian Investment PLC: Annual Financial Ratios
- Table 11: Custodian Investment PLC: Key Employees
- Table 12: AXA Mansard Insurance plc: Key Facts
- Table 13: AXA Mansard Insurance plc: Annual Financial Ratios
- Table 14: AXA Mansard Insurance plc: Key Employees
- Table 15: Custodian and Allied Insurance Limited: Key Facts
- Table 16: Custodian and Allied Insurance Limited: Key Employees
- Table 17: Nigeria Size of Population (million), 2019-23
- Table 18: Nigeria Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 19: Nigeria GDP (Current Prices, $ Billion), 2019-23
- Table 20: Nigeria Inflation, 2019-23
- Table 21: Nigeria Consumer Price Index (Absolute), 2019-23
- Table 22: Nigeria Exchange Rate, 2018-23
- List of Figures
- Figure 1: Nigeria non-life insurance market value: $ billion, 2018-23
- Figure 2: Nigeria non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: Nigeria non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: Nigeria non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in Nigeria, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in Nigeria, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in Nigeria, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Nigeria, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Nigeria, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Nigeria, 2023
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