Nigerian insurance companies paid N622bn claims in 2024

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The Nigerian insurance industry paid a total of ₦622 billion in claims to policyholders during the 2024 financial year.

This was disclosed by the Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, during the association’s 54th Annual General Meeting held in Lagos.

Mr. Ahmed noted that the industry witnessed significant developments in 2024, influenced by regulatory reforms, economic conditions, and evolving market dynamics.

Speaking on the industry’s financial performance, he stated, “The industry recorded a gross written premium of ₦1.562 trillion, representing a 56% increase from ₦1.003 trillion in 2023. The non-life segment contributed ₦1.1 trillion, while the life segment generated ₦470 billion.”

He also highlighted that the industry’s total assets rose to ₦3.9 trillion, a 46.1% increase from ₦2.67 trillion in 2023. Meanwhile, market capitalization grew to ₦1.2 trillion, up 41% from ₦850 billion in 2022.

According to Ahmed, net claims paid amounted to ₦622 billion, with the non-life segment accounting for ₦437 billion and the life segment for ₦185 billion.

Within the non-life segment, fire, oil, and gas insurance were key drivers of revenue growth, while all non-life products showed consistent quarter-on-quarter increases.

The life insurance segment also recorded notable growth, with group life insurance emerging as the highest premium contributor.