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Market Insights Financial
- Nigeria
- The Insurances market in Nigeria is projected to reach a market size (gross written premium) of US$8.12bn in 2024.
- Life insurances dominates the market with a projected market volume of US$4.91bn in 2024.
- The average spending per capita in the Insurances market amounts to US$35.44 in 2024.
- When compared globally, the United States has the highest nominal value, reaching US$4,642.0bn in 2024.
- The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of -3.20%, resulting in a market volume of US$7.13bn by 2028.
- In global comparison, the United States will generate the most gross written premium, reaching US$4,642.0bn in 2024.
- Nigeria's insurance market is experiencing a surge in demand for health insurance due to the increasing awareness of the importance of preventive healthcare.
Definition:
Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.
Structure:
The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.
Additional information:
The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.
in-scope
- Life insurances
- Non-life insurances
out-of-scope
- Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
- Reinsurance
Insurances
- Life insurance
- Non-life insurances
- Health insurance
- Motor Vehicle Insurance
- Property Insurance
- General Liability Insurance
- Legal Insurance
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Market
Region
Region comparison
Currency
Analyst Opinion
The Insurances market in Nigeria has been experiencing significant growth and development in recent years. Customer preferences: Trends in the market: Local special circ*mstances: Underlying macroeconomic factors:
Methodology
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.
Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).
Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Overview
- Gross Written Premium
- Gross Claim Payments
- Loss Ratio
- Analyst Opinion
- Methodology
- Key Market Indicators
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