The Nigerian Insurance Industry’s gross premium income sustained its growth trajectory in 2018, with Gross Premium Income (GPI) rising by over 12% to an estimated ₦448.6 billion on account of favorable macroeconomic indices and the commencement of major projects across the country such as the Dangote refinery and fertilizer production plant. Other major contributors to the Industry’s growth were increased regulatory support through the implementation of bancassurance and microinsurance initiatives. Going forward, we expect growing awareness and campaigning efforts by key stakeholders to strengthen confidence in the Industry and subsequently impact positively on growth. In addition, the anticipated recapitalisation of the Industry is expected to boost performance in the medium to long term.
Agusto & Co’s 2019 Insurance Industry Report includes: