According to Agusto & Co’s estimates for the 2019 financial year, the Insurance Industry in Nigeria generated gross premium income (GPI) of ₦471 billion, approximately 12% higher than the preceding year’s GPI. Major growth drivers were the regulatory support through inclusive insurance initiatives such as bancassurance, slightly improved macroeconomic fundamentals following a rebound from a recession, the commencement of major infrastructural projects and an increasing awareness of the benefits of insurance.
The structure of the Nigerian Insurance Industry is set to change in the short term on account of a recapitalisation exercise that is expected to conclude on or before 31 December 2020. Besides the anticipated growth in the industry’s size, Agusto & Co also expects a decline in the total number of operators and significant changes in ownership structure, following the recapitalisation.
Agusto & Co’s 2020 Insurance Industry Report covers:
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