2021 Insurance Industry Report

In the last three years, the Nigerian Insurance Industry has evolved on the back of the on-going recapitalisation exercise, expansion of distribution channels, COVID-19 pandemic, among others. In the near term, the impact of the #EndSARS protest, entry of new players and the financial inclusion campaign will change the structure of the Industry. Agusto & Co. also believes that the impact of the on-going recapitalisation exercise on the ownership structure, number of operators and investment structure, will linger until the medium term.

According to Agusto & Co.’s estimates, the Nigerian Insurance Industry’s gross premium income (GPI) grew by 15% year-on-year to ₦592.3 billion in the financial year ended 31 December 2020. Technological innovation in product distribution induced by the pandemic, regulatory-backed opportunities including the digitisation of marine insurance certificates and an increasing awareness of the benefits of insurance are some of the GPI growth drivers during the 2020 financial year.

Agusto & Co.’s 2021 Insurance Industry Report includes:

• An analysis of the Industry’s current capital structure and Agusto & Co.’s expectations post recapitalisation
• The impact of COVID-19 on the macroeconomic environment and the Insurance Industry
• The key trends and developments in the Industry
• The changes in the regulatory environment and expected impact on the Industry
• The Nigerian macroeconomic environment and the impact on the Industry
• A detailed analysis of the Industry’s Gross Premium Income (GPI by Distribution Channels, GPI by Business Line, GPI by Sector, GPI by Region, GPI by Operating Segments)
• A comprehensive ranking of Industry players across various financial indicators
• A detailed analysis of the Industry’s financial condition, based on figures and information published in the approved financial statements of forty-five (45) licensed underwriters for the period ended 31 December 2019
• A summary of key financial indicators for the third quarter of 2020 using available unaudited accounts of 14 underwriters
• The Insurance Industry’s three years historical data estimates for 2020 and forecasts for 2021
• An outlook for the Industry