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: