2022 Insurance Industry Report

2022 Insurance Industry Report

In 2021, the Insurance Industry had to grapple with the negative residues of the COVID-19 pandemic and the #EndSARS protests. In particular, higher claims were paid to policyholders who suffered losses from lootings and destruction that marred the #EndSARS protests in October 2020. As a result, the Industry’s gross premium income (GPI) remained stagnant at ₦520.1 billion (or $1.4 billion) when compared to the prior year. Nevertheless, the Industry remains resilient with various initiatives by insurers to improve retail product penetration and boost GPI. Some of these initiatives include increased adoption of bancassurance to reduce the dependence on brokers and partnerships with Fintechs. We believe that enhanced bancassurance would allow insurance operators to leverage the more structured data and client base of the banking industry to deepen their reach in the retail market. Furthermore, the sharp switch to virtual channels, one of the many rapid changes witnessed during the pandemic induced lockdowns in 2020 was sustained in 2021 with individuals and corporates maintaining a significant online presence. We expect this trend to continue. With more people online, insurance companies can create targeted marketing campaigns aimed at re-orientating Nigerians to embrace insurance products.

Our Agusto & Co.’s 2022 Insurance Industry Report include an analysis of the following:

  • The impact of the macroeconomic environment on the Insurance Industry
  • The key trends and developments in the Industry
  • The changes in the regulatory environment and expected impact on the Industry
  • A detailed analysis of the Industry’s Gross Premium Income (with breakdown by operating segments and business lines)
  • 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 financial statements of forty-five (44) insurance companies for the period ended 31 December 2020
  • A summary of key financial indicators for the third quarter of 2021 using available unaudited accounts of 15 underwriters
  • The Insurance Industry’s three years historical data estimates for 2021 and forecasts for 2022
  • An outlook for the Industry
  • To gain market intelligence on the Industry through the financial summaries of 44 insurance companies covered in the report. The Industry’s risk rating is also provided in the report.
  • To understand the recent changes in the regulatory environment and how these will shape the Industry in the near term

$1,556.00