The Nigeria Insurance Reform Bill (“the Bill”), currently before the national assembly, is expected to change the regulatory landscape of the Nigerian Insurance Industry (the Industry). Agusto & Co. anticipates the injection of circa ₦600 billion in additional capital as insurers commence activities to comply with the increase in minimum capital requirements in the Bill.
According to Agusto & Co.’s estimates for the financial year ended 31 December 2024, the Industry’s insurance revenue crossed the ₦1 trillion mark to ₦1.1 trillion, a 32.7% year-on-year increase. Major growth drivers include aggressive marketing activities, an upward review of premiums to reflect the prevailing inflationary pressures and the impact of the steep naira depreciation on the premium from foreign currency-denominated policies. In the near term, we believe the insurance revenue would maintain the upward trajectory spurred by the uptick in compulsory insurance policies enforcement, increasing technology adoption in product distribution, the entrance of new players and recapitalisation activities.
Agusto & Co’s 2025 Insurance Industry Report includes:
