GMCS UPTOWN PROPERTIES AND INVESTMENT LTD

Help & Support

GMCS UPTOWN PROPERTIES AND INVESTMENT LTD

08 Jan

Nigeria's Insurance Sector Posts N1.2 Trillion Premium Income in 2024

The insurance industry shows remarkable growth driven by increased awareness and mandatory insurance policies across key sectors.

Nigeria's insurance sector has achieved a milestone with total premium income reaching N1.2 trillion in 2024, representing a 28% increase from the previous year. This growth reflects increased insurance penetration and the success of various government initiatives to promote insurance adoption. The National Insurance Commission (NAICOM) Commissioner, Olorundare Thomas, attributed the growth to several factors including increased awareness campaigns, implementation of mandatory insurance policies, and improved regulatory oversight. Life insurance led the growth with premium income of N487 billion, while general insurance recorded N713 billion. The sector's total assets now exceed N2.8 trillion, with industry capitalization reaching N950 billion following recent recapitalization exercises. Leadway Assurance, AXA Mansard, and AIICO Insurance emerged as top performers, with each recording significant premium growth and improved solvency ratios. These companies have invested heavily in technology and distribution networks to reach previously underserved markets. The implementation of compulsory insurance for various sectors has been a major driver of growth. Group life insurance for employees, professional indemnity insurance, and motor third-party insurance have all contributed significantly to premium income. Takaful (Islamic insurance) products have also gained traction, with specialized operators like Cornerstone Insurance and Niger Insurance leading this segment. The introduction of Sharia-compliant products has opened up new market segments. NAICOM has implemented several reforms including risk-based supervision, improved corporate governance standards, and enhanced consumer protection measures. These initiatives have strengthened public confidence in the insurance sector. The sector faces challenges including low insurance penetration (0.7% of GDP) and limited awareness in rural areas. However, industry leaders remain optimistic about achieving the 2% penetration target by 2027.

CBN Raises MPR to 27.25% as Inflation Concerns Persist

CBN Introduces New Guidelines for Cryptocurrency Operations

info@gmcspropertyhub.com

Helpline Contact+234 8036 474 221

COMPANY

About us

Careers

Blogs

Contact

Investor Relations

SERVICES

Valuation

Facility Management

Agency

Public sector

Advisory Services

OTHERS BUSINESS

Funds Management & Loans

General management

Innovative solutions

Universal Stitches

Trinity AutoFinder

SUPPORT

Help Centre

Media

Application Form

FAQ

Sitemap

ADDRESS

Shop 15 Space, AIT Complex Along Gwagwalada Road, Kuje, Abuja

GMCS UPTOWN PROPERTIES AND INVESTMENT LTD

Nigeria's Insurance Sector Posts N1.2 Trillion Premium Income in 2024

Related Posts

Admin Admin CBN Raises MPR to 27.25% as Inflation Concerns Per...

Admin Admin CBN Introduces New Guidelines for Cryptocurrency O...

Admin Admin Nigerian Stock Exchange Records N2.8 Trillion Mark...

Popular Tags

Quick Links