Summary
Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The insurance market consists of the non-life and life insurance sectors. The value of the market is shown in terms of gross premium incomes.
- The Nigerian insurance market had total gross written premiums of $1.2bn in 2020, representing a compound annual growth rate (CAGR) of 10.7% between 2016 and 2020.
- The life insurance segment was the market's most lucrative in 2020, with total gross written premiums of $0.6bn, equivalent to 52.9% of the market's overall value.
- The COVID-19 pandemic, which first took hold in Nigeria in early 2020, has had a significant impact on many markets around the world, including insurance. Interest rate cuts and a reduction in demand for certain types of insurance, such as motor and travel, have constrained insurers profits and contributed to market decline.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the insurance market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in Nigeria
- Leading company profiles reveal details of key insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria insurance market with five year forecasts
Reasons to Buy
- What was the size of the Nigeria automotive manufacturing market by value in 2020?
- What will be the size of the Nigeria automotive manufacturing market in 2025?
- What factors are affecting the strength of competition in the Nigeria automotive manufacturing market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's automotive manufacturing market?
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Table of Contents
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive Landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 Company Profiles
8.1. Leadway Assurance Company Ltd
8.2. Aiico Insurance PLC
8.3. Cornerstone Insurance Plc
8.4. Custodian Investment PLC
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: Nigeria insurance market value: $ billion, 2016–20
Table 2: Nigeria insurance market category segmentation: $ billion, 2020
Table 3: Nigeria insurance market geography segmentation: $ billion, 2020
Table 4: Nigeria insurance market value forecast: $ billion, 2020–25
Table 5: Nigeria insurance market share: % share, by value, 2020
Table 6: Leadway Assurance Company Ltd: key facts
Table 7: Leadway Assurance Company Ltd: Key Employees
Table 8: Aiico Insurance PLC: key facts
Table 9: Aiico Insurance PLC: Annual Financial Ratios
Table 10: Aiico Insurance PLC: Key Employees
Table 11: Cornerstone Insurance Plc: key facts
Table 12: Cornerstone Insurance Plc: Annual Financial Ratios
Table 13: Cornerstone Insurance Plc: Key Employees
Table 14: Custodian Investment PLC: key facts
Table 15: Custodian Investment PLC: Annual Financial Ratios
Table 16: Custodian Investment PLC: Key Employees
Table 17: Nigeria size of population (million), 2016–20
Table 18: Nigeria gdp (constant 2005 prices, $ billion), 2016–20
Table 19: Nigeria gdp (current prices, $ billion), 2016–20
Table 20: Nigeria inflation, 2016–20
Table 21: Nigeria consumer price index (absolute), 2016–20
Table 22: Nigeria exchange rate, 2016–18
List of Figures
Figure 1: Nigeria insurance market value: $ billion, 2016–20
Figure 2: Nigeria insurance market category segmentation: % share, by value, 2020
Figure 3: Nigeria insurance market geography segmentation: % share, by value, 2020
Figure 4: Nigeria insurance market value forecast: $ billion, 2020–25
Figure 5: Forces driving competition in the insurance market in Nigeria, 2020
Figure 6: Drivers of buyer power in the insurance market in Nigeria, 2020
Figure 7: Drivers of supplier power in the insurance market in Nigeria, 2020
Figure 8: Factors influencing the likelihood of new entrants in the insurance market in Nigeria, 2020
Figure 9: Factors influencing the threat of substitutes in the insurance market in Nigeria, 2020
Figure 10: Drivers of degree of rivalry in the insurance market in Nigeria, 2020
Figure 11: Nigeria insurance market share: % share, by value, 2020
