Country Dashboards

211 mn
US$442 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 286 mn
Non-life premium volume (USD) 1 bn
Total premium volume 1 bn
Total premium volume (NGN) 200 bn
Insurance penetration: Premiums in % of GDP 0.36%
Insurance density: Premium / capita USD 8.41
Local currency NGN
Market Composition
Domestic life insurers 14
Domestic non-life insurers 26
Domestic composite insurers 16
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 3
Foreign reinsurers 1
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 510
Reinsurance intermediaries 8
Insurance Regulatory Authority
Plot 1239, Ladoke Akintola Boulevard, Garki II Abuja, Nigeria

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed Yes
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement Life: NGN 8bn Non-Life: NGN 10bn Composite: NGN 18bn Reinsurers: NGN 20bn
Minimum paid-up share capital Life: NGN 8bn Non-Life: NGN 10bn Composite: NGN 18bn Reinsurers: NGN 20bn
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, Employer's Liability (WC), Group Life, Builder's Liability, Health Insurance, Occupier's Liability, Cargo, Healthcare Professional Indemnity
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: