The adoption of insurance in Nigeria rose in 2022, as the industry recorded 18.47 per cent year-on-year growth in gross premium written between January to September last year.
Prime Business Africa analysis of financials belonging to 17 insurance companies showed the market in Nigeria, where penetration is below two per cent, posted N187.05 billion gross premium written year-to-September 2022, well above the N175.22 billion recorded during the same period in 2021.
Nigeria is far behind in Africa’s insurance market, with South Africa leading the way with about 70 per cent according to Brookings, a research and nonprofit public policy organisation.
In Africa’s insurance market, where services are divided into life insurance, non-life insurance, and reinsurance, Nigeria occupies the fifth spot behind Egypt, Kenya, Morocco and South Africa. The five countries account for about 84 per cent of Africa’s total market share.
Analysis of the industry’s performance in Nigeria last year showed that 17 companies recorded N187.05 billion in income from the gross premium in the review period of 2022, which is 6.75 per cent above the N175.22 billion turnover a year before.
Note that insurance companies operating in Nigeria are more than 17, however, they are the firms with their financials made available to the public because of their listing in the stock market, Nigerian Exchange Limited (NGX).
The industry comprises of Mutual Benefit, Regency Alliance Insurance, AIICO Insurance, International Energy Insurance, Coronation Insurance, Universal Insurance, and Cornerstone Insurance.
Also jostling to act as insurance cover for the Nigerian market include Veritas Kapital Assurance, Sunu Assurances Nigeria, Sovereign Trust Insurance, Linkage Assurance and Lasaco Assurance.
Other notable mentions include NEM Insurance, Guinea Insurance, Consolidated Hallmark Insurance, Axa Mansard Insurance and Prestige Assurance.
Prime Business Africa concluded on the top five performing insurance firms in Nigeria based on their gross premium income growth for the period under review.
Coronation Insurance
The firm posted the highest growth in gross premium income within the first nine months of 2022, as its turnover grew by 33.86 per cent to N13.88 billion, surpassing the N10.37 billion grossed in 2021.
Prestige Assurance
With 30.16 per cent growth in its grossed premium income year-to-September 2022, Prestige became the second-best performing insurance firm in Nigeria, closing the period at N8.75 billion, against the N6.72 billion recorded in 2021.
AXA Mansard
Axa Mansard took the third spot with 29.65 per cent growth in gross premium earnings, after posting a turnover of N52.47 million in the review period in 2022, having generated N40.47 million premium income in 2021.
Mutual Benefit
In the first 9-month of 2022, Mutual Benefit reported that its premium turnover was N24.93 billion, which is 25.37 per cent higher than the N19.89 billion reported the previous year – making it the fourth top-performing firm.
AIICO Insurance
AIICO Insurance completed the top five performing insurance firms in Nigeria after recording 23.46 per cent growth in its gross income earnings between the first and third quarters in 2022. The company generated N63.51 billion, surpassing the N51.44 billion posted in 2021.
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