Nigeria Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
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Nigeria Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer's premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
- The Nigerian non-life insurance market had total gross written premiums of $0.7 billion in 2022, representing a compound annual growth rate (CAGR) of 8.4% between 2017 and 2022.
- The Property segment accounted for market's the largest proportion in 2022, with total gross written premiums of $0.1 billion, equivalent to 17.4% of the market's overall value.
- Nigeria's non-life insurance market experienced rather high growth over the historical period, however, the market reported lower growth of 4.3% in 2022, as compared to 2021.The cost of claims for non-life insurance providers will increase as a result of inflation driving up Nigerian insurance customers' costs.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Nigeria
- Leading company profiles reveal details of key non-life insurance market players' global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria non-life insurance market with five year forecasts by both value and volume
Reasons to Buy
- What was the size of the Nigeria non-life insurance market by value in 2022?
- What will be the size of the Nigeria non-life insurance market in 2027?
- What factors are affecting the strength of competition in the Nigeria non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's non-life insurance market?
Summary
Non-Life Insurance in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer's premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
- The Nigerian non-life insurance market had total gross written premiums of $0.7 billion in 2022, representing a compound annual growth rate (CAGR) of 8.4% between 2017 and 2022.
- The Property segment accounted for market's the largest proportion in 2022, with total gross written premiums of $0.1 billion, equivalent to 17.4% of the market's overall value.
- Nigeria's non-life insurance market experienced rather high growth over the historical period, however, the market reported lower growth of 4.3% in 2022, as compared to 2021.The cost of claims for non-life insurance providers will increase as a result of inflation driving up Nigerian insurance customers' costs.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Nigeria
- Leading company profiles reveal details of key non-life insurance market players' global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria non-life insurance market with five year forecasts by both value and volume
Reasons to Buy
- What was the size of the Nigeria non-life insurance market by value in 2022?
- What will be the size of the Nigeria non-life insurance market in 2027?
- What factors are affecting the strength of competition in the Nigeria non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's non-life insurance market?
Nigeria Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Published By :MarketLine
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