Insurance in Nigeria - Market Summary, Competitive Analysis and Forecast to 2025
Insurance in Nigeria - Market Summary, Competitive Analysis and Forecast to 2025
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
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.
- 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
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- 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?
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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
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
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
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
