A new report by Atlas Magazine has placed Nigeria in 8th position among top 10 African countries with projected market turnover of $73.42 billion.
The estimates by the Magazine put Nigetia’s market share in Africa at 1.4 per cent.
The rankings show that the sector is dominated by South Africa, followed by Morocco, Kenya, Egypt, and Algeria.
These five countries account for a total market share of 87 per cent in 2024, while the top 10 countries underwrite 93.6 per cent of the continent’s premiums.
Other countries listed include Tunisia, Namibia, Cote d’Ivoire, and Mauritius.
According to the ranking, the market leader, South Africa has a market share of 70.7 per cent, followed by Morocco, 7.9 per cent market share; Kenya, 4.1 per cent; Egypt, 2.6 per cent; Algeria, 1.7 per cent; Tunisia, 1.6 per cent, and Namibia, 1.5 per cent.
Others are Cote d’Ivoire, 1.3 per cent, and Mauritius, 0.9 per cent.
While the top 10 control 93.6 per cent of the continent’s market share, the rest of the market take charge of 6.4 per cent.
Despite the low ranking that Nigeria’s insurance maintains in the continent, stakeholders and experts believe that a positive and sudden turnaround will be achieved in the nearest future following the emergence of the Nigerian Insurance Industry Reform Act (NIIRA 2025).
The law is certain to turn the table for good as the provisions emphasise on placing the sector in its rightful place in the economy.
This positive projection was renancted last week by the immediate past President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade.
In an engagement with the media, he projected that Nigeria’s insurance penetration could reach three per cent within the next three years.
He attributed this optimism to the steady expansion of brokerage activities and stricter enforcement of compulsory insurance across states under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He said brokers remained the driving force of the insurance industry, accounting for about 70 per cent of total business generated in the market.
Oguntade noted that Lagos had long dominated insurance activities, but other regions were beginning to record notable improvements in business turnover and policy uptake.
He added that more states were now domesticating group life insurance laws, a move that would naturally drive penetration and strengthen compliance across the country.
“With NIIRA 2025, we expect insurance penetration to reach three per cent within three years,” Oguntade said.
He revealed that industry data showed strong growth nationwide, with over 40 new brokers joining the Council in the past year.
