The Nigerian insurance market is expected to generate total gross written premiums of $2.4bn in 2014, representing a compound annual growth rate (CAGR) of 16.8 percent between 2010 and 2014.
The non-life insurance segment is expected to be the market´s most lucrative in 2014, with total gross written premiums of $1.6bn, equivalent to 69.1 percent of the market´s overall value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.7 percent for the five-year period 2014 – 2019, which is expected to drive the market to a value of $3.6bn by the end of 2019.
The insurance market consists of the non-life insurance sector and the life insurance sector.
The life insurance sector consists of mortality protection and annuity.
The non-life insurance sector consists of accident and health, and property and casualty insurance segments.
The insurance market depends on a variety of economic and non-economic factors, and future performance is difficult to predict.