2019 Nigeria Insurance Digest
Principal Officers Of The Association
As At December 2020
Ganiyu
Musa
Chairman
3
Principal Officers Of The Association
As At December 2020
Ebelechukwu Nwachukwu
Deputy Chairman
Olusegun Omosehin
Honorary Treasurer
Bola Odukale
Honorary Assistant Treasurer
Yetunde Ilori
Director-General/CEO
4
2019 Nigeria Insurance Digest
Editorial Board
2019 Nigeria Insurance Digest
Chief Technical
Adviser
Ganiyu Musa
Technical
Adviser
Ebelechukwu Nwachukwu
Editor-in-chief
Yetunde Ilori
Editor
Lanre Ojuola
Published By
Nigerian Insurers
Association
Registered Office
NIA House
42, Saka Tinubu Street,
Victoria Island, Lagos.
Email: info@nigeriainsurers.org
Website: www.nigeriainsurers.org
Assistant Editor
Joshua Bolorunduro
Temporary Office
264, Ikorodu Road,
Obanikoro, Lagos, Nigeria.
Tel: 08170784444, 08029908531
5
Foreword
2019 Nigeria Insurance Digest
”
The 2019
financial year
was a favourable
one with growth
in gross premium
written (GPW)
rising from
N413billion in
2018 to N490
billion
representing an
annual growth
rate of over
18.6%. The life
business
recorded a
remarkable
growth of 29.2%
from N178billion
to N230billion.
Similarly,
premium for
non-life business
grew by 10.6%
from N235billion
to N260billion
while investment
income rose from
N77billion to
N98billion
representing a
percentage
increase of 29.3%
over the last one
year.
”
W
elcome to the 2019 edition of the Nigeria Insurance Digest: a reference
academic and professional statistical journal of a new kind. With its
broader scope bridging but not limited to company-by-company
performance, this journal provides statistical information that will help market
growth and development, improve knowledge and provide necessary
information on the Nigerian insurance market for strategic and corporate
planning purposes.
The insurance industry like any other sector of the economy faced some
challenges in 2019. These challenges range from uncertainties resulting from
both domestic and external policies coupled with economic dynamics, which
almost halted business activities as effective demand were gradually dwarfed
thereby reducing the demand for insurance consumption.
In spite of these challenges, the Nigerian insurance industry experienced
significant growth in the year. The 2019 financial year was a favourable one with
growth in gross premium written (GPW) rising from N413billion in 2018 to N490
billion representing an annual growth rate of over 18.6%. The life business
recorded a remarkable growth of 29.2% from N178billion to N230billion. Similarly,
premium for non-life business grew by 10.6% from N235billion to N260billion while
investment income rose from N77billion to N98billion representing a percentage
increase of 29.3% over the last one year.
This growth could be attributable to relative ease in microeconomic variables,
commencement of major projects across the country, increase in public
awareness on the benefits of insurance and of course increased regulatory
support through implementation of some regulatory initiatives. It is expected that
various economic reconstruction policies will boost business planning and
investment thereby revitalizing the growth of economic activities. This is
expected to increase insurance activities in subsequent years.
Furthermore, the commitment of the National Insurance Commission (NAICOM)
to building capacity and improving the resilience of the underwriters evidenced
by the push for the recapitalization of the sector will help to improve their
capacity for local content utilization, provide capital buffers for the industry to
support big infrastructural projects, restructure existing market fundamentals
and reposition the industry for the greater benefit of all stakeholders. It is
noteworthy to mention that insurance became a much talked about subject
through the year due to regulatory-induced recapitalization and increased
awareness by policyholders.
The 2019 edition of the Digest presents the performance of the insurance
companies in Nigeria along products, states and regional lines with reference to
gross premium written and net premium earned, claims paid, investment
income, management expenses, commission ratio, loss ratio, expense ratio,
investment ratio, distribution of asset and liability, total asset and reinsurance
transactions. Premiums and claims over the last 10 years with year on year
comparisons and graphical analysis are also included. All the data contained
in this publication were gathered from 49-member companies of the Nigerian
Insurers Association (NIA) whose 2019 production data were available at the
time of this publication. A total of 55 companies were in the market in the year
under review comprising 11 life companies, 26 non-life insurance companies, 14
composite companies, 2 Takaful insurance companies and 2 reinsurance
companies.
We would like to thank all our member companies especially those that provided
the needed data for this publication. We assure that you would find this
publication very useful in your daily operations and decision making
6
2019 Nigeria Insurance Digest
3.
5.
6.
7.
Contents
Principal Officers Of The Association
Editorial Board
Foreword
Contents
Information About The Association
13. The Nigerian Insurers Association
15. Objectives
16. List Of Governing Council Members As At
December 2019
17. Nigerian Insurers Association Management
Team
18. Chairmen And Secretaries Of Technical
Committees
19. Member Companies And Types Of Business
Transacted
20. 2018 Industry Snapshot
Operating Environment
22. Operating Environment
COMPANY ANALYSIS
Operating Performance Of Non-Life
Companies By Portfolio
27. Motor Insurance Premium Written, 2019
28. Member Companies Ranked In Order Of Gross
Premium Written From Their Direct Motor
Insurance Business (2015-2019)
29. Ratio Of Gross Claims Paid To Gross
Premium Written Of Motor Business 2019
30. Growth Of Motor Insurance
Premium 2010 - 2019
31. Fire Insurance Premium Written, 2019
32. Member Companies Ranked In Order Of Gross
Premium Written From Their Direct Fire
Insurance Business (2015-2019)
33. Ratio Of Gross Claims Paid To Gross
Premium Written Of Fire Business 2019
34. Growth Of Fire Insurance Premium
2010 - 2019
35. General Accident Insurance
Premium Written 2019
37. Member Companies Ranked In Order
Of Gross Premium Written From
Their Direct General Accident
Insurance Business (2015-2019)
38. Ratio Of Gross Claims Paid To Gross
Premium Income Of General Accident
Business 2019
39. Growth Of General Accident Insurance
Premium 2010 - 2019
40. Marine And Aviation Insurance
Premium Written 2019
41. Member Companies Ranked In Order Of
Gross Premium Written From Their Direct
Marine And Aviation Insurance Business
(2015-2019)
7
Contents
42. Ratio Of Gross Claims Paid To Gross
Premium Written Of Marine And
Aviation Business 2019
43. Growth Of Marine & Aviation
Insurance Premium 2010 - 2019
44. Workmen Compensation Insurance
45. Growth Of Workmen Compensation/Emp.
Liability Insurance Premium (2010 - 2019)
46. Oil And Gas Insurance Premium
Written 2019
48. Member Companies Ranked In
Order Of Gross Premium Written
From Their Direct Oil And Gas
Insurance Business (2015-2019)
49. Ratio Of Gross Claims Paid To Gross
Premium Written Of Oil And Gas
Business 2019
50. Growth Of Oil & Gas Insurance
Premium 2010- 2019
51. Engineering Insurance Premium
Written 2019
52. Member Companies Ranked In Order
Of Gross Premium Written From
Their Direct Engineering
Insurance Business (2015-2019)
53. Ratio Of Gross Claims Paid To Gross
Premium Written Of Engineering
Business 2019
54. Growth Of Engineering Insurance
Premium 2010- 2019
55. Miscelleanous Insurance Premium
Written 2019
56. Member Companies Ranked In Order
Of Gross Premium Written From
Their Direct Miscellaneous Insurance
Business (2015-2019)
57. Ratio Of Gross Claims Paid To Gross
Premium Written Of Miscellaenous
Business 2019
59. Growth Of Miscellaneous Insurance
Premium (2010 - 2019)
60. Composition of Non Life Premium
2019
61. Gross Claims Paid Non-life Insurance
Business 2019
62. Gross Premium Written,
Net Premium Income
Net Claims, Management Expenses,
Total Investment And Investment
Income Of Non-life Insurance
Companies 2019
63. Ratio Of Gross Claims Paid To Gross
Premium Written Of Non Life
Member Companies 2019
64. Ratio Of Net Claims Paid To Net
Premium Income Of Non Life
Member Companies 2019
65. Ratio Of Management Expenses To
Gross Premium Written Of Non Life
Member Companies 2019
66. Ratio Of Commission To Gross
Premium Written Of Non Life Member
Companies 2019
67. Ratio Of Investment Income To Total
Investment Of Non Life Member
Companies 2019
68. Gross Premium Written Of Non-life
Member Companies (2010-2019)
8
2019 Nigeria Insurance Digest
70. Member Companies Ranked In Order
Of Premium From Their Direct
Non - Life Insurance Business (2019)
71. Reinsurance Transactions In
Non-life Business 2015-2019
72. Comparative Statistics Of Gross
Premium Written Claims And
Management Expenses Of
Non - Life Insurance Companies
(2015-2019)
73. Assets Of Non-life Insurance Companies, 2019
74. Distribution Of Assets Of
Non- Life Insurance Companies
(2017-2019)
75. Liabilities Of Non -life Member
Companies, 2019
76. Distribution Of Liabilities Of
Non- Life Insurance Companies (2017-2019)
77. Underwriting Profit Of
Non-life Insurance Business
2019
78. Growth Of Non- Life Premium
& Claims 2010-2019
Operating Performance Of
Life Companies
81. Life Insurance Premium Written
82. Individual Life Insurance Premium
Written
83. Group Life Insurance Premium Written
84. Annuity Insurance Premium Written
85. Composition Of Life Premium 2019
86. Gross Premium Written, Net Premium
Income Net Claims, Management
Expenses, Total Investment And
Investment Income Of Life Insurance
Companies 2019
87. Ratio Of Gross Claims Paid To Gross
Premium Written Of Life Member
Companies 2019
88. Ratio Of Net Claims Paid To Net Premium
Income Of Life Member Companies 2019
89. Ratio Of Management Expenses To
Gross Premium Written Of Life Member
Companies 2019
90. Ratio Of Commission To Gross Premium
Written Life Member Companies 2019
91. Ratio Of Investment Income To Total
Investment Of Life Member
Companies 2019
93. Member Companies Ranked In Order Of
Premium From Their Direct Life Insurance
Business (2019)
94. Comparative Statistics Of Gross
Premium Written, Claims And
Management Expenses Of Life
Insurance Companies (2015-2019)
95. Assets Of Life Insurance Companies, 2019
96. Distribution Of Assets Of Life
Insurance Companies (2017-2019)
97. Liabilities Of Life Insurance Companies,
2019
98. Distribution Of Liabilities Of Life Insurance
Companies (2017-2019)
99. Underwriting Profit Of Life
Insurance Business 2019
100. Growth Of Life Insurance
Premium 2010-2019
2019 Nigeria Insurance Digest
Contents
Analysis Of Industry Performance
103. Underwriting Performance Of Member
Companies Gross Premium, Net Premium,
Profit/loss Before And After Tax,
Total Assets (2019)
104. Underwriting Performance Of Member
Companies Gross Premium Written
(2017-2019)
105. Underwriting Performance Of Member
Companies Net Premium Income
(2015-2019)
106. Underwriting Performance Of Member
Companies Profit/loss Before Tax
(2015-2019)
107. Underwriting Performance Of Member
Companies Profit/loss After Tax
(2015-2019)
108. Share Capital Of Member Companies
(2015 - 2019)
109. Shareholders' Fund Of Member
Companies (2015 -2019)
110. Total Assets Of Member Companies
(2015-2019)
111. Investment Income And Management
Expenses Of Member Companies
(2017-2019)
112. Underwriting Performance Of Member
Companies Gross Premium Written,
Net Premium Income, Risk Retention
Ratio, Earning Per Share (kobo) And
Total Asset (2019)
113. Gross Premium Income
By Class of Business (2010 - 2019)
115. Summary Of Gross Premium Income
And Total Investment (2010 - 2019)
116. Evolution Of Non-life/life Insurance
Premium 2010-2019
117. Distribution Of Gross Premium
By Class Of Business 2019
MARKET ANALYSIS
119. Summary Of 2019 Gross Premium Written By
States - Cumulative
120. Summary Of 2019 Gross Claims
Incurred By States - Cumulative
121. 2019 & 2018 Gross Premium Written - Cumulative
122. Distribution Channel - Cumulative
123. Distribution Channel - 2018 & 2019 Comparison
125. 2019 & 2018 Gross Claims Incurred
- Cummutative
126. 2019 Gross Premium Written
Compared To Gross Claims Incurred
- Cummulative
127. Summary Of 2019 Gross Premium Written
Compared To Gross Claims Incurred
- Cummulative
9
Contents
2019 Nigeria Insurance Digest
Market Analysis Non-Life
129. Gross Premium Written
By Class Of Business Non-Life
130. Gross Claims Incurred
By Class Of Business Non-Life
131. Summary Of 2019 Gross Premium Written
By States - Non Life
132. Summary Of 2019 Gross Claims Incurred
By States - Non Life
133. 2019 & 2018 Gross Premium Written - Non Life
134. Distribution Channel - Cummulative
135. Distribution Channel Non Life
136. Distribution Channel 2018 & 2019 Comparison
137. 2019 & 2018 Gross Claims Incurred - Non Life
138. 2019 Gross Premium Written Compared To
Gross Claims Incurred - Non Life
139. Summary Of 2019 Gross Premium
Written Compared To
Gross Claims Incurred - Non Life
140. Summary Of Gross Premium Written
By Class Of Business Non-Life
- Regional Basis
141. Gross Premium By Class Of Business
Non Life - Cummulative
142. Summary Of Gross Claims Incurred
By Class Of Business Non Life
- Regional Basis
143. Gross Claims incurred By Class Of
Business - Non Life
144. Gross Premium Written
By Class Of Business Non Life - South West
147. Gross Claims Incurred By Class Of Business
Non Life - South West
149. Gross Premium By Class Of Business
Non-Life - South East
151. Gross Claims Incurred By Class Of Business
Non-Life - South East
153. Gross Premium By Class Of Business
Non Life - South South
155. Gross Claims Incurred By Class Of Business
Non Life - South South
158. Gross Premium Written By Class Of Business
Non Life - North West
160. Gross Claims Incurred By Class Of Business
Non Life - North West
162. Gross Premium Written By Class Of Business
Non Life - North East
164. Gross Claims Incurred By Class Of Business
Non Life - North East
166. Gross Premium Written By Class Of Business
Non Life - North Central
169. Gross Claims Incurred By Class Of Business
Non Life - North Central
171. Gross Premium Written By Class
Of Business - Motor
172. Gross Claims Incurred By Class
Of Business - Motor
173. Gross Premium Written By Class
Of Business - Fire
174. Gross Claims Incurred By Class
Of Business - Fire
175. Gross Premium Written By Class
Of Business- General Accident
176. Gross Claims Incurred By Class
Of Business - General Accident
10
177. Gross Premium Written By Class
Of Business - Marine
178. Gross Claims Incurred By Class
Of Business - Marine
180. Gross Premium Written By Class
Of Business - Aviation
181. Gross Claims Incurred By Class
Of Business - Aviation
182. Gross Premium Written By Class
Of Business - Oil & Gas
183. Gross Claims Incurred By Class
Of Business - Oil & Gas
184. Gross Premium Written By Class
Of Business - Engineering
185. Gross Claims Incurred By Class
Of Business - Engineering
186. Gross Premium Written By Class
Of Business - Bonds
187. Gross Claims Incurred By Class
Of Business - Bonds
188. Gross Premium Written By Class
Of Business - Agriculture
189. Gross Claims Incurred By Class
Of Business - Agriculture
191. Gross Premium Written By Class
Of Business - Others
192. Gross Claims Incurred By Class
Of Business - Others
Market Analysis - Life
Gross Premium Written By Class Of Business - Life
Gross Claimed Incurred By Class Of Business - Life
Summary Of 2019 Gross Premium Written By States - Life
Summary Of 2019 Gross Claims Incurred By States - Life
2019 & 2018 Gross Premium Written - Life
Distribution Channel - Cumulative
Distribution Channel - Life
Distribution Channel 2018 And 2019 Comparison
2019 And 2018 Gross Claims Incurred - Life
204. 2019 Gross Premium Written Compared To Gross Claims Incurred
- Life
205. Summary Of 2019 Gross Premium Written Compared
To Gross Claims Incurred - Life
194.
195.
196.
197.
198.
199.
200.
202.
203.
206. Gross Premium Written By Class Of Business Life - Regional Basis
208. Summary Of Gross Claims Incurred By
Class Of Business Life - Regional Basis
210. Gross Premium Written By Class Of Business Life - South West
212. Gross Claims Incurred By Class Of Business Life - South West
214. Gross Premium Written By Class Of Business Life - South East
217. Gross Claims Incurred By Class Of Business Life - South East
219.
221.
223.
225.
227.
229.
232.
234.
Gross Premium Written By Class Of Business Life - South South
Gross Claims Incurred By Class Of Business Life- South South
Gross Premium Written By Class Of Business Life - North West
Gross Claims Incurred By Class Of Business Life - North West
Gross Premium Written By Class Of Business Life - North East
Gross Claims Incurred By Class Of Business Life - North East
Gross Premium Written By Class Of Business Life - North Central
Gross Claims Incurred By Class Of Business Life - North Central
2019 Nigeria Insurance Digest
236.
237.
238.
239.
240.
241.
243.
244.
245.
246.
247.
248.
249.
250.
251.
253.
254.
255.
256.
257.
258.
259.
Contents
Gross Premium Written by Class of Business-Term Assurance
Gross Claims Incurred by Class of Business-Term Assurance
Gross Premium Written By Class Of Business-group Life
Gross Claims Incurred by Class of Business-Group Life
Gross Premium Written by Class of Business-Mortgage Protection
Gross Claims Incurred by Class of Business-Mortgage Protection
Gross Premium Written by Class of Business-Endowment
Gross Claims Incurred by Class of Business-Endowment
Gross Premium Written by Class of Business-Whole Life
Gross Claims Incurred by Class of Business-Whole Life
Gross Premium Written By Class Of Business-annuity
Gross Claims Incurred by Class of Business-Annuity
Gross Premium Written by Class of Business-Health Insurance
Gross Claims Incurred by Class of Business-Health Insurance
Gross Premium Written by Class of Business-Credit Life
Gross Claims Incurred by Class of Business-Credit Life
Gross Premium Written By Class Of Business-Microinsurance
Gross Claims Incurred by Class of Business-Microinsurance
Gross Premium Written by Class of Business-Takaful
Gross Claims Incurred by Class of Business-Takaful
Gross Premium Written by Class of Business-Others
Gross Claims Incurred by Class of Business-Others
Directory Of NIA Member Companies
261. Directory Of NIA Member Companies
11
Information
About The
Association
12
2019 Nigeria Insurance Digest
The Nigerian Insurers Association (NIA)
T
he NIA was established
in 1971 as an umbrella
a s s o c i a t i o n fo r a l l
insurance and
reinsurance companies
in Nigeria. It has, since then,
offered its members a forum to
speak to one another and for all of
them to speak with one voice to
the Government, its agencies and
other parties on matters affecting
insurance business.
To a large extent, the Association
has contributed to Government
policies on the development and
supervision of Insurance business,
and from time to time submits to
t he G over n ment , prop os a l s
considered to be in the best
interest of the national economy
and the Insurance industry in
particular.
The NIA organizes conferences,
seminars and other events for
members and also publishes a
wide range of books and journals.
The Technical Committees of the Association
have the following responsibilities:
(i) Advising the Governing Council on technical
and professional matters;
(ii) Dealing with matters that may be referred to
them by the Governing Council;
(iii) Carrying out other functions as may be
contained in the rules and regulations of the
Committee.
Th e c o n g re s s o f t h e C hie f
Executives of member companies
is the Association's highest
decision making organ. The
Governing Council consists of
Chief Executives of member
companies elected annually at
the General meeting of all the
members. The Governing Council
i s f u r ni s he d re g u la r ly w i t h
information on issues relating to
the practice of insurance by
Technical committees namely;
Accident Offices Committee;
Accounting Technical Committee;
Corporate Affairs Committee; Fire
O f f ic e s C o m mi t t e e ; Hu m a n
Capital Management Committee;
I n f o r m a t i o n Te c h n o l o g y
Committee; Legal Committee; Life
Offices Committee; Marine Offices
Committee; Motor Technical
C om mi t t e e, R i s k Aud i t a nd
Compliance Committee and
Micro Insurance Committee.
13
2019 Nigeria Insurance Digest
Objectives
2019 Nigeria Insurance Digest
Our Objectives
The objectives of the
Association as
embodied in the
Constitution of the
Association are as
stated hereunder:
To protect, promote and advance the common interest of
insurers in Nigeria.
To advise members on any action or proposed action by
Government or any other
authority in connection with any legislation or policy.
To advise or consult with the Government regarding any act or
thing done or being
contemplated by it or its agencies or other statutory bodies with
regard to any matter relating to Insurance business.
To guide and assist members in complying with laws,
regulations, orders and
Government directives relating generally to the business of
Insurance.
To create better understanding of Insurance by all sections of
the community including the furtherance of knowledge and
research on Insurance and related matters.
To collect, collate and disseminate statistical, economic and
other information relating to Insurance.
To maintain constant dialogue with other trade associations in
the Insurance industry with a view to fostering good
relationships between them and the NIA as well as the insuring
public.
To confer, consult, maintain contact and co-operate with
individuals, associations,
societies, institutions or bodies within or outside Nigeria having
objectives similar to those of the Association.
To promote personal and friendly corporate relationship among
individuals and member companies of the Association.
The above objectives
are achieved by:
Regular meetings of the Technical committees of the Association
every month where issues affecting the industry are addressed.
Maintenance of a well equipped research and statistics
department.
Organizing conferences, seminars and training courses for
employees of member
companies and interested public.
Maintaining highly skilled manpower conversant with modern
information and
communication technology.
Interacting positively with the media and other interested
groups.
Interacting with supervisory authority and the entire
membership of the Association.
Publication of technical journals, statistical digests. newsletters
and business environment watch.
15
List Of Governing Council Members
2019 Nigeria Insurance Digest
As At December 2020
MR. GANIYU MUSA
Chairman
Managing Director/CEO
Cornerstone Insurance Plc
MRS. EBELECHUKWU NWACHUKWU
Deputy Chairman
Managing Director/CEO
NSIA Insurance Co. Ltd.
MR. TOPE SMART
(Immediate Past Chairman)
Managing Director/CEO
Nem Insurance Plc
MR. OLUSEGUN OMOSEHIN
Hon.Treasurer
Managing Director/CEO
Old Mutual Nig Life Ass. Co. Ltd
MRS. BOLA ODUKALE
Hon. Asst. Treasurer
Managing Director/CEO
Capital Express Insurance Co. Ltd
MR. EDDIE EFEKOHA
VEN. OLUSOLA O LADIPO AJAYI
(Past Chairman)
(Past Chairman)
Managing Director/CEO
Consolidated Hallmark Insurance Plc
MR. WOLE B. OSHIN
(Past Chairman)
MRS. YINKA ADEKOYA
Managing Director/CEO
WAPIC Insurance Plc
MR. KUNLE AHMED
Managing Director/CEO
AXA Mansard Plc.
MR. STEPHEN ALANGBO
Managing Director/CEO
ARM Life Insurance Plc.
MR. SEGUN BALOGUN
Managing Director/CEO
LASACO Assurance Plc
MR. BABATUNDE FAJEMIROKUN
Managing Director/CEO
AIICO Insurance Plc
MR. TUNDE HASSAN-ODUKALE
Managing Director/CEO
Leadway Assurance Company Ltd
MRS. FOLASHADE JOSEPH
Managing Director/CEO
Nigerian Agric
Insurance Corp
DR. FATAI K. LAWAL
Managing Director/CEO
Sterling Assurance Limited
MR. TOYE ODUNSI
Managing Director/CEO
Custodian &
Allied Insurance Ltd.
MRS. UKACHI ORJI
Managing Director/CEO
KBL Insurance Ltd.
DR. FEMI OYETUNJI
Managing Director/CEO
Continental Reinsurance Plc
16
Nigerian Insurers Association
Management Team
2019 Nigeria Insurance Digest
Yetunde Ilori
Director-General/CEO
Lanre Ojuola
Davis Iyasere
Bola Omole
Director Of Operations
Deputy Director
Corp. A airs/Admin & HR
Assistant Director
IT/Research & Statistics
Bose Agbogun
Soji Oni
Wasiu Adedokun
Assistant Controller
Technical
Senior Manager
Technical
Senior Manager
Finance & Accounts
17
2019 Nigeria Insurance Digest
Chairmen And Secretaries Of Technical Committees
As At December 2020
Accident O ices Committee
Mr. Ayodele lyun
Chairman
Mr. Fatai Bello
Secretary
Accounting Technical Committee
Njum Onyemenam (Mrs)
Chairman
Mr. Wasiu Adedokun
Secretary
Corporate A airs Committee
Mr. Ademola Adenekan
Chairman
Mr. Davis Iyasere
Secretary
Fire O ices Committee
Mr. Adeseye Ajibulu
Chairman
Yemi Oyejide (Mrs)
Secretary
Human Capital Management Committee
Mrs. Adeola Onichabor
Acting Chairman
Mr. Davis Iyasere
Secretary
Information Technology Committee
Mr. Lekan Oguntunde
Chairman
Bola Omole (Mrs)
Secretary
Legal Committee
Divine Alegbe (Ms)
Secretary
Adebola Adurotoye (Mrs)
Secretary
Life O ices Committee
Muibat Jimoh (Mrs)
Secretary
Mr. Stephen Alangbo
Chairman
Marine O ices Committee
Mr. Shadrack Adegoke
Secretary
Tairat Onibudo (Mrs)
Chairman
Micro Insurance Committee
Mr. Simon Mensah
Secretary
Mr. Imo O. Imo
Chairman
Motor Technical Committee
Mr. Dunmoye Ahmed
Secretary
Mr. Rasheed Saka
Chairman
Risk, Audit & Compliance Committee
Mr. Ahmed Tiamiyu
Chairman
18
Bose Agbogun (Mrs)
Secretary
Member Companies & Type Of Business Transacted
2019 Nigeria Insurance Digest
As At 31 December, 2019
NAME OF COMPANY
TYPE OF BUSINESS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
AIICO INSURANCE PLC
ALLIANCE & GENERAL INSURANCE PLC.
ALLIANZ NIGERIAN INSURANCE PLC
AXA MANSARD INSURANCE PLC
CORNERSTONE INSURANCE PLC
GOLDLINK INSURANCE PLC
GREAT NIGERIA INSURANCE PLC
INDUSTRIAL AND GENERAL INSURANCE PLC
LASACO ASSURANCE PLC.
LEADWAY ASSURANCE CO. LTD.
NICON INSURANCE LTD
NIGER INSURANCE PLC
NSIA INSURANCE CO. LTD.
STANDARD ALLIANCE INSURANCE PLC
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
COMPOSITE
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
ANCHOR INSURANCE CO. LTD
CONSOLIDATED HALLMARK INSURANCE PLC
CUSTODIAN AND ALLIED INSURANCE LTD
FBN GENERAL INSURANCE LTD.
FIN INSURANCE CO. LTD.
GUINEA INSURANCE PLC
INTERNATIONAL ENERGY INSURANCE PLC
KBL INSURANCE LTD
LAW UNION & ROCK INSURANCE PLC
LINKAGE ASSURANCE PLC
MUTUAL BENEFIT ASSURANCE PLC.
NEM INSURANCE PLC
NIGERIAN AGRICULTURAL INS. CORP
OLD MUTUAL GENERAL INSURANCE CO. NIG. LTD.
PRESTIGE ASSURANCE PLC
REGENCY ALLIANCE INSURANCE PLC
ROYAL EXCHANGE INS. CO. LTD
SOVEREIGN TRUST INSURANCE PLC.
STACO INSURANCE PLC
STERLING ASSURANCE NIGERIA LTD.
SUNU ASSURANCES NIGERIA PLC.
UNITRUST INSURANCE NIG. LTD.
UNIVERSAL INSURANCE PLC
VERITAS KAPITAL ASSURANCE PLC.
WAPIC INSURANCE PLC
ZENITH GENERAL INSURANCE CO. LTD.
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
GENERAL
1
2
3
4
5
6
7
8
9
10
11
AFRICAN ALLIANCE INSURANCE PLC
ARM LIFE PLC.
CAPITAL EXPRESS ASSURANCE LTD.
CUSTODIAN LIFE ASSURANCE LTD.
FBN INSURANCE LTD
MUTUAL BENEFIT LIFE ASSURANCE LTD.
OLD MUTUAL LIFE INSURANCE LTD.
PRUDENTIAL ZENITH LIFE INSURANCE CO. LTD
ROYAL EXCHANGE PRUDENTIAL LIFE PLC
TANGERINE LIFE INSURANCE LTD.
WAPIC LIFE ASSURANCE LTD.
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
LIFE
1
2
JAIZ TAKAFUL INSURANCE PLC
NOOR TAKAFUL INSURANCE LTD
TAKAFUL
TAKAFUL
1
2
CONTINENTAL REINSURANCE PLC
NIGERIA REINSURANCE CORPORATION
REINSURANCE
REINSURANCE
S/N
19
2019 Industry Snapshot
20
2019 Nigeria Insurance Digest
PARAMETERS
VALUE
Gross Premium Written
N490.8 billion
Gross Claims Paid
N185.9 billion
Gross Claims Incurred
N182.3 billion
Reinsurance Paid
N144.1 billion
Net Premium Written
N341.1 billion
Gross Premium Written Non-life
N260.6 billion
Gross Premium Written Life
N230.2 billion
Total Underwriting Profit
N33.6 billion
Profit Before Tax
N48.0 billion
Profit After Tax
N42.6 billion
Management Expenses
N92.6 billion
Shareholders Fund
N423.4 billion
Total Assets
N1.4 trillion
Number of Companies
55
Number of Office Locations
793
Number of Employees
6,033 (Male - 60.2%, Female - 39.8%)
Insurance Penetration
1.8%
Contribution to GDP
0.31%
10yr CAGR OF Gross Premium
10%
Operating
Environment
21
Operating Environment
2019 Nigeria Insurance Digest
igeria, Africa's largest economy
continued slow but steady recovery
from the recession it suffered three
years ago.
N
Manufacturing continues to suffer from a lack of
financing. Household consumption was the key
driver of growth in 2019, reinforcing its 1.1%
contribution to GDP growth in 2019.
Data from National Bureau of Statistics
shows the pace of recovery remains slow
despite hitting a milestone; Gross Domestic
Product (GDP) grew by 2.55% the highest
quarterly growth rate since the 2016
recession. Overall, Nigeria's economy grew
2.27% in 2019, slightly higher than it did in the
preceding year. As is often the case,
Nigeria's economic growth was anchored
on its oil exports with production levels
remaining stable throughout 2019. But while
being its recent best performance, the
economic growth rate remains short of the
government's projections.
Efforts to lower inflation to the single digit range
fa c e d s t r u c t u r a l a n d m a c r o e c o n o m i c
constraints, including rising food prices and
arrears payments, resulting in a rate estimated at
11.3% for 2019.
2019 also saw a very assertive Central Bank
of Nigeria (CBN) play a larger role in the
overall economy not just in exchange rate
and price stability policy, but also in direct
lending and trade policy. The CBN
emphasized strict adherence to list of items
banned from the foreign exchange
w i nd ow . The C B N a l s o ma nd a t e d
commercial banks to target a minimum
loan-to-deposit ratio of 60% or maintain
higher cash reserves. This is targeted at
"encouraging" banks to lend to real sector.
With sole dependence on oil, GDP growth
was impaired due to the fluctuations in the
price of crude oil in the international market,
the country looked to diversify earnings by
also focusing on non-oil and gas fiscal
earnings. To this end, the VAT rate was
increased by 50%. A new Finance Bill 2019
was passed to update, amend and increase
the nation’s tax to GDP ratio.
MACROECONOMIC PERFORMANCE
Real GDP growth was estimated at 2.3% in
2019, marginally higher than 1.9% in 2018.
The growth was mainly in transport, an
improved oil sector, and information and
communications technology. Agriculture
was hurt by sporadic flooding and conflicts
between herdsmen and local farmers.
22
”
The government's Economic Recovery and
Growth Plan (ERGP), launched in the
aftermath of the recession was anchored on
aggressive growth from 2017 to 2020 in a bid
to turn the economy around. But the latest
data confirms Nigeria's economy fell short
of the EGRP's projected GDP growth rate of
4.5% in 2019. In fact, most EGRP projections
have been off the mark with Nigeria's
unemployment rate nearly doubling the
EGRP's projected 12% target.
Also,
the
2019
figure
is the
highest
figure
recorded
in three
years,
higher
than
1.91%,
0.83%,
and
1.58%
in 2018,
2017
and
2016.
”
With fiscal revenues below 7% of GDP, increased
public spending widened the deficit, financed
mainly by borrowing. At the end of June 2019,
total public debt was $83.9 billion - 14.6% higher
than the previous year. That debt represented
20.1% of GDP, up from 17.5% in 2018. Domestic
public debt amounted to $56.7 billion, and
external public debt $27.2 billion. The share of
bilateral debt in total debt was estimated at 12.1%,
and that of Eurobonds at 40.8%. High debt service
payments, estimated at more than half of
federally collected revenues created fiscal risks.
The current account surplus sharply declined
due to increased imports, lower oil revenues, and
a smaller than expected improvement in capital
flows.
Poverty remains widespread. The poverty rate in
over half Nigeria's 36 states is above the national
average of 69%. The high poverty reflects rising
unemployment and low skill limit opportunities
for employment in the formal economy.
Government social programs such as N-Power
and other Youth Empowerment Schemes were
introduced to address unemployment.
GROSS DOMESTIC PRODUCT
Growth of about 2.55% in Gross Domestic Product
(GDP) in the fourth quarter of 2019 was recorded.
The growth rate in real terms (quarter-onquarter) rose from about 2.28% in the previous
quarter of the year and year-on-year by 2.38%.
The full-year 2019 real GDP stood at 2.27%, higher
than the 1.91% growth rate recorded in 2018. The
full-year 2019 figures are almost the same range
predicted by the World Bank and the
International Monetary Fund which is 2.0% and
2.3% respectively.
Also, the 2019 figure is the highest figure recorded
in three years, higher than 1.91%, 0.83%, and 1.58%
in 2018, 2017 and 2016 respectively.
OIL SECTOR
Nigerian exports of crude and petroleum
products to the United States plunged from
36.4million barrels in July 2010 to 5.6 million
barrels by January 2019 due to the rise of the US
as a major crude oil exporter. This is a major event
which affected the sector since the Nigerian
budget is essentially funded by fiscal receipts
from oil and gas exports. Furthermore, a key
policy thrust of the government has been the
2019 Nigeria Insurance Digest
retention of subsidies on PMS. The federal
government spent about N650.2bn in subsidizing
petrol from April 2018 to March 2019, a figure higher
than health and education spent. Nevertheless, it is
worthy of note that oil production remained
consistent at or above 2.0mbpd all through 2019.
Real growth in the oil sector was 6.36% (year-onyear) in Q4 2019 indicating an increase of 7.98%
points relative to the rate recorded in the
corresponding quarter of 2018. Growth decreased
by -0.13% points when compared to Q3 2019 which
was 6.49%. Quarter-On-Quarter, the oil sector
recorded a growth rate of -20.87% in Q4 2019. On an
annual basis, oil recorded 4.59% growth in 2019,
compared to 0.97% recorded in 2018. The Oil sector
contributed 7.32% to total real GDP in Q4 2019, up
from figures recorded in the corresponding period
of 2018 but down compared to the preceding
quarter, where it contributed 7.06% and 9.77%
respectively.
NON-OIL SECTOR
The non-oil sector grew by 2.26% in real terms
during Q4, 2019. This was lower by -0.44% points
compared to the rate recorded in the same quarter
of 2018 but 0.42% point higher than the third quarter
of 2019. This sector was driven, during the fourth
quarter of 2019, mainly by Information and
Communication (Telecommunication), Agriculture
(crop production), Financial and Insurance
Services (Financial Institutions), and
Manufacturing. In real terms, the non-oil sector
contributed 92.68% to the nation's GDP in the fourth
quarter of 2019, lower from shares recorded in the
fourth quarter of 2018 (92.94%) but higher than the
third quarter of 2019 (90.23%).
The annual contribution of the non-oil sector stood
at 91.22% in 2019. Why businesses picked up from
their under performance in the corresponding year
of 2018.
EXTERNAL RESERVES
The country's foreign reserves dropped by $4.45
billion from the $43.07 billion recorded in January
2019 to $38.61 billion in December 2019 as revealed
by Central Bank of Nigeria (CBN). The country's
foreign reserve was on a downward trend since
June 2019 when it dropped from the $45 billion mark
in July.
INFLATION
Nigeria's Consumer Price Index, (CPI) shows that
inflation increased by 11.98% (year-on-year) in
December 2019. This is 0.13% points higher than the
rate recorded in November 2019 (11.85%). On monthon-month basis, the Headline index increased by
0.85% in December 2019, which is 0.17% lower than
the rate recorded in November 2019 (1.02%).
Also, the percentage change in the average
composite CPI for the twelve months' period ending
December 2019 over the average of the CPI for the
Operating Environment
previous twelve months' period was 11.40%, representing
an increase of 0.05% from 11.35% recorded in November
2019.
FOREX MANAGEMENT
The Central Bank of Nigeria supported the Naira with
$34.3 billion injection into the foreign exchange market
in 2019. This however represents 14% year-on-year
decline when compared with the $39.9 billion injected
in 2018.
Further analysis shows that dollar sales to Bureau de
Change operators (BDCs), dominated CBN intervention
in 2019 accounting for $12.65 billion or 36.8 billion. Dollar
sales in the I & E window came second with $5.55 billion
or 16%.
Quarterly analysis showed that CBN injected $6.9 billion
in the first quarter (Q1, 2019), up by 25% from $9.18 billion
in Q4, 2018. Dollar injection by the apex bank, however,
dropped marginally by 6.2% to $7.33 billion in Q2, 2019,
but rose by 37% in Q3,2019 before falling by 1.2% to $9.98
billion in Q4,2019.
INSURANCE INDUSTRY
On 20th May, 2019, the National Insurance Commission
in line with its statutory duty of ensuring the effective
administration, supervision, regulation and control of
insurance business issued a Circular increasing the
minimum paid-up share capital for insurance and
reinsurance companies in Nigeria (Takaful operators
and Microinsurance companies which cater for the
insurance needs of Sharia-compliant and low-income
segments of the market were exempted from the
exercise ).
For existing insurance and reinsurance firms, the
implementation of the exercise commenced on 20th
May, 2019 and will run through to September, 2021. This
means that, the industry may witness some level of
consolidation in the oncoming months as mergers and
acquisitions are expected.
The development may herald hard times for insurance
companies but the idea is well in line with accepted
standards and international best practice geared
towards not just stabilizing the insurance sector but the
entire economy.
This directive requires insurers to raise more capital
towards facilitating the acquisition of modern digital
and technology-driven infrastructure necessary to aid
business operational processes and deepen insurance
penetration through InsurTech.
Implementation of the Regulation will assist in solidifying
the financial base of insurance companies in the sector
while also assisting underwriters to expand the full
deployment of their services to multi-finance projects
and risk sectors like the maritime and oil and gas sectors
as well as position them for growth on the international
landscape.
23
Company
Analysis
24
2019 Nigeria Insurance Digest
Operating
Performance Of
Non-Life
Companies
By Portfolio
26
Motor Insurance Premium Written, 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2,136
80,594
0
0
0
63,613
0
0
0
0
0
0
0
19,715
2,302
0
0
0
0
29,537
10,114
0
22,906
6,782
42,121
0
383,282
GROSS
PREMIUM
WRITTEN
'000
2,216,342
0
1,031,038
943,938
2,952,115
2,005,379
1,555,384
2,823,566
843,230
318,028
351,149
279,600
455,303
0
369,842
720,552
702,662
1,154,783
3,805,485
1,136,061
2,748,541
5,743,172
0
0
89,355
945,166
442,144
662,585
665,714
1,366,314
2,286,314
0
0
748,022
451,350
665,204
287,927
508,821
894,894
2,419,018
44,588,998
27,436
66,083
51,827
31,461
155,277
21,566
193,686
28,217
0
0
892
26,546
24,900
19,692
142,339
58,860
9,079
0
0
12,774
25,941
26,317
15,887
19,877
181,158
519,828
2,793,459
NET
PREMIUM
WRITTEN
'000
2,004,291
0
1,023,651
932,563
2,587,657
1,960,981
1,447,684
2,634,181
768,197
235,481
348,009
269,926
428,635
0
342,406
654,469
650,835
1,123,322
3,650,208
1,114,495
2,554,855
5,714,955
0
0
88,463
918,620
417,244
642,893
523,375
1,307,454
2,277,235
0
0
735,248
425,409
638,887
272,040
488,944
713,736
1,899,190
41,795,539
192,550
124,206
316,756
576
0
576
193,126
124,206
317,332
3,900
8,400
12,300
189,226
115,806
305,032
DIRECT
BUSINESS
'000
817,893
26,594
844,487
REINS
ACCEPTED
'000
0
0
0
GROSS
PREMIUM
'000
817,893
26,594
844,487
RETROCESSION
'000
0
0
0
NET PREMIUM
'000
817,893
26,594
844,487
DIRECT
BUSINESS
'000
2,200,913
0
1,006,422
917,464
2,948,839
1,971,712
1,555,384
2,823,566
843,230
318,028
351,149
279,600
455,303
REINS
ACCEPTED
'000
15,429
0
24,616
26,474
3,276
33,667
0
0
0
0
0
0
0
367,706
639,958
702,662
1,154,783
3,805,485
1,072,448
2,748,541
5,743,172
0
0
89,355
945,166
442,144
642,870
663,412
1,366,314
2,286,314
0
0
718,485
441,236
665,204
265,021
502,039
852,773
2,419,018
44,205,716
REINS.
CEDED
'000
212,051
0
7,387
11,375
364,458
44,398
107,700
189,385
75,033
82,547
3,140
9,674
26,668
27
28
41
42
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
COMPANY
NEM Insurance Plc
Leadway Assurance co. Ltd.
AXA Mansard Insurance Plc
Custodian & Allied Insurance Ltd.
Mutual Benefits Assurance Plc
Zenith General Insurance Co.Ltd.
Sovereign Trust Insurance Plc
AIICO General Insurance Co. Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Law Union & Rock Ins. Plc
Linkage Assurance Plc
Allianz Nigeria Insurance Plc
NSIA Insurance Limited
Anchor Insurance Company Ltd.
Wapic Insurance Plc
FBN General Insurance Limited
Sterling Assurance Nigeria Ltd.
KBL Insurance Ltd.
LASACO Assurance Plc
Regency Alliance Insurance Plc
Unitrust Insurance Co. Ltd.
Prestige Assurance Plc
VeritasKapital Assurance Plc
Guinea Insurance Plc
Sunu Assurances Nigeria Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
International Energy ins. Plc
Goldlink Insurance Plc
Fin Insurance Company Ltd.
Universal Insurance Plc
Great Nigeria Insurance Plc
Nigerian Agricultural ins. Corporation
Alliance & General Insurance Plc
Niger insurance Plc
Industrial & General Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2019
193,126
124,206
317,332
GROSS
PREMIUM
'000
5,743,172
3,805,485
2,952,115
2,823,566
2,748,541
2,419,018
2,286,314
2,216,342
2,005,379
1,555,384
1,366,314
1,154,783
1,136,061
1,031,038
945,166
943,938
894,894
843,230
748,022
720,552
702,662
665,714
665,204
662,585
508,821
455,303
451,350
442,144
369,842
351,149
318,028
287,927
279,600
89,355
0
0
0
0
0
0
44,588,998
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
COMPANY
NEM Insurance Plc
Leadway Assurance co. Ltd.
AXA Mansard Insurance Plc
Mutual Benefits Assurance Plc
Custodian & Allied Insurance Ltd.
AIICO General Insurance Co. Ltd.
Zenith General Insurance Co.Ltd.
Consolidated Hallmark Insurance Plc
Sovereign Trust Insurance Plc
Cornerstone Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Linkage Assurance Plc
Anchor Insurance Company Ltd.
Wapic Insurance Plc
Law Union & Rock Ins. Plc
Sterling Assurance Nigeria Ltd.
Allianz Nigeria Insurance Plc
NSIA Insurance Limited
KBL Insurance Ltd.
FBN General Insurance Limited
Saham Unitrust Insurance Co. Ltd.
VeritasKapital Assurance Plc
Prestige Assurance Plc
Goldlink Insurance Plc
Sunu Assurance Plc
Niger insurance Plc
Regency Alliance Insurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
LASACO Assurance Plc
Industrial & General Insurance Plc
Guinea Insurance Plc
Fin Insurance Company Ltd.
International Energy ins. Plc
Universal Insurance Plc
Nigerian Agricultural ins. Corporation
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
Great Nigeria Insurance Plc
Investment & Allied Ins. Plc
Alliance & General Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2018
2017
2016
2015
GROSS
GROSS
GROSS
GROSS
PREMIUM
PREMIUM
PREMIUM
PREMIUM
'000 RANK COMPANY
'000 RANK COMPANY
'000 RANK COMPANY
'000
4,796,933
4,460,460
1 NEM Insurance Plc
1 NEM Insurance Plc
1 NEM Insurance Plc
3,545,819
3,693,567
3,455,087
3,082,441
2 AXA Mansard Insurance Plc
Leadway Assurance Co. Ltd.
2 Leadway Assurance co. Ltd.
2
2,962,502
2,901,884
3 Leadway Assurance co. Ltd.
2,987,461
3,071,452
3 AXA Mansard Insurance Plc
3 AXA Mansard Insurance Plc
2,931,602
2,861,443
4 Mutual Benefits Assurance Plc
2,702,947
2,476,227
4 Custodian & Allied insurance Plc
4 Custodian & Allied Insurance Plc
2,369,265
2,490,897
5 Custodian & Allied Insurance Ltd.
2,448,947
2,470,217
5 Mutual Benefits Assurance Plc
5 STACO Insurance Plc
1,970,440
2,179,343
6 AIICO Insurance Plc
1,954,404
2,052,884
6 Royal Exchange Gen. Ins. Co. Ltd.
6 Royal Exchange Gen. Ins. Co. Ltd.
1,887,890
2,045,256
7 Cornerstone Insurance Plc
1,744,002
1,885,504
Mutual
Benefits
Assurance
Plc
7 Cornerstone Insurance Plc
8 Royal Exchange Gen. Ins. Co. Ltd.
1,640,768
1,782,317
7
1,818,304
1,791,127
9 Zenith General Insurance Co.Ltd.
1,567,230
1,591,681
8 STACO Insurance Plc
8 AIICO General Insurance Co. Ltd.
1,599,253
1,655,576
10 STACO Insurance Plc
1,505,376
1,574,098
9 AIICO General Insurance Co. Ltd.
9 Cornerstone Insurance Plc
1,496,617
1,614,556
11 Sovereign Trust Insurance Plc
1,393,997
1,362,388
10 Zenith General Insurance Co.Ltd.
10 Sovereign Trust Insurance Plc
1,442,196
1,522,947
12 Consolidated Hallmark Insurance Plc 1,389,895
1,278,407
11 Consolidated Hallmark Insurance Plc
11 Zenith Insurance Company Ltd.
1,368,235
1,348,108
13 Wapic Insurance Plc
1,151,024
1,172,933
12 Sovereign Trust Insurance Plc
1,254,012
12 Consolidated Hallmark Insurance Plc
1,227,528
14 Law Union & Rock Ins. Plc
1,049,791
1,067,913
13 Law Union & Rock Ins. Plc
1,210,363
13 Law Union & Rock Ins. Plc
1,205,853
15 KBL Insurance Ltd.
1,028,971
919,507
International
Energy
Ins.
Plc
14
International
Energy
ins.
Plc
1,142,784
14
1,142,784
16
902,977
815,116
Linkage Assurance Plc
15 Goldlink Insurance Plc
1,040,740
15 Goldlink Insurance Plc
1,040,740
17 Anchor Insurance Company Ltd.
794,966
808,125
NSIA
Insurance
Company
Limited
16
KBL
Insurance
Ltd.
849,397
16
983,841
18
653,891
666,522
Sterling Assurance Nigeria Ltd.
17 Anchor Insurance Company Ltd.
831,839
17 Anchor Insurance Company Ltd.
880,036
19 NSIA Insurance Limited
585,040
649,650
Wapic
Insurance
Plc
20
18
Wapic Insurance Plc
768,842
18
569,273
843,463
626,486
FBN General Insurance Limited
21 Saham Unitrust Insurance Nig. Ltd.
520,426
19 Linkage Assurance Plc
595,418
741,182
19 KBL Insurance Ltd.
721,441
22 Sunu Assurances Nig Plc
502,407
551,439
20 NSIA Insurance Company Limited
735,208
20 Unitrust Insurance Co. Ltd.
666,574
23 Niger insurance Plc
487,408
539,476
Linkage
Assurance
Plc
21 Saham Unitrust Insurance Co. Ltd.
689,132
21
559,673
24 Ensure Insurance Plc
477,825
490,667
22 Sterling Assurance Nigeria Ltd.
621,015
22 Equity Assurance Plc
540,059
25 Regency Alliance Insurance Plc
476,204
446,499
23 Industrial & General Insurance Plc
595,728
23 Sterling Assurance Nigeria Ltd.
511,195
26 Veritas Kapital Assurance Plc
426,630
439,387
Standard Alliance Insurance Plc
Equity
Assurance
Plc
24
559,968
24
494,109
27 Old Mutual Gen. Ins. Co. Nig. Ltd.
402,185
423,923
25 Niger insurance Plc
511,195
25 Industrial & General Insurance Plc
491,084
28 Prestige Assurance Plc
397,061
352,993
26 Standard Alliance Insurance Plc
493,268
26 Niger Insurance Plc
476,810
29 LASACO Assurance Ltd.
360,177
348,186
FBN
General
Insurance
Limited
FBN
General
Insurance
Limited
27
443,707
27
462,019
30 Standard Alliance Insurance Plc
338,361
336,310
28 Regency Alliance Insurance Plc
426,309
28 UnityKapital Assurance Plc
443,555
31 NICON Insurance Plc
287,960
328,822
32 Great Nigeria Insurance Plc
423,300
29 Ensure Insurance Plc
29 NICON Insurance Ltd
436,996
286,177
261,142
33 Fin Insurance Company Ltd.
410,937
30 NICON Insurance Ltd.
216,080
30 Regency Alliance Insurance Plc
423,300
168,299
34 Guinea Insurance Plc
187,634
162,612
392,450
31 Old Mutual Insurance Co. Ltd.
31 Old Mutual Insurance Co. Ltd.
406,147
35 Universal Insurance Plc
100,442
66,059
380,325
32 Alliance & General Insurance Plc
32 Great Nigeria Insurance Plc
366,673
36 Nigerian AgriculturaI Ins. Corporation 49,351
0
366,673
33 UnityKapital Assurance Plc
33 Alliance & General Insurance Co. Ltd
357,669
37 Investment & Allied Ins. Plc
N/A
0
344,144
34 LASACO Assurance Plc
34 Ensure Insurance Plc
340,646
38 International Energy Ins. Plc
N/A
0
Great Nigeria Insurance Plc
324,048
LASACO
Assurance
Plc
35
35
307,175
39 Industrial & General Insurance Plc
N/A
0
Prestige
Assurance
Plc
248,645
Prestige
Assurance
Plc
36
36
288,037
40 Goldlink Insurance Plc
N/A
0
224,561
37 Fin Insurance Company Ltd.
37 Fin Insurance Company Ltd.
212,990
41 Alliance & General Insurance Plc
N/A
0
196,757
38 Guinea Insurance Plc
38 Guinea Insurance Plc
211,213
39,214,180
Total
39,950,688
147,847
39 Nigerian Agricultural Ins. Corporation
39 Universal Insurance Plc
127,909
TAKAFUL COMPANY
42 Noor Takaful Insurance Plc
71,993
40 Universal Insurance Plc
40 Nigerian Agricultural ins. Corporation
117,348
42,608
70,672
43
Investment
&
Allied
Ins.
Plc
2,401
Investment
&
Allied
Ins.
Plc
41
41
2,401
38,278
Jaiz Takaful Insurance Plc
51,107
80,886
TOTAL
121,779
Member Companies Ranked In Order Of Gross Premium
Written From Their Direct Motor Insurance Business (2015-2019)
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Ratio Of Gross Claims Paid To Gross Premium
Written Of Motor Business 2019
GROSS PREMIUM
WRITTEN
‘000
NAME OF COMPANY
2,216,342
AIICO General Insurance Co. Ltd.
0
Alliance & General Insurance Plc
1,031,038
Allianz Nigeria Insurance Plc
943,938
Anchor Insurance Company Ltd.
2,952,115
AXA Mansard Insurance Plc
2,005,379
Consolidated Hallmark Insurance Plc
1,555,384
Cornerstone Insurance Plc
2,823,566
Custodian & Allied Insurance Ltd.
843,230
FBN General Insurance Limited
318,028
Fin Insurance Company Ltd.
351,149
Goldlink Insurance Plc
279,600
Great Nigeria Insurance Plc
455,303
Guinea Insurance Plc
0
Industrial & General Insurance Plc
369,842
International Energy ins. Plc
720,552
KBL Insurance Ltd.
702,662
LASACO Assurance Plc
1,154,783
Law Union & Rock Ins. Plc
3,805,485
Leadway Assurance co. Ltd.
1,136,061
Linkage Assurance Plc
2,748,541
Mutual Benefits Assurance Plc
5,743,172
NEM Insurance Plc
0
NICON Insurance Plc
0
Niger insurance Plc
89,355
Nigerian Agricultural ins. Corporation
945,166
NSIA Insurance Limited
442,144
Old Mutual Gen. Ins. Co. Nig. Ltd.
662,585
Prestige Assurance Plc
665,714
Regency Alliance Insurance Plc
1,366,314
Royal Exchange Gen. Ins. Co. Ltd.
2,286,314
Sovereign Trust Insurance Plc
0
STACO Insurance Plc
0
Standard Alliance Insurance Plc
748,022
Sterling Assurance Nigeria Ltd.
451,350
Sunu Assurances Nigeria Plc
665,204
Unitrust Insurance Co. Ltd.
287,927
Universal Insurance Plc
508,821
VeritasKapital Assurance Plc
894,894
Wapic Insurance Plc
2,419,018
Zenith General Insurance Co.Ltd.
44,588,998
TOTAL
TAKAFUL COMPANY
193,126
Jaiz Takaful Insurance Plc
124,206
Noor Takaful Insurance Ltd
317,332
TOTAL
REINSURANCE COMPANY
817,893
Continental Reinsurance Plc
26,594
Nigeria Reinsurance Corporation
844,487
TOTAL
GROSS
CLAIMS PAID
‘000
918,817
0
801,704
196,225
1,824,552
666,539
767,618
1,235,661
255,162
89,364
63,338
52,135
50,759
0
43,174
161,654
108,496
381,084
2,125,008
371,052
1,221,059
2,757,281
0
0
10,636
318,441
240,929
303,315
60,479
342,058
537,943
0
0
276,391
181,998
290,052
49,242
107,937
501,006
909,764
18,220,873
RATIO
0.41
0.00
0.78
0.21
0.62
0.33
0.49
0.44
0.30
0.28
0.18
0.19
0.11
0.00
0.12
0.22
0.15
0.33
0.56
0.33
0.44
0.48
0.00
0.00
0.12
0.34
0.54
0.46
0.09
0.25
0.24
0.00
0.00
0.37
0.40
0.44
0.17
0.21
0.56
0.38
0.41
91,475
13,891
105,366
0.47
0.11
0.33
368,129
10,259
378,388
0.45
0.39
0.45
29
Growth Of Motor Insurance
Premium (2010 - 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
42,039,418
44,652,858
44,813,708
39,849,449
42,905,736
39,840,893
40,393,972
39,295,066
40,072,467
44,906,330
0.7%
MOTOR (BILLIONS OF NAIRA)
0.7%
CAGR
2019
44,906,330
2018
40,072,467
2017
39,295,066
YEARS
2016
40,393,972
2015
39,840,893
2014
42,905,736
2013
39,849,449
2012
44,813,708
2011
44,652,858
2010
42,039,418
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
GROSS PREMIUM '000
REINSURANCE TRANSACTIONS IN MOTOR BUSINESS (2015-2019)
The table below shows the reinsurance transactions in Motor insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies and
businesses ceded to reinsurance companies.
Motor
2015
2016
2017
2018
2019
TOTAL
30
Gross
Premium
'000
39,840,893
40,393,972
39,295,066
40,072,467
44,906,330
204,508,728
Reinsurance
Accepted
'000
194,010
263,647
333,591
381,661
383,858
1,556,767
Reinsurance
Ceded
'000
2,051,349
2,280,954
2,582,879
2,391,234
2,805,759
12,112,175
Ratio of
Reinsurance
Accepted to
G.P.W
0.00
0.01
0.01
0.01
0.01
0.01
Ratio of
Reinsurance
Ceded to
G.P.W
0.05
0.06
0.07
0.06
0.06
0.06
Re- Insurance
Ratio
0.06
0.06
0.07
0.07
0.07
0.07
Fire Insurance Premium Written, 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
ACCEPTED
'000
23,580
0
40,758
19,268
21,569
59,330
0
0
0
0
0
0
0
0
2,831
33,536
0
0
0
34,585
0
162,652
0
0
0
0
0
27,265
3,839
0
0
0
0
97,119
17,280
0
60,431
4,961
86,885
0
695,889
GROSS
PREMIUM
WRITTEN
'000
2,159,195
0
987,792
248,440
2,774,786
1,092,345
1,071,768
5,240,930
1,388,060
274,288
38,467
239,743
255,715
0
17,312
385,597
375,018
667,676
3,337,732
915,982
1,186,999
4,858,296
0
0
76,920
1,221,687
515,645
2,500,731
225,988
1,058,253
1,819,409
0
0
647,839
496,155
927,363
337,303
594,293
852,071
2,434,038
41,223,836
REINS.
CEDED
'000
1,370,888
0
591,384
62,798
2,345,136
869,790
781,407
3,917,343
738,482
154,494
17,780
162,954
86,322
0
14,894
246,397
250,676
405,487
1,825,021
500,571
463,995
2,393,772
0
0
77,884
625,987
304,211
1,788,490
139,202
390,916
667,378
0
0
153,230
239,098
766,381
46,420
261,743
420,548
1,946,838
25,027,917
NET
PREMIUM
WRITTEN
'000
788,307
0
396,408
185,642
429,650
222,555
290,361
1,323,587
649,578
119,794
20,687
76,789
169,393
0
2,418
139,200
124,342
262,189
1,512,711
415,411
723,004
2,464,524
0
0
-964
595,700
211,434
712,241
86,786
667,337
1,152,031
0
0
494,609
257,057
160,982
290,883
332,550
431,523
487,200
16,195,919
44,885
64,552
109,437
202
0
202
45,087
64,552
109,639
28,809
11,438
40,247
16,278
53,114
69,392
DIRECT
BUSINESS
'000
13,767,286
329,290
14,096,576
REINS
ACCEPTED
'000
0
0
0
GROSS
PREMIUM
'000
13,767,286
329,290
14,096,576
RETROCESSION
'000
2,106,639
24,679
2,131,318
NET PREMIUM
'000
11,660,647
304,611
11,965,258
DIRECT
BUSINESS
'000
2,135,615
0
947,034
229,172
2,753,217
1,033,015
1,071,768
5,240,930
1,388,060
274,288
38,467
239,743
255,715
0
14,481
352,061
375,018
667,676
3,337,732
881,397
1,186,999
4,695,644
0
0
76,920
1,221,687
515,645
2,473,466
222,149
1,058,253
1,819,409
0
0
550,720
478,875
927,363
276,872
589,332
765,186
2,434,038
40,527,947
31
32
41
42
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
2019
COMPANY
Custodian & Allied Insurance Ltd.
NEM Insurance Plc
Leadway Assurance co. Ltd.
AXA Mansard Insurance Plc
Prestige Assurance Plc
Zenith General Insurance Co.Ltd.
AIICO General Insurance Co. Ltd.
Sovereign Trust Insurance Plc
FBN General Insurance Limited
NSIA Insurance Limited
Mutual Benefits Assurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Allianz Nigeria Insurance Plc
Unitrust Insurance Co. Ltd.
Linkage Assurance Plc
Wapic Insurance Plc
Law Union & Rock Ins. Plc
Sterling Assurance Nigeria Ltd.
VeritasKapital Assurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Sunu Assurances Nigeria Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Universal Insurance Plc
Fin Insurance Company Ltd.
Guinea Insurance Plc
Anchor Insurance Company Ltd.
Great Nigeria Insurance Plc
Regency Alliance Insurance Plc
Nigerian Agricultural ins. Corporation
Goldlink Insurance Plc
International Energy ins. Plc
Niger insurance Plc
Alliance & General Insurance Plc
Industrial & General Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
TOTAL
TAKAFUL COMPANY
Noor Takaful Insurance Ltd
Jaiz Takaful Insurance Ltd
TOTAL
64,552
45,087
109,639
GROSS
PREMIUM
'000
5,240,930
4,858,296
3,337,732
2,774,786
2,500,731
2,434,038
2,159,195
1,819,409
1,388,060
1,221,687
1,186,999
1,092,345
1,071,768
1,058,253
987,792
927,363
915,982
852,071
667,676
647,839
594,293
515,645
496,155
385,597
375,018
337,303
274,288
255,715
248,440
239,743
225,988
76,920
38,467
17,312
0
0
0
0
0
0
41,223,836
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2018
COMPANY
Custodian & Allied Insurance Ltd.
NEM Insurance Plc
AXA Mansard Insurance Plc
Leadway Assurance co. Ltd.
Zenith General Insurance Co.Ltd.
Prestige Assurance Plc
AIICO General Insurance Co. Ltd.
Sovereign Trust Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Mutual Benefits Assurance Plc
Niger insurance Plc
Saham Unitrust Insurance Co. Ltd.
Wapic Insurance Plc
FBN General Insurance Limited
Universal Insurance Plc
Allianz Nigeria Insurance Plc
Law Union & Rock Ins. Plc
Linkage Assurance Plc
VeritasKapital Assurance Plc
Sterling Assurance Nigeria Ltd.
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Sunu Assurance Plc
KBL Insurance Ltd.
Regency Alliance Insurance Plc
LASACO Assurance Plc
Guinea Insurance Plc
Fin Insurance Company Ltd.
Anchor Insurance Company Ltd.
Nigerian Agricultural ins. Corporation
Industrial & General Insurance Plc
International Energy ins. Plc
Goldlink Insurance Plc
STACO Insurance Plc
Great Nigeria Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
Alliance & General Insurance Plc
Investment & Allied Ins. Plc
TOTAL
TAKAFUL COMPANY
Noor Takaful Insurance Ltd
Jaiz Takaful Insurance Ltd
TOTAL
63,968
42,421
106,389
GROSS
PREMIUM
'000
4,789,145
3,545,545
3,517,930
3,051,268
1,977,581
1,973,262
1,790,143
1,720,061
1,297,235
1,008,118
1,003,063
972,295
946,107
878,675
811,461
804,913
774,007
744,692
682,132
678,737
589,499
561,490
553,255
490,014
412,256
346,173
327,442
286,837
231,777
173,757
117,849
108,434
91,191
64,941
45,105
0
0
0
0
0
0
37,366,390
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2017
COMPANY
Custodian & Allied Insurance Ltd.
AXA Mansard Insurance Plc
NEM Insurance Plc
Leadway Assurance co. Ltd.
Zenith General Insurance Co.Ltd.
AIICO Insurance Plc.
Prestige Assurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
NSIA Insurance Limited
Cornerstone Insurance Plc
Consolidated Hallmark Insurance Plc
Mutual Benefits Assurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Saham Unitrust Insurance Nig. Ltd.
FBN General Insurance Limited
Law Union & Rock Ins. Plc
Ensure Insurance Plc
Sterling Assurance Nigeria Ltd.
Linkage Assurance Plc
Sunu Assurance Nig. Plc
Wapic Insurance Plc
LASACO Assurance Plc
KBL Insurance Ltd.
Fin Insurance Company Ltd.
Regency Alliance Insurance Plc
Great Nigeria Insurance Plc
Standard Alliance Insurance Plc
Guinea Insurance Plc
Niger insurance Plc
Veritas Kapital Assurance Plc
Universal Insurance Plc
Anchor Insurance Company Ltd.
Nigerian Agricultural Ins. Corporation
NICON Insurance Ltd
International Energy Ins. Plc
Industrial & General Insurance Plc
Goldlink Insurance Plc
Alliance & General Insurance Plc
Investment & Allied Ins. Plc
Total
TAKAFUL COMPANY
Noor Takaful Insurance Plc
Jaiz Takaful Insurance Plc
TOTAL
41,170
23,219
64,389
GROSS
PREMIUM
'000
4,675,856
3,763,115
3,122,763
2,583,038
2,008,301
1,724,321
1,647,253
1,591,051
1,536,506
1,390,555
1,016,262
946,052
847,903
799,346
763,039
713,014
675,608
609,400
561,589
542,125
510,436
416,781
381,069
314,187
275,847
266,531
258,302
254,127
234,475
225,116
221,832
148,207
110,553
109,592
49,471
17,569
N/A
N/A
N/A
N/A
N/A
35,311,192
COMPANY
Custodian & Allied Insurance Plc
Leadway Assurance Co. Ltd.
AXA Mansard Insurance Plc
NEM Insurance Plc
AIICO General Insurance Co. Ltd.
Zenith Insurance Company Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
STACO Insurance Plc
Prestige Assurance Plc
Sovereign Trust Insurance Plc
NSIA Insurance Company Limited
Cornerstone Insurance Plc
Law Union & Rock Ins. Plc
Consolidated Hallmark Insurance Plc
Unitrust Insurance Co. Ltd.
Old Mutual Insurance Co. Ltd.
Mutual Benefits Assurance Plc
Sterling Assurance Nigeria Ltd.
Linkage Assurance Plc
International Energy Ins. Plc
Ensure Insurance Plc
Equity Assurance Plc
Wapic Insurance Plc
FBN General Insurance Limited
Industrial & General Insurance Plc
Standard Alliance Insurance Plc
KBL Insurance Ltd.
Niger Insurance Plc
Great Nigeria Insurance Plc
UnityKapital Assurance Plc
Goldlink Insurance Plc
Guinea Insurance Plc
Regency Alliance Insurance Plc
Alliance & General Insurance Co. Ltd
LASACO Assurance Plc
NICON Insurance Ltd
Fin Insurance Company Ltd.
Anchor Insurance Company Ltd.
Universal Insurance Plc
Nigerian Agricultural Ins. Corporation
Investment & Allied Ins. Plc
GROSS
PREMIUM
RANK COMPANY
'000
1 Custodian & Allied Insurance Plc
2,505,176
2 Leadway Assurance Co. Ltd.
2,211,192
3 AXA Mansard Insurance Plc
2,085,345
4 NEM Insurance Plc
1,826,634
5 AIICO General Insurance Co. Ltd.
1,672,719
6 Zenith Insurance Company Ltd.
1,605,556
7 Royal Exchange Gen. Ins. Co. Ltd.
1,442,667
8 STACO Insurance Plc
1,398,630
9 Prestige Assurance Plc
1,132,036
10 Sovereign Trust Insurance Plc
967,334
11 NSIA Insurance Company Limited
906,895
12 Cornerstone Insurance Plc
777,012
13 Law Union & Rock Ins. Plc
701,117
14 Consolidated Hallmark Insurance Plc
678,233
15 Unitrust Insurance Co. Ltd.
573,018
16 Old Mutual Insurance Co. Ltd.
552,663
17 Mutual Benefits Assurance Plc
520,135
18 Sterling Assurance Nigeria Ltd.
502,790
19 Linkage Assurance Plc
478,718
20 International Energy Ins. Plc
375,472
21 Ensure Insurance Plc
371,800
22 Equity Assurance Plc
335,189
23 Wapic Insurance Plc
334,834
24 FBN General Insurance Limited
314,541
25 Industrial & General Insurance Plc
292,676
26 Standard Alliance Insurance Plc
287,578
27 KBL Insurance Ltd.
266,778
28 Niger Insurance Plc
254,161
29 Great Nigeria Insurance Plc
247,066
30 UnityKapital Assurance Plc
226,180
31 Goldlink Insurance Plc
207,960
32 Guinea Insurance Plc
205,280
33 Regency Alliance Insurance Plc
199,808
34 Alliance & General Insurance Co. Ltd
184,638
35 LASACO Assurance Plc
161,674
36 NICON Insurance Ltd
142,930
37 Fin Insurance Company Ltd.
129,725
38 Anchor Insurance Company Ltd.
122,044
39 Universal Insurance Plc
102,333
40 Nigerian Agricultural Ins. Corporation
58,842
41 Investment & Allied Ins. Plc
10
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2015
2016
GROSS
PREMIUM
'000
2,505,176
2,211,192
2,085,345
1,826,634
1,672,719
1,605,556
1,442,667
1,398,630
1,132,036
967,334
906,895
777,012
701,117
678,233
573,018
552,663
520,135
502,790
478,718
375,472
371,800
335,189
334,834
314,541
292,676
287,578
266,778
254,161
247,066
226,180
207,960
205,280
199,808
184,638
161,674
142,930
129,725
122,044
102,333
58,842
10
Member Companies Ranked In Order Of Gross
Premium Written From Their Direct Fire
Insurance Business (2015-2019)
2019 Nigeria Insurance Digest
Ratio Of Gross Claims Paid To Gross
Premium Written Of Fire Business 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
GROSS
PREMIUM
WRITTEN
‘000
2,159,195
0
987,792
248,440
2,774,786
1,092,345
1,071,768
5,240,930
1,388,060
274,288
38,467
239,743
255,715
0
17,312
385,597
375,018
667,676
3,337,732
915,982
1,186,999
4,858,296
0
0
76,920
1,221,687
515,645
2,500,731
225,988
1,058,253
1,819,409
0
0
647,839
496,155
927,363
337,303
594,293
852,071
2,434,038
41,223,836
GROSS
CLAIMS
PAID
‘000
3,045,810
0
350,200
22,110
2,710,972
1,122,333
1,075,435
2,781,785
326,387
55,086
16,124
139,143
93,473
0
3,603
32,938
365,091
560,860
2,161,387
238,081
858,520
1,795,778
0
0
10,437
-285,049
549,302
1,849,733
38,779
523,767
931,931
0
0
717,698
557,497
570,627
17,728
114,899
749,728
1,253,762
25,355,955
RATIO
1.41
0.00
0.35
0.09
0.98
1.03
1.00
0.53
0.24
0.20
0.42
0.58
0.37
0.00
0.21
0.09
0.97
0.84
0.65
0.26
0.72
0.37
0.00
0.00
0.14
-0.23
1.07
0.74
0.17
0.49
0.51
0.00
0.00
1.11
1.12
0.62
0.05
0.19
0.88
0.52
0.62
45,087
64,552
109,639
3,355
6,873
10,228
0.07
0.11
0.09
13,767,286
329,290
14,096,576
6,751,038
208,233
6,959,271
0.49
0.63
0.49
33
Growth Of Fire Insurance Premium (2010 - 2019)
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
2019 Nigeria Insurance Digest
PREMIUM '000
19,293,160
19,863,584
21,788,018
24,451,478
26,170,263
27,359,389
30,773,302
35,375,581
37,472,976
41,333,475
7.9%
FIRE (BILLIONS OF NAIRA)
45,000,000
GROSS PREMIUM '000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
7.9%
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019 CAGR
YEARS
REINSURANCE TRANSACTIONS IN FIRE BUSINESS (2015-2019)
The table below shows the reinsurance transactions in Fire insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies
and businesses ceded to reinsurance companies.
Fire
2015
2016
2017
2018
2019
TOTAL
34
Gross
Premium
'000
30,773,302
35,375,581
35,375,581
37,472,976
41,333,475
180,330,915
Reinsurance
Accepted
'000
491,497
450,448
450,448
823,149
696,091
2,911,633
Reinsurance
Ceded
'000
17,579,101
20,752,900
20,752,900
20,755,297
25,068,164
104,908,362
Ratio of
Reinsurance
Accepted to
G.P.W
0.02
0.01
0.01
0.02
0.02
0.02
Ratio of
Reinsurance
Ceded to
G.P.W
0.57
0.59
0.59
0.55
0.61
0.58
Re- Insurance
Ratio
0.59
0.60
0.60
0.58
0.62
0.60
General Accident Insurance
Premium Written 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
DIRECT
REINS
BUSINESS ACCEPTED
'000
'000
3,237,209
30,591
0
0
1,018,251
7,895
836,495
10,098
1,855,225
2,544
1,096,835
8,577
947,264
0
1,833,072
0
1,357,474
0
0
107,470
0
69,253
0
300,762
0
517,454
82,334
427,165
733,506
453,900
1,725,193
718,673
1,407,440
3,992,349
0
0
180,336
1,201,521
435,793
605,457
534,971
474,618
918,097
0
0
349,443
418,334
473,419
243,935
325,410
780,723
2,567,292
32,226,673
13,084
61,963
0
0
0
16,801
0
64,442
0
0
0
0
0
36,286
4,938
0
0
0
0
13,397
4,647
0
17,587
391
102,666
0
395,907
0
168,185
0
80,775
0
248,960
DIRECT
REINS
BUSINESS ACCEPTED
'000
'000
3,085,558
0
130,686
0
3,216,244
0
16,231
83,138
141,505
133,607
352,460
343,204
225,417
1,490,752
0
0
96,175
513,902
331,746
119,904
146,158
250,031
585,002
0
0
7,237
112,229
192,252
79,665
214,381
526,265
1,065,214
12,619,462
NET
PREMIUM
WRITTEN
'000
1,316,206
0
570,686
755,788
1,390,947
483,406
678,287
1,205,607
523,187
107,149
57,476
185,148
369,595
0
79,187
405,990
592,001
320,293
1,372,733
392,270
1,182,023
2,566,039
0
0
84,161
687,619
104,047
521,839
393,751
224,587
333,095
0
0
355,603
310,752
281,167
181,857
111,420
357,124
1,502,078
20,003,118
168,185
35,214
80,775
8,737
248,960
43,951
GROSS
PREMIUM RETROCESSION
'000
'000
3,085,558
407,672
130,686
0
3,216,244
407,672
132,971
72,038
205,009
NET
PREMIUM
'000
2,677,886
130,686
2,808,572
GROSS
PREMIUM
INCOME
'000
3,267,800
0
1,026,146
846,593
1,857,769
1,105,412
947,264
1,833,072
1,357,474
107,470
69,253
300,762
517,454
0
95,418
489,128
733,506
453,900
1,725,193
735,474
1,407,440
4,056,791
0
0
180,336
1,201,521
435,793
641,743
539,909
474,618
918,097
0
0
362,840
422,981
473,419
261,522
325,801
883,389
2,567,292
32,622,580
REINS. CEDED
'000
1,951,594
0
455,460
90,805
466,822
622,006
268,977
627,465
834,287
321
11,777
115,614
147,859
35
2019 Nigeria Insurance Digest
41
42
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
COMPANY
NEM Insurance Plc
AIICO General Insurance Co. Ltd.
Zenith General Insurance Co.Ltd.
AXA Mansard Insurance Plc
Custodian & Allied Insurance Ltd.
Leadway Assurance co. Ltd.
Mutual Benefits Assurance Plc
FBN General Insurance Limited
NSIA Insurance Limited
Consolidated Hallmark Insurance Plc
Allianz Nigeria Insurance Plc
Cornerstone Insurance Plc
Sovereign Trust Insurance Plc
Wapic Insurance Plc
Anchor Insurance Company Ltd.
Linkage Assurance Plc
LASACO Assurance Plc
Prestige Assurance Plc
Regency Alliance Insurance Plc
Guinea Insurance Plc
KBL Insurance Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
Unitrust Insurance Co. Ltd.
Law Union & Rock Ins. Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Sunu Assurances Nigeria Plc
Sterling Assurance Nigeria Ltd.
VeritasKapital Assurance Plc
Great Nigeria Insurance Plc
Universal Insurance Plc
Nigerian Agricultural ins. Corporation
Fin Insurance Company Ltd.
International Energy ins. Plc
Goldlink Insurance Plc
Alliance & General Insurance Plc
Niger insurance Plc
Industrial & General Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2019
168,185
80,775
248,960
GROSS
PREMIUM
'000
4,056,791
3,267,800
2,567,292
1,857,769
1,833,072
1,725,193
1,407,440
1,357,474
1,201,521
1,105,412
1,026,146
947,264
918,097
883,389
846,593
735,474
733,506
641,743
539,909
517,454
489,128
474,618
473,419
453,900
435,793
422,981
362,840
325,801
300,762
261,522
180,336
107,470
95,418
69,253
0
0
0
0
0
0
32,622,580
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
COMPANY
AIICO General Insurance Co. Ltd.
NEM Insurance Plc
Zenith General Insurance Co.Ltd.
Mutual Benefits Assurance Plc
AXA Mansard Insurance Plc
Wapic Insurance Plc
NSIA Insurance Limited
Leadway Assurance co. Ltd.
Custodian & Allied Insurance Ltd.
Sovereign Trust Insurance Plc
Cornerstone Insurance Plc
Consolidated Hallmark Insurance Plc
LASACO Assurance Plc
Niger insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
FBN General Insurance Limited
Linkage Assurance Plc
Guinea Insurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Regency Alliance Insurance Plc
Prestige Assurance Plc
Anchor Insurance Company Ltd.
KBL Insurance Ltd.
Saham Unitrust Insurance Co. Ltd.
Law Union & Rock Ins. Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurance Plc
Allianz Nigeria Insurance Plc
VeritasKapital Assurance Plc
Industrial & General Insurance Plc
Nigerian Agricultural ins. Corporation
Universal Insurance Plc
Goldlink Insurance Plc
International Energy ins. Plc
Fin Insurance Company Ltd.
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Ltd
Great Nigeria Insurance Plc
Alliance & General Insurance Plc
Investment & Allied Ins. Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2018
89,488
30,455
119,943
GROSS
PREMIUM
'000
3,061,739
2,663,228
2,151,437
2,034,920
1,844,615
1,752,130
1,678,874
1,652,713
1,412,467
1,071,432
937,424
859,882
851,843
690,093
677,701
672,388
643,751
608,159
602,532
554,512
531,384
480,305
461,256
450,295
447,581
440,406
403,009
397,463
300,371
187,290
164,185
154,829
109,399
94,627
92,614
0
0
0
0
0
0
31,136,854
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
GROSS
PREMIUM
'000
COMPANY
2,746,736
NEM Insurance Plc
2,316,787 RANK
AIICO Insurance Plc.
1
1,965,406
Wapic Insurance Plc
1,917,763
Zenith General Insurance Co.Ltd.
2
1,703,527
AXA Mansard Insurance Plc
3
1,519,573
Mutual Benefits Assurance Plc
4
1,323,851
Custodian & Allied Insurance Ltd.
5
1,223,072
Cornerstone Insurance Plc
6
1,159,065
NSIA Insurance Limited
7
1,087,553
Leadway Assurance co. Ltd.
8
967,073
Niger Insurance Plc
9
893,404
LASACO Assurance Plc
10
793,698
Sovereign Trust Insurance Plc
11
787,789
Consolidated Hallmark Insurance Plc
12
711,929
Old Mutual Gen. Ins. Co. Nig. Ltd.
13
696,950
Royal Exchange Gen. Ins. Co. Ltd.
693,724
STACO Insurance Plc
14
668,878
Linkage Assurance Plc
15
616,266
Regency Alliance Insurance Plc
16
548,241
Standard Alliance Insurance Plc
17
516,270
FBN General Insurance Limited
18
510,458
Guinea Insurance Plc
19
445,033
Saham Unitrust Insurance Nig. Ltd.
20
426,312
KBL Insurance Ltd.
21
424,202
Law Union & Rock Ins. Plc
22
424,074
Prestige Assurance Plc
23
399,571
Anchor Insurance Company Ltd.
24
352,267
Sunu Assurances Nig. Plc
25
319,537
Ensure Insurance Plc
305,822
Sterling Assurance Nigeria Ltd.
26
277,791
NICON Insurance Ltd
27
274,770
Great Nigeria Insurance Plc
28
268,112
Universal Insurance Plc
29
201,288
Veritas Kapital Assurance Plc
30
105,983
Fin Insurance Company Ltd.
31
55,228
Nigerian Agricultural Ins. Corporation
32
N/A
Alliance & General Insurance Plc
33
N/A
International Energy Ins. Plc
34
N/A
Goldlink Insurance Plc
35
N/A
Industrial & General Insurance Plc
36
N/A
Investment & Allied Ins. Plc
29,648,003
37
Total
TAKAFUL COMPANY
38
54,843
Noor Takaful Insurance Plc
39
37,178
Jaiz Takaful Insurance Plc
40
92,021
TOTAL
41
2017
GROSS
PREMIUM
'000 RANK
COMPANY
2,428,335
1
NEM Insurance Plc
2,261,275
2
AIICO General Insurance Co. Ltd.
1,882,284
3
Cornerstone Insurance Plc
1,868,544
4
Zenith General Insurance Co.Ltd.
1,792,698
5
Wapic Insurance Plc
1,638,663
6
Custodian & Allied insurance Plc
1,594,273
7
AXA Mansard Insurance Plc
1,344,165
8
Mutual Benefits Assurance Plc
1,183,281
9
Leadway Assurance co. Ltd.
1,060,321
10
Alliance & General Insurance Plc
986,288
11
Niger insurance Plc
948,844
12
NSIA Insurance Company Limited
855,649
13
Old Mutual Insurance Co. Ltd.
14
Consolidated Hallmark Insurance Plc 848,844
834,984
15
Sovereign Trust Insurance Plc
824,859
16
Royal Exchange Gen. Ins. Co. Ltd.
733,313
17
LASACO Assurance Plc
701,166
18
STACO Insurance Plc
557,359
19
International Energy ins. Plc
554,145 20
Regency Alliance Insurance Plc
483,064
21
Linkage Assurance Plc
435,712
22
Standard Alliance Insurance Plc
431,696
23
KBL Insurance Ltd.
415,877
24
Law Union & Rock Ins. Plc
396,092
25
Goldlink Insurance Plc
391,049
26
FBN General Insurance Limited
379,806
27
Guinea Insurance Plc
324,759
28
Saham Unitrust Insurance Co. Ltd.
312,521
29
Great Nigeria Insurance Plc
292,681 30
Ensure Insurance Plc
276,698
31
Industrial & General Insurance Plc
275,057
32
Sterling Assurance Nigeria Ltd.
259,879
33
Equity Assurance Plc
256,744
34
Prestige Assurance Plc
253,739
35
Anchor Insurance Company Ltd.
229,789
36
UnityKapital Assurance Plc
136,655
37
NICON Insurance Ltd
109,061
38
Fin Insurance Company Ltd.
108,863
39
Universal Insurance Plc
34,740
40
Nigerian Agricultural ins. Corporation
1,988
41
Investment & Allied Ins. Plc
2016
COMPANY
NEM Insurance Plc
AIICO General Insurance Co. Ltd.
Zenith Insurance Company Ltd.
Niger Insurance Plc
Custodian & Allied Insurance Plc
Wapic Insurance Plc
AXA Mansard Insurance Plc
Mutual Benefits Assurance Plc
Leadway Assurance Co. Ltd.
Alliance & General Insurance Co. Ltd
Cornerstone Insurance Plc
Sovereign Trust Insurance Plc
NSIA Insurance Company Limited
Old Mutual Insurance Co. Ltd.
Regency Alliance Insurance Plc
STACO Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Consolidated Hallmark Insurance Plc
Standard Alliance Insurance Plc
LASACO Assurance Plc
International Energy Ins. Plc
Great Nigeria Insurance Plc
Linkage Assurance Plc
Universal Insurance Plc
FBN General Insurance Limited
Guinea Insurance Plc
Law Union & Rock Ins. Plc
KBL Insurance Ltd.
Unitrust Insurance Co. Ltd.
Goldlink Insurance Plc
Equity Assurance Plc
UnityKapital Assurance Plc
Industrial & General Insurance Plc
Sterling Assurance Nigeria Ltd.
Prestige Assurance Plc
Ensure Insurance Plc
Anchor Insurance Company Ltd.
NICON Insurance Ltd
Nigerian Agricultural Ins. Corporation
Fin Insurance Company Ltd.
Investment & Allied Ins. Plc
2015
2,583,398
2,152,060
1,811,909
1,750,667
1,691,128
1,487,950
1,252,735
1,223,963
1,137,379
1,060,321
998,973
968,989
956,977
810,972
756,665
735,074
723,883
672,141
615,638
613,992
557,359
516,039
488,403
432,854
431,672
421,886
400,833
399,650
398,234
396,092
344,574
293,530
276,698
250,683
248,706
235,276
229,763
136,655
57,851
48,225
1,988
GROSS
PREMIUM
'000
2019 Nigeria Insurance Digest
Member Companies Ranked In Order Of Gross Premium
Written From Their Direct General Accident Insurance
Business (2015-2019)
37
Ratio Of Gross Claims Paid To Gross Premium Income Of
General Accident Business 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
38
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
GROSS
PREMIUM
WRITTEN
'000
3,267,800
0
1,026,146
846,593
1,857,769
1,105,412
947,264
1,833,072
1,357,474
107,470
69,253
300,762
517,454
0
95,418
489,128
733,506
453,900
1,725,193
735,474
1,407,440
4,056,791
0
180,336
1,201,521
435,793
641,743
539,909
474,618
918,097
0
0
362,840
422,981
473,419
261,522
325,801
883,389
2,567,292
32,622,580
GROSS
CLAIMS
PAID
'000
1,677,940
0
270,072
179,903
240,048
671,348
392,839
527,877
137,849
8,900
14,156
54,799
59,994
0
68,336
128,098
190,469
180,457
310,666
277,141
459,142
1,323,482
0
3,283
981,305
77,002
542,329
49,722
176,313
247,905
0
0
164,197
102,469
214,015
41,401
229,878
262,496
477,498
10,743,329
168,185
80,775
248,960
124,629
11,452
136,081
0.74
0.14
0.55
1,785,619
42,213
1,827,832
0.58
0.32
0.57
3,085,558
130,686
3,216,244
RATIO
0.51
0.00
0.26
0.21
0.13
0.61
0.41
0.29
0.10
0.08
0.20
0.18
0.12
0.00
0.72
0.26
0.26
0.40
0.18
0.38
0.33
0.33
0.00
0.00
0.02
0.82
0.18
0.85
0.09
0.37
0.27
0.00
0.00
0.45
0.24
0.45
0.16
0.71
0.30
0.19
0.33
Growth Of General Accident
Insurance Premium (2010 - 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
28,591,643
29,593,631
29,746,702
27,984,199
29,772,790
30,571,785
30,705,760
29,740,024
31,256,788
32,871,540
1.4%
GENERAL ACCIDENT (BILLIONS OF NAIRA)
35,000,000
30,000,000
32,871,540
31,256,788
GROSS PREMIUM '000
25,000,000
29,740,024
30,705,760
30,571,785
20,000,000
29,772,790
27,984,199
29,746,702
15,000,000
29,593,631
28,591,643
10,000,000
5,000,000
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1.4%
CAGR
YEARS
REINSURANCE TRANSACTIONS IN GENERAL ACCIDENT BUSINESS (2015-2019)
The table below shows the reinsurance transactions in General Accident insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies and
businesses ceded to reinsurance companies
General
Accident
2015
2016
2017
2018
2019
TOTAL
Gross
Premium '000
30,571,785
30,705,760
29,740,024
31,256,788
32,871,540
155,145,897
Reinsurance
Accepted '000
509,831
358,201
388,917
595,543
395,907
2,248,399
Reinsurance
Ceded '000
7,089,782
8,662,389
8,677,627
10,000,567
12,663,413
47,093,778
Ratio of
Reinsurance
Accepted to
G.P.W
0.02
0.01
0.01
0.02
0.01
0.01
Ratio of
Reinsurance
Ceded to
G.P.W
0.23
0.28
0.29
0.32
0.39
0.30
Re- Insurance
Ratio
0.25
0.29
0.30
0.34
0.40
0.32
39
Marine And Aviation Insurance
Premium Written 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
40
2019 Nigeria Insurance Digest
DIRECT
BUSINESS
'000
1,993,794
0
1,068,004
683,859
1,697,838
1,386,070
1,149,692
1,235,109
254,681
208,097
59,493
364,738
62,666
REINS
ACCEPTED
'000
9,592
0
19,324
34,887
5,099
24,187
0
0
0
0
0
0
0
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
31,281
203
KBL Insurance Ltd.
165,882
27,218
LASACO Assurance Plc
242,752
0
Law Union & Rock Ins. Plc
371,144
0
Leadway Assurance Co. Ltd.
1,703,654
0
Linkage Assurance Plc
865,326
41,303
Mutual Benefits Assurance Plc
1,605,041
0
NEM Insurance Plc
2,151,309
18,257
NICON Insurance Plc
0
0
Niger Insurance Plc
0
0
Nigerian Agricultural Ins. Corporation
12,070
0
NSIA Insurance Limited
633,217
0
Old Mutual Gen. Ins. Co. Nig. Ltd.
177,324
0
Prestige Assurance Plc
1,060,240
4,929
Regency Alliance Insurance Plc
838,772
5,870
Royal Exchange Gen. Ins. Co. Ltd.
565,494
0
Sovereign Trust Insurance Plc
825,634
0
STACO Insurance Plc
0
0
Standard Alliance Insurance Plc
0
0
Sterling Assurance Nigeria Ltd.
239,481
37,144
Sunu Assurances Nigeria Plc
280,683
5,254
Unitrust Insurance Co. Ltd.
221,595
0
Universal Insurance Plc
212,966
86,812
VeritasKapital Assurance Plc
258,320
2,436
Wapic Insurance Plc
347,197
161,861
Zenith Insurance Company Ltd.
1,551,600
0
TOTAL
24,525,023
484,376
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
20,152
1,861
Noor Takaful Insurance Ltd
3,508
0
TOTAL
23,660
1,861
DIRECT
REINS
BUSINESS ACCEPTED
REINSURANCE COMPANY
'000
'000
Continental Reinsurance Plc
2,410,559
0
Nigeria Reinsurance Corporation
78,538
0
TOTAL
2,489,097
0
18,729
69,409
100,836
136,234
774,742
459,969
459,629
1,216,530
0
0
4,325
360,230
202,627
566,100
202,526
111,951
373,669
0
0
52,224
136,781
97,958
122,316
52,646
273,479
872,630
12,002,565
NET
PREMIUM
WRITTEN
'000
1,179,394
0
425,098
607,370
390,550
553,725
399,276
887,761
80,097
93,626
49,528
203,783
49,897
0
12,755
123,691
141,916
234,910
928,912
446,660
1,145,412
953,036
0
0
7,745
272,987
-25,303
499,069
642,116
453,543
451,965
0
0
224,401
149,156
123,637
177,462
208,110
235,579
678,970
13,006,834
22,013
6,280
3,508
249
25,521
6,529
GROSS
PREMIUM RETROCESSION
'000
'000
2,410,559
159,318
78,538
12,025
2,489,097
171,343
15,733
3,259
18,992
NET
PREMIUM
'000
2,251,241
66,513
2,317,754
GROSS
PREMIUM
INCOME
'000
2,003,386
0
1,087,328
718,746
1,702,937
1,410,257
1,149,692
1,235,109
254,681
208,097
59,493
364,738
62,666
0
31,484
193,100
242,752
371,144
1,703,654
906,629
1,605,041
2,169,566
0
0
12,070
633,217
177,324
1,065,169
844,642
565,494
825,634
0
0
276,625
285,937
221,595
299,778
260,756
509,058
1,551,600
25,009,399
REINS. CEDED
'000
823,992
0
662,230
111,376
1,312,387
856,532
750,416
347,348
174,584
114,471
9,965
160,955
12,769
41
42
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
COMPANY
NEM Insurance Plc
AIICO General Insurance Co. Ltd.
Leadway Assurance co. Ltd.
AXA Mansard Insurance Plc
Mutual Benefits Assurance Plc
Zenith General Insurance Co.Ltd.
Consolidated Hallmark Insurance Plc
Custodian & Allied Insurance Ltd.
Cornerstone Insurance Plc
Allianz Nigeria Insurance Plc
Prestige Assurance Plc
Linkage Assurance Plc
Regency Alliance Insurance Plc
Sovereign Trust Insurance Plc
Anchor Insurance Company Ltd.
NSIA Insurance Limited
Royal Exchange Gen. Ins. Co. Ltd.
Wapic Insurance Plc
Law Union & Rock Ins. Plc
Great Nigeria Insurance Plc
Universal Insurance Plc
Sunu Assurances Nigeria Plc
Sterling Assurance Nigeria Ltd.
VeritasKapital Assurance Plc
FBN General Insurance Limited
LASACO Assurance Plc
Unitrust Insurance Co. Ltd.
Fin Insurance Company Ltd.
KBL Insurance Ltd.
Old Mutual Gen. Ins. Co. Nig. Ltd.
Guinea Insurance Plc
Goldlink Insurance Plc
International Energy ins. Plc
Nigerian Agricultural ins. Corporation
Niger insurance Plc
Alliance & General Insurance Plc
Industrial & General Insurance Plc
Standard Alliance Insurance Plc
STACO Insurance Plc
NICON Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
22,013
3,508
25,521
GROSS
PREMIUM
'000
2,169,566
2,003,386
1,703,654
1,702,937
1,605,041
1,551,600
1,410,257
1,235,109
1,149,692
1,087,328
1,065,169
906,629
844,642
825,634
718,746
633,217
565,494
509,058
371,144
364,738
299,778
285,937
276,625
260,756
254,681
242,752
221,595
208,097
193,100
177,324
62,666
59,493
31,484
12,070
0
0
0
0
0
0
25,009,399
42
43
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2018
COMPANY
Allianz Nigeria Insurance Plc
NEM Insurance Plc
Leadway Assurance co. Ltd.
AXA Mansard Insurance Plc
AIICO General Insurance Co. Ltd.
Mutual Benefits Assurance Plc
Custodian & Allied Insurance Ltd.
Zenith General Insurance Co.Ltd.
Cornerstone Insurance Plc
Consolidated Hallmark Insurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Sovereign Trust Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Regency Alliance Insurance Plc
Wapic Insurance Plc
Linkage Assurance Plc
Sunu Assurance Plc
NSIA Insurance Limited
Anchor Insurance Company Ltd.
Law Union & Rock Ins. Plc
Niger insurance Plc
FBN General Insurance Limited
Sterling Assurance Nigeria Ltd.
VeritasKapital Assurance Plc
Saham Unitrust Insurance Co. Ltd.
KBL Insurance Ltd.
LASACO Assurance Plc
Fin Insurance Company Ltd.
Universal Insurance Plc
Industrial & General Insurance Plc
Guinea Insurance Plc
Goldlink Insurance Plc
International Energy ins. Plc
Nigerian Agricultural ins. Corporation
Standard Alliance Insurance Plc
STACO Insurance Plc
Great Nigeria Insurance Plc
NICON Insurance Ltd
Investment & Allied Ins. Plc
Alliance & General Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2016
2017
GROSS
GROSS
PREMIUM
PREMIUM
'000 RANK COMPANY
'000
1,903,682
2,145,645
1 Ensure Insurance Plc
1,545,763
1,528,905 RANK COMPANY
2 Leadway Assurance co. Ltd.
1 Consolidated Hallmark Insurance Plc
1,650,028
1,464,407
3 NEM Insurance Plc
2 NEM Insurance Plc
1,502,252
1,367,730
4 AXA Mansard Insurance Plc
1,353,970
1,252,484
3 Leadway Assurance co. Ltd.
5 AIICO Insurance Plc.
1,268,017
1,157,516
6 Mutual Benefits Assurance Plc
4 Ensure Insurance Plc
1,194,228
7 Consolidated Hallmark Insurance Plc 1,116,640
5 AXA Mansard Insurance Plc
1,141,626
1,084,443
8 Zenith General Insurance Co.Ltd.
6 AIICO General Insurance Co. Ltd.
1,034,333
1,048,389
9 Old Mutual Gen. Ins. Co. Nig. Ltd.
7 Zenith General Insurance Co.Ltd.
783,746
1,011,002
10 Custodian & Allied Insurance Ltd.
8 Mutual Benefits Assurance Plc
754,268
881,705
11 Sovereign Trust Insurance Plc
9 Custodian & Allied insurance Plc
724,806
784,763
12 Standard Alliance Insurance Plc
10 Old Mutual Insurance Co. Ltd.
574,468
739,476
13 Royal Exchange Gen. Ins. Co. Ltd.
11 Royal Exchange Gen. Ins. Co. Ltd.
570,936
631,055
14 STACO Insurance Plc
12 Sovereign Trust Insurance Plc
564,701
603,601
Cornerstone
Insurance
Plc
15
13 Alliance & General Insurance Plc
591,507
531,778
16 Regency Alliance Insurance Plc
14 Wapic Insurance Plc
574,191
516,691
17 Prestige Assurance Plc
551,906
496,844
15 STACO Insurance Plc
18 Wapic Insurance Plc
504,268
465,606
19 Sunu Assurances Nig. Plc
16 Cornerstone Insurance Plc
459,903
463,523
20 NSIA Insurance Limited
17 Linkage Assurance Plc
420,752
385,160
21 Law Union & Rock Ins. Plc
18 NSIA Insurance Company Limited
389,234
269,027
22 Fin Insurance Company Ltd.
19 Regency Alliance Insurance Plc
387,195
251,602
23 Linkage Assurance Plc
20 Law Union & Rock Ins. Plc
245,909
24 Sterling Assurance Nigeria Ltd.
228,905
21 Industrial & General Insurance Plc
229,279
25 FBN General Insurance Limited
209,858
22 Standard Alliance Insurance Plc
184,467
26 KBL Insurance Ltd.
177,880
23 Prestige Assurance Plc
159,577
27 Saham Unitrust Insurance Nig. Ltd.
161,699
24 International Energy ins. Plc
28 LASACO Assurance Plc
147,608
154,751
25 Equity Assurance Plc
29 Anchor Insurance Company Ltd.
118,852
122,168
26 Goldlink Insurance Plc
30 Great Nigeria Insurance Plc
98,353
117,560
31 Veritas Kapital Assurance Plc
72,912
27 Sterling Assurance Nigeria Ltd.
111,607
32 Guinea Insurance Plc
43,937
72,460
28 KBL Insurance Ltd.
33 Niger insurance Plc
39,921
66,126
29 Niger insurance Plc
34 Universal Insurance Plc
34,900
61,461
30 FBN General Insurance Limited
35 NICON Insurance Ltd
20,722
10,617
31 Great Nigeria Insurance Plc
36 Nigerian Agricultural Ins. Corporation
5,690
0
32 UnityKapital Assurance Plc
37 Investment & Allied Ins. Plc
N/A
0
33 LASACO Assurance Plc
38 International Energy Ins. Plc
N/A
0
34 Anchor Insurance Company Ltd.
39 Industrial & General Insurance Plc
N/A
0
35 Saham Unitrust Insurance Co. Ltd.
40 Goldlink Insurance Plc
N/A
0
NICON Insurance Ltd
36
41 Alliance & General Insurance Plc
N/A
0
37 Fin Insurance Company Ltd.
22,098,844
Total
21,442,147
38 Universal Insurance Plc
TAKAFUL COMPANY
42 Noor Takaful Insurance Plc
2176
39 Guinea Insurance Plc
27,784
43 Jaiz Takaful Insurance Plc
1079
9,806
40 Nigerian Agricultural ins. Corporation
3255
TOTAL
37,590
41 Investment & Allied Ins. Plc
2015
GROSS
PREMIUM
'000 RANK COMPANY
1,849,161
1 Consolidated Hallmark Insurance Plc
1,193,348
2 AXA Mansard Insurance Plc
1,150,832
3 Leadway Assurance Co. Ltd.
1,075,292
4 NEM Insurance Plc
1,044,058
5 Custodian & Allied Insurance Plc
990,480
6 AIICO General Insurance Co. Ltd.
937,853
7 Zenith Insurance Company Ltd.
925,627
8 Old Mutual Insurance Co. Ltd.
821,099
9 STACO Insurance Plc
752,191
10 NSIA Insurance Company Limited
728,543
11 Royal Exchange Gen. Ins. Co. Ltd.
598,224
12 Sovereign Trust Insurance Plc
552,112
13 Mutual Benefits Assurance Plc
551,224
14 Alliance & General Insurance Co. Ltd
524,241
15 Standard Alliance Insurance Plc
519,452
16 Regency Alliance Insurance Plc
485,628
17 Law Union & Rock Ins. Plc
480,521
18 Linkage Assurance Plc
440,918
19 Cornerstone Insurance Plc
439,933
20 Prestige Assurance Plc
397,829
21 Industrial & General Insurance Plc
385,976
22 Wapic Insurance Plc
366,275
23 Equity Assurance Plc
322,736
24 International Energy Ins. Plc
273,472
25 KBL Insurance Ltd.
203,748
26 Ensure Insurance Plc
197,482
27 Goldlink Insurance Plc
188,924
28 Unitrust Insurance Co. Ltd.
184,026
29 Sterling Assurance Nigeria Ltd.
168,613
30 UnityKapital Assurance Plc
144,728
31 Universal Insurance Plc
104,792
32 Niger Insurance Plc
100,452
33 Great Nigeria Insurance Plc
97,720
34 Anchor Insurance Company Ltd.
91,928
35 FBN General Insurance Limited
89,655
36 NICON Insurance Ltd
83,412
37 LASACO Assurance Plc
59,276
38 Guinea Insurance Plc
57,427
39 Fin Insurance Company Ltd.
17,149
40 Nigerian Agricultural Ins. Corporation
41 Investment & Allied Ins. Plc
GROSS
PREMIUM
'000
1,966,254
1,259,747
1,088,482
1,084,660
1,058,229
1,015,560
1,008,563
752,918
751,313
719,663
662,120
616,820
606,455
552,112
549,063
524,692
515,940
444,986
437,831
412,766
397,829
387,357
360,290
322,736
284,486
233,990
203,748
191,495
183,983
138,621
121,504
106,656
98,416
98,205
95,194
89,655
85,482
46,364
35,617
17,844
_
2019 Nigeria Insurance Digest
Member Companies Ranked In Order Of
Gross Premium Written From Their Direct
Marine And Aviation Insurance Business
(2015-2019)
41
Ratio Of Gross Claims Paid To Gross Premium
Written Of Marine And Aviation Business 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
42
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
GROSS
PREMIUM
WRITTEN
'000
2,003,386
0
1,087,328
718,746
1,702,937
1,410,257
1,149,692
1,235,109
254,681
208,097
59,493
364,738
62,666
0
31,484
193,100
242,752
371,144
1,703,654
906,629
1,605,041
2,169,566
0
0
12,070
633,217
177,324
1,065,169
844,642
565,494
825,634
0
0
276,625
285,937
221,595
299,778
260,756
509,058
1,551,600
25,009,399
GROSS
CLAIMS
PAID
'000
638,741
0
79,127
48,270
448,171
518,405
114,981
236,011
492,591
54,759
17,347
55,358
547
0
10,221
175,951
115,206
261,394
766,765
39,237
588,370
1,273,321
0
0
0
177,236
47,272
437,009
188,514
146,089
302,727
0
0
55,318
233,499
103,984
15,383
22,361
182,967
353,777
8,200,909
22,013
3,508
25,521
2,181
0
2,181
0.10
0.00
0.09
1,230,412
54,133
1,284,545
0.51
0.69
0.52
2,410,559
78,538
2,489,097
RATIO
0.32
0.00
0.07
0.07
0.26
0.37
0.10
0.19
1.93
0.26
0.29
0.15
0.01
0.00
0.32
0.91
0.47
0.70
0.45
0.04
0.37
0.59
0.00
0.00
0.00
0.28
0.27
0.41
0.22
0.26
0.37
0.00
0.00
0.20
0.82
0.47
0.05
0.09
0.36
0.23
0.33
Growth Of Marine & Aviation
Insurance Premium (2010 - 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
20,097,368
23,400,508
20,967,940
18,685,531
20,715,083
19,527,646
19,596,357
22,102,099
21,479,827
25,034,920
2.2%
MARINE & AVIATION (BILLIONS OF NAIRA)
2.2%
CAGR
2019
25,034,920
2018
21,479,827
YEARS
2017
22,102,099
2016
19,596,357
2015
19,527,646
2014
20,715,083
2013
18,685,531
2012
20,967,940
2011
23,400,508
2010
20,097,368
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
GROSS PREMIUM '000
REINSURANCE TRANSACTIONS IN MARINE & AVIATION BUSINESS (2015-2019)
The table below shows the reinsurance transactions in Marine & Aviation insurance business over a period of five
years. Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies
and businesses ceded to reinsurance companies.
Marine &
Aviation
2015
2016
2017
2018
2019
TOTAL
Gross
Premium '000
19,527,646
19,596,357
22,102,099
21,340,954
25,034,920
107,601,976
Reinsurance
Accepted '000
517,865
238,978
257,041
365,097
486,237
1,865,218
Reinsurance
Ceded '000
9,070,880
8,846,780
11,978,989
10,350,294
12,009,094
52,256,037
Ratio of
Reinsurance
Accepted to
G.P.W
0.03
0.01
0.01
0.02
0.02
0.02
Ratio of
Reinsurance
Ceded to
G.P.W
0.46
0.45
0.54
0.48
0.48
0.49
Re- Insurance
Ratio
0.49
0.46
0.55
0.50
0.50
0.50
43
Workmen Compensation Insurance
2019 Nigeria Insurance Digest
WORKMEN COMPENSATION INSURANCE PREMIUM WRITTEN 2019
S/NO
1
2
3
4
5
6
7
DIRECT
BUSINESS
NAME OF COMPANY
'000
AIICO General Insurance Co. Ltd.
191,143
Allianz Nigeria Insurance Plc
0
Great Nigeria Insurance Plc
3,600
KBL Insurance Ltd.
0
NICON Insurance Plc
0
Prestige Assurance Plc
27,469
Regency Alliance Insurance Plc
3,856
TOTAL
226,068
REINS
ACCEPTED
'000
868
0
0
0
0
0
219
1,087
GROSS PREMIUM
WRITTEN
'000
192,011
0
3,600
0
0
27,469
4,075
227,155
REINS. CEDED
'000
72,323
0
0
0
0
0
49
72,372
PREMIUM
WRITTEN
'000
119,688
0
3,600
0
0
27,469
4,026
154,783
MEMBER COMPANIES RANKED IN ORDER OF GROSS PREMIUM WRITTEN FROM THEIR DIRECT
WORKMEN COMPENSATION INSURANCE BUSINESS (2015-2019)
2019
RANK
1
2
3
4
5
6
7
2018
GROSS PREMIUM
'000
COMPANY
AIICO General Insurance Co. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Great Nigeria Insurance Plc
Allianz Nigeria Insurance Plc
KBL Insurance Ltd.
NICON Insurance Plc
TOTAL
192,011
27,469
4,075
3,600
0
0
0
227,155
RANK
1
2
3
4
5
6
7
COMPANY
AIICO General Insurance Co. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Allianz Nigeria Insurance Plc
Great Nigeria Insurance Plc
KBL Insurance Ltd.
NICON Insurance Ltd
TOTAL
GROSS
GROSS
GROSS
2017
2016
2015
GROSS
PREMIUM
PREMIUM
PREMIUM
PREMIUM
'000 RANK COMPANY
'000 RANK COMPANY
'000
'000 RANK COMPANY
146,940
1 AIICO Insurance Plc.
1 AIICO General Insurance Co. Ltd. 166,466
1 AIICO General Insurance Co. Ltd. 143,118
183,506
34,718
2 Prestige Assurance Plc
2 Prestige Assurance Plc
2 Prestige Assurance Plc
27,626
33,945
26,332
11,174
13,786
3 Great Nigeria Insurance Plc
4,511
3 Ensure Insurance Plc
3 Ensure Insurance Plc
18,336
3,199
8,930
0
4 Regency Alliance Insurance Plc
4 Great Nigeria Insurance Plc
4 Great Nigeria Insurance Plc
8,632
103
5,440
0
5 NICON Insurance Ltd
5 NICON Insurance Ltd
5 NICON Insurance Ltd
5,440
59
4,621
0
6 KBL Insurance Ltd.
6 Regency Alliance Insurance Plc
6 Regency Alliance Insurance Plc 3,256
87
0
0
7 Ensure Insurance Plc
7 KBL Insurance Ltd.
7 KBL Insurance Ltd.
327
196,193
Total
215,643
RATIO OF GROSS CLAIMS PAID TO GROSS PREMIUM WRITTEN OF WORKMEN COMPENSATION 2019
S/NO
1
2
3
4
5
6
7
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Allianz Nigeria Insurance Plc
Great Nigeria Insurance Plc
KBL Insurance Ltd.
NICON Insurance Plc
Prestige Assurance Plc
Regency Alliance Insurance Plc
TOTAL
GROSS PREMIUM
WRITTEN
'000
192,011
0
3,600
0
0
27,469
4,075
227,155
GROSS CLAIMS
PAID
'000
54,372
0
687
0
0
32,207
152
87,418
RATIO
0.28
0.00
0.19
0.00
0.00
1.17
0.04
0.38
Growth Of Workmen Compensation/Emp. Liability
Insurance Premium (2010 - 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
903,247
630,823
502,604
365,976
270,749
205,441
233,275
196,193
215,643
227,155
-12.9%
REINSURANCE TRANSACTIONS IN WORKMEN COMPENSATION/EMP. LIABILITY BUSINESS (2015-2019)
The table below shows the reinsurance transactions in Workmen Compensation & Employers Liability insurance business
over a period of five years. Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from
other companies and businesses ceded to reinsurance companies
Workmen
Compensation/
Emp. Liability
Gross
Ratio of
Reinsurance
Accepted to
Ceded to
Premium
Reinsurance
'000
Accepted '000
2015
205,441
1,270
75,235
0.01
0.37
0.37
2016
233,275
770
54,346
0.00
0.23
0.24
2017
196,193
1,332
47,493
0.01
0.24
0.25
2018
215,643
1,920
63,794
0.01
0.30
0.30
2019
227,155
1,087
72,372
0.00
0.32
0.32
1,077,707
6,379
313,240
0.01
0.29
0.30
TOTAL
Reinsurance
Ratio of
Reinsurance
Ceded '000
G.P.W
G.P.W
Re- Insurance
Ratio
45
2019 Nigeria Insurance Digest
Oil And Gas Insurance Premium Written 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
46
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
DIRECT
BUSINESS
'000
2,189,487
0
2,377,916
1,065,346
9,914,007
2,069,490
2,042,223
14,060,119
3,248,771
243,911
33,658
103,573
0
17,051
34,324
1,205,060
1,598,153
21,970,495
2,509,584
1,352,730
2,928,191
0
102,430
1,921,368
327,361
543,375
1,266,687
6,948,950
3,889,282
0
0
1,404,333
448,372
978,321
457,183
515,225
3,083,186
2,566,945
93,417,107
REINS
ACCEPTED
'000
59,075
0
0
5,377
5,042
59,787
0
0
0
0
0
0
0
1,968
0
0
0
0
35,524
0
3,856
0
0
0
0
2,093
561
0
0
0
0
4,202
3,374
0
37,702
3,000
411,211
0
632,772
GROSS
PREMIUM
INCOME
'000
2,248,562
0
2,377,916
1,070,723
9,919,049
2,129,277
2,042,223
14,060,119
3,248,771
243,911
33,658
103,573
0
19,019
34,324
1,205,060
1,598,153
21,970,495
2,545,108
1,352,730
2,932,047
0
102,430
1,921,368
327,361
545,468
1,267,248
6,948,950
3,889,282
0
0
1,408,535
451,746
978,321
494,885
518,225
3,494,397
2,566,945
94,049,879
0
0
0
DIRECT
BUSINESS
'000
3,139,245
36,839
3,176,084
0
0
0
REINS
ACCEPTED
'000
0
0
0
0
0
0
GROSS
PREMIUM
'000
3,139,245
36,839
3,176,084
REINS. CEDED
'000
984,393
0
1,347,402
326,412
9,162,963
1,224,758
1,951,830
12,342,476
1,382,007
141,355
0
32,992
0
0
29,515
676,285
628,252
13,162,766
1,105,578
609,959
1,512,730
0
43,381
1,173,063
284,016
413,729
551,071
4,396,827
2,751,689
0
0
303,133
109,648
726,138
203,499
371,907
1,278,226
1,392,944
60,620,944
0
0
0
RETROCESSION
'000
767,493
16,031
783,524
NET
PREMIUM
WRITTEN
'000
1,264,169
0
1,030,514
744,311
756,086
904,519
90,393
1,717,643
1,866,764
102,556
33,658
70,581
0
19,019
4,809
528,775
969,901
8,807,729
1,439,530
742,771
1,419,317
0
59,049
748,305
43,345
131,739
716,177
2,552,123
1,137,593
0
0
1,105,402
342,098
252,183
291,386
146,318
2,216,171
1,174,001
33,428,935
0
0
0
NET
PREMIUM
'000
2,371,752
20,808
2,392,560
2019 Nigeria Insurance Digest
48
39
40
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
COMPANY
Leadway Assurance Co. Ltd.
Custodian & Allied Insurance Ltd.
AXA Mansard Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
Wapic Insurance Plc
FBN General Insurance Limited
NEM Insurance Plc
Zenith Insurance Company Ltd.
Linkage Assurance Plc
Allianz Nigeria Insurance Plc
AIICO General Insurance Co. Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
NSIA Insurance Limited
Law Union & Rock Ins. Plc
Sterling Assurance Nigeria Ltd.
Mutual Benefits Assurance Plc
Regency Alliance Insurance Plc
LASACO Assurance Plc
Anchor Insurance Company Ltd.
Unitrust Insurance Co. Ltd.
Prestige Assurance Plc
VeritasKapital Assurance Plc
Universal Insurance Plc
Sunu Assurances Nigeria Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
Fin Insurance Company Ltd.
Great Nigeria Insurance Plc
Nigerian Agricultural Ins. Corporation
KBL Insurance Ltd.
Goldlink Insurance Plc
International Energy Ins. Plc
Industrial & General Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
Alliance & General Insurance PLC
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2019
0
0
0
GROSS
PREMIUM
'000
21,970,495
14,060,119
9,919,049
6,948,950
3,889,282
3,494,397
3,248,771
2,932,047
2,566,945
2,545,108
2,377,916
2,248,562
2,129,277
2,042,223
1,921,368
1,598,153
1,408,535
1,352,730
1,267,248
1,205,060
1,070,723
978,321
545,468
518,225
494,885
451,746
327,361
243,911
103,573
102,430
34,324
33,658
19,019
0
0
0
0
0
94,049,879
2,568,417
Linkage Assurance Plc
FBN General Insurance Limited
AIICO General Insurance Co. Ltd.
Cornerstone Insurance Plc
Consolidated Hallmark Insurance Plc
Allianz Nigeria Insurance Plc
10
11
12
13
14
15
16
Universal Insurance Plc
Nigerian Agricultural Ins. Corporation
International Energy Ins. Plc
KBL Insurance Ltd.
31
32
Standard Alliance Insurance Plc
Great Nigeria Insurance Plc
NICON Insurance Ltd
Alliance & General Insurance PLC
35
36
37
38
0
0
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
39
0
0
84,461,811
0
0
0
0
7,496
32,183
40
TOTAL
TAKAFUL COMPANY
Goldlink Insurance Plc
STACO Insurance Plc
33
34
73,732
313,586
274,399
109,705
Fin Insurance Company Ltd.
28
29
30
437,174
403,289
Prestige Assurance Plc
27
438,816
601,780
Old Mutual Gen. Ins. Co. Nig. Ltd.
Industrial & General Insurance Plc
Sunu Assurance Plc
1,013,805
1,002,252
847,858
25
24
1,221,266
1,040,537
26
VeritasKapital Assurance Plc
Anchor Insurance Company Ltd.
Saham Unitrust Insurance Co. Ltd.
Regency Alliance Insurance Plc
20
22
23
1,307,693
Mutual Benefits Assurance Plc
19
21
1,469,990
Sterling Assurance Nigeria Ltd.
Law Union & Rock Ins. Plc
1,260,825
NSIA Insurance Limited
17
18
1,610,662
1,861,221
1,937,396
2,062,558
1,941,438
2,494,376
2,093,447
3,451,539
2,497,983
Zenith Insurance Company Ltd.
NEM Insurance Plc
Wapic Insurance Plc
7
3,851,335
8
9
6,609,170
Sovereign Trust Insurance Plc
LASACO Assurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
4
5
6
13,596,662
7,632,861
18,396,360
Custodian & Allied Insurance Ltd.
'000
Leadway Assurance Co. Ltd.
COMPANY
GROSS
PREMIUM
AXA Mansard Insurance Plc
1
2
3
RANK
2018
39
40
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
RANK
Leadway Assurance Co. Ltd.
Custodian & Allied Insurance Ltd.
AXA Mansard Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
Zenith Insurance Company Ltd.
LASACO Assurance Plc
Wapic Insurance Plc
NEM Insurance Plc
Cornerstone Insurance Plc
Linkage Assurance Plc
AIICO Insurance Plc.
Consolidated Hallmark Insurance Plc
FBN General Insurance Limited
Regency Alliance Insurance Plc
Veritas Kapital Assurance Plc
Law Union & Rock Ins. Plc
NSIA Insurance Limited
Mutual Benefits Assurance Plc
Sterling Assurance Nigeria Ltd.
Ensure Insurance Plc
STACO Insurance Plc
Sunu Assurances Nig. Plc
Standard Alliance Insurance Plc
Anchor Insurance Company Ltd.
Old Mutual Gen. Ins. Co. Nig. Ltd.
Saham Unitrust Insurance Nig. Ltd.
Fin Insurance Company Ltd.
Prestige Assurance Plc
Great Nigeria Insurance Plc
Universal Insurance Plc
NICON Insurance Ltd
KBL Insurance Ltd.
Nigerian Agricultural Ins. Corporation
Industrial & General Insurance Plc
International Energy Ins. Plc
Goldlink Insurance Plc
Alliance & General Insurance Co. Ltd
Total
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Plc
TOTAL
COMPANY
2017
0
0
0
PREMIUM
'000
12,753,215
9,519,585
6,081,706
4,859,666
3,348,894
2,526,496
2,206,515
2,014,265
1,621,904
1,574,935
1,491,185
1,343,121
1,304,288
1,288,686
1,120,371
1,110,046
1,106,724
1,099,725
1,076,073
985,954
827,475
808,602
739,815
729,844
621,186
552,253
460,112
285,737
285,000
99,325
57,008
8,761
7,153
1,525
N/A
N/A
N/A
N/A
63,917,150
GROSS
2015
GROSS
PREMIUM
RANK COMPANY
'000 RANK COMPANY
1 Leadway Assurance Co. Ltd.
11,625,470
1 Leadway Assurance Co. Ltd.
2 Custodian & Allied Insurance Plc
8,049,567
2 Mutual Benefits Assurance Plc
3 AXA Mansard Insurance Plc
3,813,269
3 Custodian & Allied Insurance Plc
4 Royal Exchange Gen. Ins. Co. Ltd.
3,415,138
4 AXA Mansard Insurance Plc
5 Sovereign Trust Insurance Plc
2,235,192
5 Sovereign Trust Insurance Plc
6 Industrial & General Insurance Plc
1,940,422
6 Wapic Insurance Plc
7 LASACO Assurance Plc
1,901,215
7 Industrial & General Insurance Plc
8 Wapic Insurance Plc
1,626,250
8 Royal Exchange Gen. Ins. Co. Ltd.
9 Zenith Insurance Company Ltd.
1,569,990
9 AIICO General Insurance Co. Ltd.
10 Linkage Assurance Plc
1,461,445
10 Zenith Insurance Company Ltd.
11 International Energy Ins. Plc
1,449,232
11 LASACO Assurance Plc
12 Cornerstone Insurance Plc
1,368,623
12 International Energy Ins. Plc
13 Mutual Benefits Assurance Plc
1,319,095
13 UnityKapital Assurance Plc
14 AIICO General Insurance Co. Ltd.
1,081,492
14 Consolidated Hallmark Insurance Plc
15 Sterling Assurance Nigeria Ltd.
1,028,513
15 NEM Insurance Plc
16 NEM Insurance Plc
1,023,470
16 Cornerstone Insurance Plc
17 UnityKapital Assurance Plc
919,529
17 Regency Alliance Insurance Plc
18 Regency Alliance Insurance Plc
18 Sterling Assurance Nigeria Ltd.
913,198
19 Ensure Insurance Plc
19 Standard Alliance Insurance Plc
818,525
20 Consolidated Hallmark Insurance Plc
20 Law Union & Rock Ins. Plc
814,298
21 Law Union & Rock Ins. Plc
21 Linkage Assurance Plc
788,717
22 Standard Alliance Insurance Plc
22 Anchor Insurance Company Ltd.
637,458
23 FBN General Insurance Limited
23 Equity Assurance Plc
539,222
24 STACO Insurance Plc
24 STACO Insurance Plc
527,834
25 Equity Assurance Plc
25 NSIA Insurance Company Limited
512,987
26 NSIA Insurance Company Limited
26 Old Mutual Insurance Co. Ltd.
512,360
27 Anchor Insurance Company Ltd.
27 FBN General Insurance Limited
492,089
28 Old Mutual Insurance Co. Ltd.
28 Goldlink Insurance Plc
437,925
29 Goldlink Insurance Plc
29 Unitrust Insurance Co. Ltd.
391,690
30 Saham Unitrust Insurance Co. Ltd.
30 Fin Insurance Company Ltd.
286,315
31 Fin Insurance Company Ltd.
31 Ensure Insurance Plc
179,161
32 Prestige Assurance Plc
32 Prestige Assurance Plc
139,454
33 NICON Insurance Ltd
33 Great Nigeria Insurance Plc
110,477
34 Great Nigeria Insurance Plc
34 NICON Insurance Ltd
88,828
35 Alliance & General Insurance Co. Ltd
35 Nigerian Agricultural Ins. Corporation
64,245
36 Universal Insurance Plc
36 Alliance & General Insurance Co. Ltd
27,333
37 Nigerian Agricultural Ins. Corporation
37 KBL Insurance Ltd.
13,655
38 KBL Insurance Ltd.
6,594
2016
GROSS
PREMIUM
'000
6,557,647
6,343,753
6,149,174
3,066,764
2,849,497
2,143,563
1,940,422
1,931,881
1,617,242
1,586,309
1,556,846
1,449,232
1,323,998
1,307,037
1,305,778
1,075,338
1,002,465
820,469
748,048
713,924
694,261
671,296
620,499
612,508
446,059
427,890
423,173
391,690
282,032
240,426
225,818
191,303
145,164
110,477
65,671
64,245
18,311
Member Companies Ranked In Order Of Gross
Premium Written From Their Direct Oil And
Gas Insurance Business (2015-2019)
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
Ratio Of Gross Claims Paid To Gross Premium
Written Of Oil And Gas Business 2019
GROSS
PREMIUM
WRITTEN
'000
2,248,562
0
2,377,916
1,070,723
9,919,049
2,129,277
2,042,223
14,060,119
3,248,771
243,911
33,658
103,573
0
19,019
34,324
1,205,060
1,598,153
21,970,495
2,545,108
1,352,730
2,932,047
0
102,430
1,921,368
327,361
545,468
1,267,248
6,948,950
3,889,282
0
0
1,408,535
451,746
978,321
494,885
518,225
3,494,397
2,566,945
94,049,879
GROSS
CLAIMS
PAID
'000
1,056,079
0
65,082
332,204
4,870,047
379,366
272,829
661,688
698,727
53,872
33,658
0
0
4,744
0
46,629
260,484
3,115,261
717,976
63,886
224,629
0
0
280,816
262,095
318,498
482,896
399,779
704,913
0
0
160,850
150,019
805,337
50,778
51,264
136,331
707,290
17,368,027
0
0
0
0
0
0
0.00
0.00
0.00
3,139,245
36,839
3,176,084
1,150,740
0
1,150,740
0.37
0.00
0.36
RATIO
0.47
0.00
0.03
0.31
0.49
0.18
0.13
0.05
0.22
0.22
1.00
0.00
0.00
0.25
0.00
0.04
0.16
0.14
0.28
0.05
0.08
0.00
0.00
0.15
0.80
0.58
0.38
0.06
0.18
0.00
0.00
0.11
0.33
0.82
0.10
0.10
0.04
0.28
0.18
49
Growth Of Oil & Gas Insurance
Premium (2010- 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
26,095,218
34,121,742
55,754,181
66,813,748
52,870,899
51,120,210
54,130,277
63,917,150
84,461,811
94,049,879
13.7%
REINSURANCE TRANSACTIONS IN OIL & GAS BUSINESS (2015-2019)
The table below shows the reinsurance transactions in oil & gas insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies and
businesses ceded to reinsurance companies
Gross
Oil & Gas
Reinsurance
Reinsurance
Ceded '000
Ratio of
Reinsurance
Accepted to
Ceded to
Re- Insurance
'000
Accepted '000
G.P.W
G.P.W
Ratio
2015
51,120,210
167,387
39,062,691
0.00
0.76
0.77
2016
54,130,277
544,030
38,222,065
0.01
0.71
0.72
2017
63,917,150
388,547
43,742,548
0.01
0.68
0.69
2018
84,461,811
2,371,511
51,913,218
0.03
0.61
0.64
2019
94,049,879
632,772
60,620,944
0.01
0.64
0.65
347,679,327
4,104,247
233,561,466
0.01
0.67
0.68
TOTAL
50
Premium
Ratio of
Reinsurance
Engineering Insurance Premium Written 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
DIRECT
BUSINESS
'000
0
0
463,941
201,545
866,301
386,996
1,182,622
452,515
184,551
86,541
7,721
38,500
0
0
83,081
322,779
579,267
1,035,189
259,109
0
0
0
0
0
545,907
206,119
200,509
358,243
129,772
1,140,920
0
0
279,320
123,401
230,746
63,354
226,929
3,966,801
1,011,964
14,634,643
REINS
ACCEPTED
'000
0
0
14,522
19,127
6,307
32,874
0
0
0
0
0
0
0
0
4,393
0
0
0
3,503
0
0
0
0
0
0
0
19,407
15,223
0
0
0
0
27,585
8,343
0
26,069
3,004
98,573
0
278,930
GROSS
PREMIUM
INCOME
'000
0
0
478,463
220,672
872,608
419,870
1,182,622
452,515
184,551
86,541
7,721
38,500
0
0
87,474
322,779
579,267
1,035,189
262,612
0
0
0
0
0
545,907
206,119
219,916
373,466
129,772
1,140,920
0
0
306,905
131,744
230,746
89,423
229,933
4,065,374
1,011,964
14,913,573
12,217
0
12,217
576
0
576
12,793
0
12,793
DIRECT
BUSINESS
'000
0
111,416
111,416
REINS
ACCEPTED
'000
0
0
0
GROSS
PREMIUM
'000
0
111,416
111,416
0
65,868
125,285
285,364
286,228
174,804
0
0
0
0
0
313,784
141,821
123,069
130,163
88,809
397,743
0
0
149,043
65,434
130,169
31,079
116,171
3,765,799
781,664
10,076,771
NET
PREMIUM
WRITTEN
'000
0
0
155,543
176,714
280,648
264,768
33,511
71,861
75,086
11,610
3,118
-33,270
0
0
21,606
197,494
293,903
748,961
87,808
0
0
0
0
0
232,123
64,298
96,847
243,303
40,963
743,177
0
0
157,862
66,310
100,577
58,344
113,762
299,575
230,300
4,836,802
4,602
0
4,602
8,191
0
8,191
REINS. CEDED
'000
0
0
322,920
43,958
591,960
155,102
1,149,111
380,654
109,465
74,931
4,603
71,770
RETROCESSION
'000
0
0
0
NET
PREMIUM
'000
0
111,416
111,416
51
52
36
37
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
2019
COMPANY
Wapic Insurance Plc
Cornerstone Insurance Plc
Sovereign Trust Insurance Plc
Leadway Assurance Co. Ltd.
Zenith Insurance Company Ltd.
AXA Mansard Insurance Plc
Law Union & Rock Ins. Plc
NSIA Insurance Limited
Allianz Nigeria Insurance Plc
Custodian & Allied Insurance Ltd.
Consolidated Hallmark Insurance Plc
Regency Alliance Insurance Plc
LASACO Assurance Plc
Sterling Assurance Nigeria Ltd.
Linkage Assurance Plc
Unitrust Insurance Co. Ltd.
VeritasKapital Assurance Plc
Anchor Insurance Company Ltd.
Prestige Assurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
FBN General Insurance Limited
Sunu Assurances Nigeria Plc
Royal Exchange Gen. Ins. Co. Ltd.
Universal Insurance Plc
KBL Insurance Ltd.
Fin Insurance Company Ltd.
Great Nigeria Insurance Plc
Goldlink Insurance Plc
Alliance & General Insurance Plc
Industrial & General Insurance Plc
Standard Alliance Insurance Plc
STACO Insurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
AIICO General Insurance Co. Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2018
GROSS
PREMIUM
'000
S/N COMPANY
4,065,374
1 Wapic Insurance Plc
1,182,622
2 Sovereign Trust Insurance Plc
1,140,920
3 Leadway Assurance Co. Ltd.
1,035,189
4 Cornerstone Insurance Plc
1,011,964
5 Law Union & Rock Ins. Plc
872,608
6 Zenith Insurance Company Ltd.
579,267
7 AXA Mansard Insurance Plc
545,907
8 VeritasKapital Assurance Plc
478,463
9 Regency Alliance Insurance Plc
452,515
10 NSIA Insurance Limited
419,870
11 Consolidated Hallmark Insurance Plc
373,466
12 Custodian & Allied Insurance Ltd.
322,779
13 Allianz Nigeria Insurance Plc
306,905
14 Sterling Assurance Nigeria Ltd.
262,612
15 LASACO Assurance Plc
230,746
16 Old Mutual Gen. Ins. Co. Nig. Ltd.
229,933
17 Royal Exchange Gen. Ins. Co. Ltd.
220,672
18 FBN General Insurance Limited
219,916
19 Prestige Assurance Plc
206,119
20 Saham Unitrust Insurance Co. Ltd.
184,551
21 Linkage Assurance Plc
131,744
22 Sunu Assurance Plc
129,772
23 Anchor Insurance Company Ltd.
89,423
24 Industrial & General Insurance Plc
87,474
25 Universal Insurance Plc
86,541
26 Fin Insurance Company Ltd.
27 KBL Insurance Ltd.
38,500
28 Goldlink Insurance Plc
7,721
29 Standard Alliance Insurance Plc
0
30 STACO Insurance Plc
0
31 Great Nigeria Insurance Plc
0
32 NICON Insurance Ltd
0
33 Nigerian Agricultural Ins. Corporation
0
34 Alliance & General Insurance Plc
0
35 AIICO General Insurance Co. Ltd.
0
TOTAL
14,913,573
TAKAFUL COMPANY
36 Jaiz Takaful Insurance Plc
12,793
37 Noor Takaful Insurance Ltd
0
TOTAL
12,793
19,681
0
19,681
3,715,063
1,704,101
1,336,709
1,304,004
846,276
815,779
804,733
508,232
487,865
364,542
348,826
343,830
336,451
268,727
220,298
209,037
194,732
191,284
185,427
185,337
180,137
141,767
83,117
83,023
64,285
44,539
43,139
12,571
N/A
N/A
N/A
N/A
N/A
N/A
N/A
15,023,831
GROSS
PREMIUM
'000
35
36
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Leadway Assurance Co. Ltd.
Custodian & Allied Insurance Ltd.
AXA Mansard Insurance Plc
Law Union & Rock Ins. Plc
Sovereign Trust Insurance Plc
Zenith Insurance Company Ltd.
Veritas Kapital Assurance Plc
Wapic Insurance Plc
NSIA Insurance Limited
Regency Alliance Insurance Plc
LASACO Assurance Plc
Ensure Insurance Plc
FBN General Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Sterling Assurance Nigeria Ltd.
Saham Unitrust Insurance Nig. Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
Consolidated Hallmark Insurance Plc
Standard Alliance Insurance Plc
Prestige Assurance Plc
STACO Insurance Plc
Linkage Assurance Plc
Sunu Assurances Nig. Plc
Anchor Insurance Company Ltd.
KBL Insurance Ltd.
Universal Insurance Plc
Fin Insurance Company Ltd.
Great Nigeria Insurance Plc
NICON Insurance Ltd
Nigerian Agricultural Ins. Corporation
Industrial & General Insurance Plc
Alliance & General Insurance Co. Ltd
Goldlink Insurance Plc
Total
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Plc
TOTAL
COMPANY
2017
4,795
0
4,795
1,288,743
1,076,563
1,009,634
637,757
558,703
524,881
355,165
322,087
316,010
296,852
282,589
222,274
214,169
189,187
169,002
166,573
166,300
163,664
161,665
156,863
154,413
141,582
122,370
78,411
47,603
40,469
31,827
29,049
11,409
4,945
N/A
N/A
N/A
8,940,759
GROSS
PREMIUM
'000
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
2016
COMPANY
AXA Mansard Insurance Plc
Leadway Assurance Co. Ltd.
Industrial & General Insurance Plc
Regency Alliance Insurance Plc
Law Union & Rock Ins. Plc
Custodian & Allied Insurance Plc
Sovereign Trust Insurance Plc
Zenith Insurance Company Ltd.
Linkage Assurance Plc
UnityKapital Assurance Plc
NSIA Insurance Company Limited
Royal Exchange Gen. Ins. Co. Ltd.
Ensure Insurance Plc
FBN General Insurance Limited
Old Mutual Insurance Co. Ltd.
Wapic Insurance Plc
Consolidated Hallmark Insurance Plc
Alliance & General Insurance Co. Ltd
Saham Unitrust Insurance Co. Ltd.
STACO Insurance Plc
Standard Alliance Insurance Plc
LASACO Assurance Plc
Sterling Assurance Nigeria Ltd.
KBL Insurance Ltd.
Goldlink Insurance Plc
Equity Assurance Plc
Prestige Assurance Plc
Anchor Insurance Company Ltd.
Fin Insurance Company Ltd.
Universal Insurance Plc
Great Nigeria Insurance Plc
Nigerian Agricultural Ins. Corporation
NICON Insurance Ltd
1,720,769
953,269
506,923
464,725
426,238
422,490
396,883
369,391
273,019
240,644
233,338
191,882
162,089
150,187
147,572
144,122
142,837
139,586
133,162
132,228
110,572
107,557
82,640
72,989
69,098
68,677
63,974
50,323
39,384
30,539
27,306
140
_
GROSS
PREMIUM
'000
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
2015
COMPANY
AXA Mansard Insurance Plc
Leadway Assurance Co. Ltd.
Custodian & Allied Insurance Plc
Industrial & General Insurance Plc
Regency Alliance Insurance Plc
Zenith Insurance Company Ltd.
NSIA Insurance Company Limited
Sovereign Trust Insurance Plc
Law Union & Rock Ins. Plc
Linkage Assurance Plc
UnityKapital Assurance Plc
Unitrust Insurance Co. Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
STACO Insurance Plc
Consolidated Hallmark Insurance Plc
Alliance & General Insurance Co. Ltd
LASACO Assurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
FBN General Insurance Limited
Old Mutual Insurance Co. Ltd.
Wapic Insurance Plc
Equity Assurance Plc
Ensure Insurance Plc
KBL Insurance Ltd.
Goldlink Insurance Plc
Prestige Assurance Plc
Anchor Insurance Company Ltd.
Fin Insurance Company Ltd.
Great Nigeria Insurance Plc
769,014
759,775
580,317
506,923
339,436
299,959
289,847
287,389
262,599
259,243
238,594
221,822
219,910
209,850
142,135
139,586
132,540
132,053
100,474
96,163
94,307
90,052
88,256
84,269
83,197
69,098
58,689
56,305
38,224
16,003
GROSS
PREMIUM
'000
Member Companies Ranked In Order Of Gross
Premium Written From Their Direct Engineering
Insurance Business (2015-2019)
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Ratio Of Gross Claims Paid To Gross Premium Written Of
Engineering Business 2019
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
GROSS
PREMIUM
WRITTEN
'000
0
0
478,463
220,672
872,608
419,870
1,182,622
452,515
184,551
86,541
7,721
38,500
0
87,474
322,779
579,267
1,035,189
262,612
0
0
545,907
206,119
219,916
373,466
129,772
1,140,920
0
0
306,905
131,744
230,746
89,423
229,933
4,065,374
1,011,964
14,913,573
GROSS
CLAIMS
PAID
'000
0
0
118,465
113,001
109,450
76,383
63,199
197,514
36,431
1,906
33,352
557
0
1,878
135,826
161,089
162,234
61,150
0
0
162,175
44,067
229,306
60,082
68,355
56,688
0
0
49,614
14,061
180,060
17,230
36,634
193,612
133,384
2,517,703
12,793
0
12,793
3,862
0
3,862
0.30
0.00
0.30
0
111,416
111,416
0
28,414
28,414
0.00
0.26
0.26
RATIO
0.00
0.00
0.25
0.51
0.13
0.18
0.05
0.44
0.20
0.02
4.32
0.01
0.00
0.02
0.42
0.28
0.16
0.23
0.00
0.00
0.30
0.21
1.04
0.16
0.53
0.05
0.00
0.00
0.16
0.11
0.78
0.19
0.16
0.05
0.13
0.17
53
Growth Of Engineering Insurance
Premium (2010- 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
3,195,688
8,074,553
8,945,554
15,043,512
14,926,366
36.1%
REINSURANCE TRANSACTIONS IN ENGINEERING BUSINESS( 2015-2019)
The table below shows the reinsurance transactions in Engineering insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies and
businesses ceded to reinsurance companies.
Gross
Engineering
54
Premium
Reinsurance
'000
Accepted '000
Reinsurance
Ceded '000
Ratio of
Ratio of
Reinsurance
Reinsurance
Accepted to
Ceded to
G.P.W
G.P.W
Re- Insurance
Ratio
2015
3,195,688
87,919
3,140,613
0.03
0.98
1.01
2016
8,074,553
162,996
4,028,835
0.02
0.50
0.52
2017
8,945,554
176,717
4,580,664
0.02
0.51
0.53
2018
15,043,512
338,141
7,606,722
0.02
0.51
0.53
2019
14,926,366
279,506
10,081,373
0.02
0.68
0.69
TOTAL
50,185,673
1,045,279
29,438,207
0.02
0.59
0.61
Miscelleanous Insurance
Premium Written 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
DIRECT
BUSINESS
'000
81,068
0
0
143,493
0
222,343
17,300
5,709
39,818
510
36,600
410
0
20,836
124,753
4,560
1,468,784
17,098
65,890
0
0
3,160,578
56,111
0
464,297
22,426
43,167
0
0
0
130,436
940
37,367
95,522
514,348
10,236
408,227
7,192,827
REINS
ACCEPTED
'000
10,775
0
0
0
0
1,065
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,284
609
0
0
0
0
4,245
0
0
3,896
1,616
0
0
23,490
GROSS
PREMIUM
INCOME
'000
91,843
0
0
143,493
0
223,408
17,300
5,709
39,818
510
36,600
410
0
20,836
124,753
4,560
1,468,784
17,098
65,890
0
0
3,160,578
56,111
0
465,581
23,035
43,167
0
0
0
134,681
940
37,367
99,418
515,964
10,236
408,227
7,216,317
4,140
0
4,140
0
0
0
4,140
0
4,140
DIRECT
BUSINESS
'000
0
0
0
REINS
ACCEPTED
'000
0
0
0
GROSS
PREMIUM
'000
0
0
0
'000
75,417
0
0
29,594
0
91,481
11,592
1,198
28,733
4,755
2,273
148
0
8,364
45,740
1,121
837,170
7,547
6,135
0
0
449,526
13,184
0
48,603
280
7,174
0
0
0
53,982
119
15,581
28,647
285,292
0
50,451
2,104,107
NET
PREMIUM
WRITTEN
'000
16,426
0
0
113,899
0
131,927
5,708
4,511
11,085
-4,245
34,327
262
0
12,472
79,013
3,439
631,614
9,551
59,755
0
0
2,711,052
42,927
0
416,978
22,755
35,993
0
0
0
80,699
821
21,786
70,771
230,672
10,236
357,776
5,112,210
0
0
0
4,140
0
4,140
REINS. CEDED
RETROCESSION
'000
0
0
0
NET
PREMIUM
'000
0
0
0
55
56
39
40
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
COMPANY
Nigerian Agricultural Ins. Corporation
Leadway Assurance Co. Ltd.
VeritasKapital Assurance Plc
Prestige Assurance Plc
Zenith Insurance Company Ltd.
Consolidated Hallmark Insurance Plc
Anchor Insurance Company Ltd.
Sterling Assurance Nigeria Ltd.
LASACO Assurance Plc
Universal Insurance Plc
AIICO General Insurance Co. Ltd.
Mutual Benefits Assurance Plc
NSIA Insurance Limited
Royal Exchange Gen. Ins. Co. Ltd.
FBN General Insurance Limited
Unitrust Insurance Co. Ltd.
Goldlink Insurance Plc
Regency Alliance Insurance Plc
KBL Insurance Ltd.
Cornerstone Insurance Plc
Linkage Assurance Plc
Wapic Insurance Plc
Custodian & Allied Insurance Ltd.
Law Union & Rock Ins. Plc
Sunu Assurances Nigeria Plc
Fin Insurance Company Ltd.
Great Nigeria Insurance Plc
Alliance & General Insurance Plc
Standard Alliance Insurance Plc
STACO Insurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
AXA Mansard Insurance Plc
Allianz Nigeria Insurance Plc
NICON Insurance Plc
Industrial & General Insurance Plc
Sovereign Trust Insurance Plc
NEM Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
2019
4,140
0
4,140
GROSS
PREMIUM
'000
3,160,578
1,468,784
515,964
465,581
408,227
223,408
143,493
134,681
124,753
99,418
91,843
65,890
56,111
43,167
39,818
37,367
36,600
23,035
20,836
17,300
17,098
10,236
5,709
4,560
940
510
410
0
0
0
0
0
0
0
0
0
0
7,216,317
2018
NAME OF COMPANY
Nigerian Agricultural Ins. Corporation
Leadway Assurance Co. Ltd.
Zenith Insurance Company Ltd.
Prestige Assurance Plc
LASACO Assurance Plc
Sterling Assurance Nigeria Ltd.
Universal Insurance Plc
Consolidated Hallmark Insurance Plc
Anchor Insurance Company Ltd.
VeritasKapital Assurance Plc
Mutual Benefits Assurance Plc
NSIA Insurance Limited
Saham Unitrust Insurance Co. Ltd.
Cornerstone Insurance Plc
FBN General Insurance Limited
Goldlink Insurance Plc
Fin Insurance Company Ltd.
KBL Insurance Ltd.
Custodian & Allied Insurance Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
Regency Alliance Insurance Plc
AIICO General Insurance Co. Ltd.
Sunu Assurance Plc
Wapic Insurance Plc
Standard Alliance Insurance Plc
STACO Insurance Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
AXA Mansard Insurance Plc
Law Union & Rock Ins. Plc
Great Nigeria Insurance Plc
Allianz Nigeria Insurance Plc
Linkage Assurance Plc
NICON Insurance Ltd
Alliance & General Insurance Plc
Industrial & General Insurance Plc
Sovereign Trust Insurance Plc
NEM Insurance Plc
TOTAL
TAKAFUL COMPANY
38 Jaiz Takaful Insurance Plc
39 Noor Takaful Insurance Ltd
TOTAL
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
0
0
0
GROSS PREMIUM
WRITTEN
000 S/NO
2,330,677 1
696,134 2
427,789 3
407,118 4
325,567 5
146,004 6
140,981 7
8
131,688
9
110,189 10
65,566 11
45,574 12
41,246 13
33,413 14
29,507 15
26,002 16
17
21,983
18
8,966 19
7,432 20
5,436 21
4,594 22
4,485 23
2,078 24
25
228
26
0 27
N/A 28
N/A 29
0 30
0 31
0 32
33
N/A
34
0
0
N/A 35
N/A 36
0
0
0
5,012,657
2017
Leadway Assurance Co. Ltd.
Zenith Insurance Company Ltd.
Prestige Assurance Plc
LASACO Assurance Plc
Universal Insurance Plc
Sterling Assurance Nigeria Ltd.
Anchor Insurance Company Ltd.
Consolidated Hallmark Insurance Plc
Standard Alliance Insurance Plc
NSIA Insurance Limited
Mutual Benefits Assurance Plc
Sunu Assurances Nig. Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
FBN General Insurance Limited
Saham Unitrust Insurance Nig. Ltd.
AXA Mansard Insurance Plc
Custodian & Allied Insurance Ltd.
Veritas Kapital Assurance Plc
Fin Insurance Company Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Law Union & Rock Ins. Plc
Wapic Insurance Plc
Great Nigeria Insurance Plc
KBL Insurance Ltd.
Ensure Insurance Plc
Linkage Assurance Plc
NICON Insurance Ltd
Goldlink Insurance Plc
STACO Insurance Plc
Alliance & General Insurance Co. Ltd
Industrial & General Insurance Plc
Sovereign Trust Insurance Plc
Total
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Plc
TOTAL
Nigerian Agricultural Ins. Corporation
NAME OF COMPANY
RANK
588,153
1
523,341
2
289,355
3
203,110
4
141,580
5
107,162
6
99,262
70,374
7
64,149
8
46,401
9
43,519
10
34,862
11
34,695
12
23,263
13
22,000
14
16,919
15
8,429
16
6,521
5,232
17
5,025
18
4,222
19
3,747
20
2,310
21
2,182
22
879
23
0
24
0
0
25
N/A
26
41,037
27
N/A
28
N/A
29
0
30
3,783,942
31
32
0
33
0
34
0
1,396,213
GROSS PREMIUM
INCOME
000
COMPANY
Nigerian Agricultural Ins. Corporation
Royal Exchange Gen. Ins. Co. Ltd.
Leadway Assurance Co. Ltd.
Zenith Insurance Company Ltd.
Prestige Assurance Plc
Anchor Insurance Company Ltd.
LASACO Assurance Plc
Equity Assurance Plc
Universal Insurance Plc
NICON Insurance Ltd
Sterling Assurance Nigeria Ltd.
Old Mutual Insurance Co. Ltd.
Standard Alliance Insurance Plc
Goldlink Insurance Plc
NSIA Insurance Company Limited
Consolidated Hallmark Insurance Plc
Saham Unitrust Insurance Co. Ltd.
Mutual Benefits Assurance Plc
STACO Insurance Plc
Law Union & Rock Ins. Plc
Fin Insurance Company Ltd.
FBN General Insurance Limited
AXA Mansard Insurance Plc
Regency Alliance Insurance Plc
Custodian & Allied Insurance Plc
KBL Insurance Ltd.
Alliance & General Insurance Co. Ltd
Great Nigeria Insurance Plc
UnityKapital Assurance Plc
Wapic Insurance Plc
Ensure Insurance Plc
Industrial & General Insurance Plc
Linkage Assurance Plc
Sovereign Trust Insurance Plc
2016
GROSS
PREMIUM
'000
1,616,643
1,180,957
714,051
530,762
224,898
197,803
129,962
114,433
108,400
81,508
72,161
68,404
61,657
61,437
45,672
31,468
28,754
25,437
24,065
23,929
21,193
20,482
13,298
6,990
5,728
1,467
1,420
1,069
490
300
_
_
_
_
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
COMPANY
Leadway Assurance Co. Ltd.
Nigerian Agricultural Ins. Corporation
Zenith Insurance Company Ltd.
Anchor Insurance Company Ltd.
Prestige Assurance Plc
Equity Assurance Plc
Regency Alliance Insurance Plc
NICON Insurance Ltd
Old Mutual Insurance Co. Ltd.
Standard Alliance Insurance Plc
LASACO Assurance Plc
Goldlink Insurance Plc
Law Union & Rock Ins. Plc
STACO Insurance Plc
Fin Insurance Company Ltd.
NSIA Insurance Company Limited
Mutual Benefits Assurance Plc
Sterling Assurance Nigeria Ltd.
Royal Exchange Gen. Ins. Co. Ltd.
Consolidated Hallmark Insurance Plc
Unitrust Insurance Co. Ltd.
KBL Insurance Ltd.
FBN General Insurance Limited
AXA Mansard Insurance Plc
UnityKapital Assurance Plc
Custodian & Allied Insurance Plc
Alliance & General Insurance Co. Ltd
2015
GROSS
PREMIUM
'000
717,068
689,214
490,982
332,586
112,057
106,224
91,834
81,508
72,896
63,923
63,684
61,437
53,321
52,347
40,816
30,147
28,893
26,484
20,285
19,640
11,580
7,397
6,862
5,549
4,484
3,050
1,420
Member Companies Ranked In Order Of Gross
Premium Written From Their Direct
Miscellaneous Insurance Business (2015-2019)
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
Ratio Of Gross Claims Paid To Gross Premium
Written Of Miscellaneous Business 2019
GROSS
PREMIUM
WRITTEN
'000
91,843
0
0
143,493
0
223,408
17,300
5,709
39,818
510
36,600
410
0
20,836
124,753
4,560
1,468,784
17,098
65,890
0
0
3,160,578
56,111
0
465,581
23,035
43,167
0
0
0
134,681
940
37,367
99,418
515,964
10,236
408,227
7,216,317
GROSS
CLAIMS
PAID
'000
2,257
0
0
45,051
0
5,046
0
846
0
0
0
2,238
0
0
0
0
911,534
65,566
304
0
0
856,530
-7,124
508,388
171,313
10,000
12,215
0
0
0
1,171
175,000
3,103
151,722
0
0
6,359
2,921,519
4,140
0
4,140
153
0
153
0.04
0.00
0.04
0
0
0
0
0
0
0.00
0.00
0.00
RATIO
0.02
0
0
0.31
0
0.02
0
0.15
0
0.00
0
5.46
0
0
0
0
0.62
3.83
0.00
0
0
0.27
-0.13
0
0.37
0.43
0.28
0
0
0
0.01
186.17
0.08
1.53
0.00
0
0.02
0.40
57
2019 Nigeria Insurance Digest
Growth Of Miscellaneous Insurance
Premium (2010 - 2019)
2019 Nigeria Insurance Digest
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
PREMIUM '000
8,952,187
10,930,711
8,599,721
9,269,958
12,262,676
6,666,029
5,414,838
3,783,942
5,012,657
7,220,457
-2.1%
REINSURANCE TRANSACTIONS IN MISCELLANEOUS BUSINESS (2015-2019)
The table below shows the reinsurance transactions in Miscellaneous insurance business over a period of five years.
Reflecting the gross premium, reinsurance accepted by way of facultative arrangements from other companies and
businesses ceded to reinsurance companies.
Gross
Miscellaneous
2015
Reinsurance
Ratio of
Ratio of
Reinsurance
Reinsurance
Accepted to
Ceded to
Premium
Reinsurance
'000
Accepted '000
G.P.W
G.P.W
Ratio
6,666,029
4,863
871,697
0.00
0.13
0.13
Ceded '000
Re- Insurance
2016
5,414,838
31,196
1,163,983
0.01
0.21
0.22
2017
3,783,942
19,740
801,192
0.01
0.21
0.22
2018
5,012,657
10,139
1,237,741
0.00
0.25
0.25
2019
7,220,457
23,490
2,104,107
0.00
0.29
0.29
28,097,923
89,428
6,178,720
0.00
0.22
0.22
TOTAL
59
Composition of Non Life Premium 2019
PRODUCT LINE
MOTOR
FIRE
GENERAL ACCIDENT
MARINE & AVIATION
WORKMEN`S COMPENSATION
OIL & GAS
ENGINEERING
MISCELLANEOUS
TOTAL
2019 Nigeria Insurance Digest
GROSS PREMIUM
`000
44,906,330
41,333,475
32,871,540
25,034,920
227,155
94,049,879
14,926,366
7,220,457
260,570,122
COMPOSITION OF NON-LIFE PREMIUM
MISCELLANEOUS
3%
ENGINEERING
6%
MOTOR
17%
FIRE
16%
OIL & GAS
36%
WORKMEN’S
COMPENSATION
0%
GENERAL ACCIDENT
13%
MARINE & AVIATION
9%
60
43
44
41
42
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
MOTOR
INSURANCE
BUSINESS
'000
NAME OF COMPANY
918,817
AIICO General Insurance Co. Ltd.
0
Alliance & General Insurance Plc
801,704
Allianz Nigeria Insurance Plc
196,225
Anchor Insurance Company Ltd.
1,824,552
AXA Mansard Insurance Plc
668,530
Consolidated Hallmark Insurance Plc
767,618
Cornerstone Insurance Plc
1,235,661
Custodian & Allied Insurance Ltd.
255,162
FBN General Insurance Limited
89,364
Fin Insurance Company Ltd.
63,338
Goldlink Insurance Plc
52,135
Great Nigeria Insurance Plc
50,759
Guinea Insurance Plc
0
Industrial & General Insurance Plc
43,174
International Energy ins. Plc
161,654
KBL Insurance Ltd.
108,496
LASACO Assurance Plc
381,084
Law Union & Rock Ins. Plc
2,125,008
Leadway Assurance co. Ltd.
371,052
Linkage Assurance Plc
1,221,059
Mutual Benefits Assurance Plc
2,757,281
NEM Insurance Plc
0
NICON Insurance Plc
0
Niger insurance Plc
10,636
Nigerian Agricultural ins. Corporation
318,441
NSIA Insurance Limited
240,929
Old Mutual Gen. Ins. Co. Nig. Ltd.
303,315
Prestige Assurance Plc
60,479
Regency Alliance Insurance Plc
342,058
Royal Exchange Gen. Ins. Co. Ltd.
537,943
Sovereign Trust Insurance Plc
0
STACO Insurance Plc
0
Standard Alliance Insurance Plc
276,391
Sterling Assurance Nigeria Ltd.
181,998
Sunu Assurances Nigeria Plc
290,052
Unitrust Insurance Co. Ltd.
49,242
Universal Insurance Plc
107,937
VeritasKapital Assurance Plc
501,006
Wapic Insurance Plc
909,764
Zenith General Insurance Co.Ltd.
38,156,875
TOTAL
TAKAFUL COMPANY
91,475
Jaiz Takaful Insurance Plc
13,891
Noor Takaful Insurance Ltd
105,366
TOTAL
REINSURANCE COMPANY
368,129
Continental Reinsurance Plc
10,259
Nigeria Reinsurance Corporation
378,388
TOTAL
GEN. ACCIDENT
INSURANCE
BUSINESS
'000
1,677,940
0
270,072
179,903
245,048
671,347
392,839
527,877
137,849
8,900
14,156
54,799
59,994
0
68,336
128,098
190,469
180,457
310,666
277,141
459,142
1,323,482
0
0
3,283
981,305
77,002
542,329
49,722
176,313
247,905
0
0
164,197
102,469
214,015
41,401
229,878
262,496
477,498
10,748,328
124,629
11,452
136,081
1,785,619
42,213
1,827,832
FIRE
INSURANCE
BUSINESS
'000
3,045,810
0
350,200
22,110
-2,710,972
1,122,333
1,075,435
2,781,785
326,387
55,086
16,124
139,143
93,473
0
3,603
32,938
365,091
560,860
2,161,387
238,081
858,520
1,795,778
0
0
10,437
-285,049
549,302
1,849,733
38,779
523,767
931,931
0
0
717,698
557,497
570,627
17,728
114,899
749,728
1,253,762
19,934,011
3,355
6,873
10,228
6,751,038
208,233
6,959,271
WC
INSURANCE
BUSINESS
'000
54,372
0
0
0
0
0
0
0
0
0
0
687
0
0
0
0
0
0
0
0
0
o
0
0
0
0
0
32,207
152
0
0
0
0
0
0
0
0
0
0
0
87,418
0
0
0
0
0
0
M&A
INSURANCE
BUSINESS
'000
638,741
0
79,127
48,270
448,171
518,405
114,981
236,011
492,591
54,759
17,347
55,358
547
0
10,221
175,951
115,206
261,394
766,765
39,237
588,370
1,273,321
0
0
0
177,236
47,272
437,009
188,514
146,089
302,727
0
0
55,318
233,499
103,984
15,383
22,361
182,967
353,777
8,200,909
2,181
0
2,181
1,230,412
54,133
1,284,545
1,150,740
0
1,150,740
0
0
0
OIL AND GAS
INSURANCE
BUSINESS
'000
1,056,079
0
65,082
332,204
4,870,047
379,366
272,829
-661,688
698,727
53,872
33,658
0
0
0
4,744
0
46,629
260,484
3,115,261
717,976
63,886
224,629
0
0
0
280,816
262,095
318,498
482,896
399,779
704,913
0
0
160,850
150,019
805,337
50,778
51,264
136,331
707,290
16,044,651
0
28,414
28,414
3,862
0
3,862
ENGINEERING
INSURANCE
BUSINESS
‘000
0
0
118,465
113,001
-109,450
76,383
63,199
197,513
36,431
1,906
33,352
557
0
0
0
1,878
135,826
161,089
162,234
61,150
0
0
0
0
0
162,175
44,067
229,306
60,082
68,355
56,688
0
0
49,614
14,061
180,060
17,230
36,634
193,612
133,384
2,298,802
0
0
0
153
0
153
MISC.
INSURANCE
BUSINESS
'000
2,257
0
0
45,051
0
5,046
0
846
0
0
0
2,238
0
0
0
0
0
0
911,534
65,566
304
0
0
0
856,530
-7,124
508,388
171,313
10,000
12,215
0
0
0
1,171
175,000
3,103
151,722
0
0
6,359
2,921,519
11,285,938
343,252
11,629,190
225,655
32,216
257,871
TOTAL
GROSS
CLAIMS
PAID
000
7,394,016
0
1,684,650
936,764
4,567,396
3,441,410
2,686,901
4,318,005
1,947,147
263,887
177,975
304,917
204,773
0
130,078
500,519
961,717
1,805,368
9,552,855
1,770,203
3,191,281
7,374,491
0
0
880,886
1,627,800
1,729,055
3,883,710
890,624
1,668,576
2,782,107
0
0
1,425,239
1,414,543
2,167,178
343,484
562,973
2,026,140
3,841,834
78,458,502
2019 Nigeria Insurance Digest
Gross Claims Paid Non-life
Insurance Business 2019
61
Gross Premium Written, Net Premium Income, Net Claims,
Management Expenses, Total Investment And Investment
Income Of Non-life Insurance Companies 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
62
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
GROSS
PREMIUM
WRITTEN
'000
12,179,141
0
6,988,683
4,192,606
20,079,264
8,385,947
7,966,253
25,651,020
7,316,585
1,238,845
596,341
1,330,927
1,291,138
NET
PREMIUM
INCOME
'000
6,652,101
0
3,142,889
3,436,280
6,969,372
4,720,360
3,578,699
7,377,618
3,480,227
618,389
546,804
776,820
902,477
NET
CLAIM
'000
3,089,539
0
1,265,296
835,406
3,925,039
1,822,780
1,673,489
2,270,015
716,978
139,573
174,835
154,640
193,056
MANAGEMENT
EXPENSES
'000
3,844,966
0
3,107,706
1,787,363
3,419,964
1,716,473
2,375,515
3,156,354
1,609,602
264,649
392,479
1,297,274
311,016
TOTAL
INVESTMENT
'000
11,437,374
0
8,605,185
5,678,613
31,369,954
6,475,111
8,927,910
26,329,045
6,986,505
6,761,464
208,661
3,823,750
2,011,900
INVESTMENT
INCOME
'000
675,766
0
826,015
216,031
2,358,150
696,106
470,643
2,396,739
948,497
410,408
43,463
143,195
210,059
533,076
1,931,011
3,706,530
4,829,483
35,046,532
6,518,964
8,366,641
19,759,872
0
0
3,621,689
6,524,977
2,104,386
6,128,662
3,946,288
10,584,352
10,879,656
0
0
3,885,447
2,240,854
3,534,015
1,870,255
2,953,792
10,709,420
12,959,084
259,851,736
332,868
1,293,745
2,368,972
3,160,999
16,566,374
3,713,380
6,579,594
12,617,540
0
0
3,162,946
3,333,687
755,385
2,963,063
2,539,375
5,478,492
5,950,253
0
0
3,213,718
1,492,671
1,589,688
1,379,068
1,865,747
4,978,391
5,895,198
133,433,190
113,053
249,011
513,073
1,051,394
8,139,215
1,008,262
2,159,465
2,563,616
0
0
465,963
1,565,505
409,373
1,204,902
710,377
1,114,269
2,139,353
0
0
1,376,258
496,841
770,244
233,821
554,055
1,709,291
2,979,502
47,787,489
682,403
642,336
2,011,042
1,358,464
5,202,812
1,757,962
1,907,871
3,512,569
0
0
588,255
1,141,371
1,778,483
715,884
933,297
1,060,585
1,867,755
0
0
597,933
1,108,619
444,455
1,106,441
1,462,283
3,478,962
6,776,015
63,419,158
4,120,955
4,496,761
9,277,260
9,296,788
66,300,318
25,157,395
17,597,099
14,856,120
0
0
9,737,887
8,197,304
4,849,850
8,433,435
6,320,594
16,833,920
8,610,424
0
0
3,623,645
6,898,881
7,942,951
5,842,480
9,884,487
13,887,024
32,489,122
413,270,172
1,799
272,488
322,044
896,110
3,466,916
2,237,582
1,282,142
878,186
0
0
483,329
1,180,825
641,602
254,761
411,661
742,031
405,797
0
0
144,833
661,934
968,269
123,396
515,676
1,114,003
3,550,588
29,951,044
445,344
273,042
718,386
266,220
191,714
457,934
128,089
24,365
152,454
135,693
162,039
297,732
280,595
134,593
415,188
5,922
29,836
35,758
23,220,541
713,364
23,933,905
18,885,056
669,936
19,554,992
8,656,906
297,932
8,954,838
2,504,419
379,169
2,883,588
16,720,044
15,613,367
32,333,411
1,960,786
209,747
2,170,533
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Ratio Of Gross Claims Paid To Gross Premium Written Of
Non-Life Member Companies 2019
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
GROSS
PREMIUM
WRITTEN
'000
12,179,141
0
6,988,683
4,192,606
20,079,264
8,385,947
7,966,253
25,651,020
7,316,585
1,238,845
596,341
1,330,927
1,291,138
0
533,075
1,931,011
3,706,530
4,829,483
35,046,533
6,518,964
8,366,641
19,759,872
0
0
3,621,689
6,524,977
2,104,386
6,128,662
3,946,287
10,584,353
10,879,656
0
0
3,885,447
2,240,854
3,534,015
1,870,255
2,953,792
10,709,420
12,959,084
259,851,736
GROSS
CLAIMS
PAID
'000
7,394,016
0
1,684,650
936,764
4,567,396
3,441,410
2,686,901
4,318,005
1,947,147
263,887
177,975
304,917
204,773
0
130,078
500,519
961,717
1,805,368
9,552,855
1,770,203
3,191,281
7,374,491
0
0
880,886
1,627,800
1,729,055
3,883,710
890,624
1,668,575
2,782,107
0
0
1,425,239
1,414,543
2,167,178
343,484
562,973
2,026,140
3,841,834
78,458,501
RATIO
0.61
0.00
0.24
0.22
0.23
0.41
0.34
0.17
0.27
0.21
0.30
0.23
0.16
0.00
0.24
0.26
0.26
0.37
0.27
0.27
0.38
0.37
0.00
0.00
0.24
0.25
0.82
0.63
0.23
0.16
0.26
0.00
0.00
0.37
0.63
0.61
0.18
0.19
0.19
0.30
0.30
445,344
273,042
718,386
221,293
32,216
253,509
0.50
0.12
0.35
23,220,541
713,364
23,933,905
11,285,938
343,252
11,629,190
0.49
0.48
0.49
63
Ratio Of Net Claims Paid To Net Premium Income Of
Non-Life Member Companies 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
64
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
NET PREMIUM
INCOME
‘000
6,652,101
0
3,142,889
3,436,280
6,969,372
4,720,360
3,578,699
7,377,618
3,480,227
618,389
546,804
776,820
902,477
0
332,868
1,293,745
2,368,972
3,160,999
16,566,374
3,713,380
6,579,594
12,617,540
0
0
3,162,946
3,333,687
755,385
2,963,063
2,539,375
5,478,492
5,950,253
0
0
3,213,718
1,492,671
1,589,688
1,379,068
1,865,747
4,978,391
5,895,198
133,433,190
NET CLAIMS
PAID
‘000
3,089,539
0
1,265,296
835,406
3,925,039
1,822,780
1,673,489
2,270,015
716,978
139,573
174,835
154,640
193,056
0
113,053
249,011
513,073
1,051,394
8,139,215
1,008,262
2,159,465
2,563,616
0
0
465,963
1,565,505
409,373
1,204,902
710,377
1,114,269
2,139,353
0
0
1,376,258
496,841
770,244
233,821
554,055
1,709,291
2,979,502
47,787,489
RATIO
0.46
0.00
0.40
0.24
0.56
0.39
0.47
0.31
0.21
0.23
0.32
0.20
0.21
0.00
0.34
0.19
0.22
0.33
0.49
0.27
0.33
0.20
0.00
0.00
0.15
0.47
0.54
0.41
0.28
0.20
0.36
0.00
0.00
0.43
0.33
0.48
0.17
0.30
0.34
0.51
0.36
266,220
191,714
457,934
128,089
24,365
152,454
0.48
0.13
0.33
18,885,056
669,936
19,554,992
8,656,906
297,932
8,954,838
0.46
0.44
0.46
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Ratio Of Management Expenses To Gross Premium Written
Of Non-Life Member Companies 2019
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
GROSS PREMIUM
WRITTEN
'000
12,179,141
0
6,988,683
4,192,606
20,079,264
8,385,947
7,966,253
25,651,020
7,316,585
1,238,845
596,341
1,330,927
1,291,138
0
533,075
1,931,011
3,706,530
4,829,483
35,046,533
6,518,964
8,366,641
19,759,872
0
0
3,621,689
6,524,977
2,104,386
6,128,662
3,946,287
10,584,353
10,879,656
0
0
3,885,447
2,240,854
3,534,015
1,870,255
2,953,792
10,709,420
12,959,084
259,851,736
MANAGEMENT
EXPENSES
'000
3,844,966
0
3,107,706
1,787,363
3,419,964
1,716,473
2,375,515
3,156,354
1,609,602
264,649
392,479
1,297,274
311,016
0
682,403
642,336
2,011,042
1,358,464
5,202,812
1,757,962
1,907,871
3,512,569
0
0
588,255
1,141,371
1,778,483
715,884
933,297
1,060,585
1,867,755
0
0
597,933
1,108,619
444,455
1,106,441
1,462,283
3,478,962
6,776,015
63,419,158
RATIO
0.32
0.00
0.44
0.43
0.17
0.20
0.30
0.12
0.22
0.21
0.66
0.97
0.24
0.00
1.28
0.33
0.54
0.28
0.15
0.27
0.23
0.18
0.00
0.00
0.16
0.17
0.85
0.12
0.24
0.10
0.17
0.00
0.00
0.15
0.49
0.13
0.59
0.50
0.32
0.52
0.24
445,344
273,042
718,386
135,693
162,039
297,732
0.30
0.59
0.41
23,220,541
713,364
23,933,905
2,504,419
379,169
2,883,588
0.11
0.53
0.12
65
Ratio Of Commission To Gross Premium Written
Of Non-Life Member Companies 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
66
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
GROSS
PREMIUM
WRITTEN
'000
12,179,141
0
6,988,683
4,192,606
20,079,264
8,385,947
7,966,253
25,651,020
7,316,585
1,238,845
596,341
1,330,927
1,291,138
0
533,075
1,931,011
3,706,530
4,829,483
35,046,533
6,518,964
8,366,641
19,759,872
0
0
3,621,689
6,524,977
2,104,386
6,128,662
3,946,287
10,584,353
10,879,656
0
0
3,885,447
2,240,854
3,534,015
1,870,255
2,953,792
10,709,420
12,959,084
259,851,736
COMMISSION
PAID
'000
1,878,603
0
1,094,599
614,200
1,525,977
1,352,554
898,115
1,877,085
1,295,108
174,508
77,789
246,141
199,473
0
45,424
318,226
499,641
781,262
2,853,458
1,305,933
1,123,207
3,107,891
0
0
181,195
1,137,621
304,430
990,100
388,329
1,821,149
1,367,839
0
0
231,867
449,552
578,774
289,958
419,170
2,779,959
1,873,495
34,082,632
RATIO
0.15
0.00
0.16
0.15
0.08
0.16
0.11
0.07
0.18
0.14
0.13
0.18
0.15
0.00
0.09
0.16
0.13
0.16
0.08
0.20
0.13
0.16
0.00
0.00
0.05
0.17
0.14
0.16
0.10
0.17
0.13
0.00
0.00
0.06
0.20
0.16
0.16
0.14
0.26
0.14
0.13
445,344
273,042
718,386
59,943
42,138
102,081
0.13
0.15
0.14
23,220,541
713,364
23,933,905
6,464,003
224,070
6,688,073
0.28
0.31
0.28
Ratio Of Investment Income To Total Investment
Of Non-Life Member Companies 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
TOTAL
INVESTMENT
'000
11,437,374
0
8,605,185
5,678,613
31,369,954
6,475,111
8,927,910
26,329,045
6,986,505
6,761,464
208,661
3,823,750
2,011,900
0
4,120,955
4,496,761
9,277,260
9,296,788
66,300,318
25,157,395
17,597,099
14,856,120
0
0
9,737,887
8,197,304
4,849,850
8,433,435
6,320,594
16,833,920
8,610,424
0
0
3,623,645
6,898,881
7,942,951
5,842,480
9,884,487
13,887,024
32,489,122
413,270,172
INVESTMENT
INCOME
'000
675,766
0
826,015
216,031
2,358,150
696,106
470,643
2,396,739
948,497
410,408
43,463
143,195
210,059
0
1,799
272,488
322,044
896,110
3,466,916
2,237,582
1,282,142
878,186
0
0
483,329
1,180,825
641,602
254,761
411,661
742,031
405,797
0
0
144,833
661,934
968,269
123,396
515,676
1,114,003
3,550,588
29,951,044
RATIO
0.06
0.00
0.10
0.04
0.08
0.11
0.05
0.09
0.14
0.06
0.21
0.04
0.10
0.00
0.00
0.06
0.03
0.10
0.05
0.09
0.07
0.06
0.00
0.00
0.05
0.14
0.13
0.03
0.07
0.04
0.05
0.00
0.00
0.04
0.10
0.12
0.02
0.05
0.08
0.11
0.07
280,595
134,593
415,188
5,922
29,836
35,758
0.02
0.22
0.09
16,720,044
15,613,367
32,333,411
1,960,786
209,747
2,170,533
0.12
0.01
0.07
67
68
FIRE
`000
19,293,160
19,863,584
21,788,018
24,451,478
26,170,263
27,359,389
30,773,302
35,375,581
37,472,976
41,333,475
MOTOR
`000
42,039,418
44,652,858
44,813,708
39,849,449
42,905,736
39,840,893
40,393,972
39,295,066
40,072,467
44,906,330
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
GENERAL
ACCIDENT
`000
28,591,643
29,593,631
29,746,702
27,984,199
29,772,790
30,571,785
30,705,760
29,740,024
31,256,788
32,871,540
MARINE &
AVIATION
`000
20,097,368
23,400,508
20,967,940
18,685,531
20,715,083
19,527,646
19,596,357
22,102,099
21,479,827
25,034,920
WORKMEN`S
COMPENSATION
`000
903,247
630,823
502,604
365,976
270,049
205,441
233,275
196,193
215,643
227,155
`000
26,095,218
34,121,742
55,754,181
66,813,748
52,870,899
51,120,210
54,130,277
63,917,150
84,461,811
94,049,879
OIL & GAS
000
_
_
_
_
_
3,195,688
8,074,553
8,945,554
15,043,512
14,926,366
ENGINEERING
`000
8,952,187
10,930,711
8,599,721
9,269,958
12,262,676
6,666,029
5,414,838
3,783,942
5,012,657
7,220,457
MISCELLANEOUS
`000
145,972,241
163,193,857
182,172,874
187,420,339
184,967,496
178,487,081
189,322,334
203,355,609
235,015,681
260,570,122
TOTAL
Gross premium written for this purpose include Takaful and insurance businesses written by the Company itself or co-insured with other Companies or sold
through agents and brokers.
The table below shows the gross written premium from direct businesses and reinsurance accepted over a period of 10 years (2010-2019)
A comparison of 2018 and 2019 shows an appreciable growth in gross premium written in Motor, Fire, General Accident, Marine & Aviation, Workmen
Compensation & Employers Liability, Oil & Gas and Miscellaneous insurance businesses. While there was a slight decrease in the gross premium written for
Engineering. The total gross premium written increased from N235.01 billion in 2018 to N260.57 billion in 2019 representing an increase of 10.88% (AGR)
Gross Premium Written
Of Non-Life Member Companies (2010-2019)
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
Member Companies Ranked In Order Of Premium
From Their Direct Non-Life Insurance Business (2019)
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
70
COMPANY
Leadway Assurance co. Ltd.
Custodian & Allied Insurance Ltd.
AXA Mansard Insurance Plc
NEM Insurance Plc
Zenith General Insurance Co.Ltd.
AIICO General Insurance Co. Ltd.
Sovereign Trust Insurance Plc
Wapic Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Consolidated Hallmark Insurance Plc
Mutual Benefits Assurance Plc
Cornerstone Insurance Plc
FBN General Insurance Limited
Allianz Nigeria Insurance Plc
NSIA Insurance Limited
Linkage Assurance Plc
Prestige Assurance Plc
Law Union & Rock Ins. Plc
Anchor Insurance Company Ltd.
Regency Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
LASACO Assurance Plc
Nigerian Agricultural ins. Corporation
Unitrust Insurance Co. Ltd.
VeritasKapital Assurance Plc
Sunu Assurances Nigeria Plc
Old Mutual Gen. Ins. Co. Nig. Ltd.
KBL Insurance Ltd.
Universal Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Fin Insurance Company Ltd.
Goldlink Insurance Plc
International Energy ins. Plc
Alliance & General Insurance Plc
Niger insurance Plc
Industrial & General Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
NICON Insurance Plc
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
GROSS
PREMIUM
'000
35,046,533
25,651,020
20,079,264
19,759,872
12,959,084
12,179,141
10,879,656
10,709,420
10,584,353
8,385,947
8,366,641
7,966,253
7,316,585
6,988,683
6,524,977
6,518,964
6,128,662
4,829,483
4,192,606
3,946,287
3,885,447
3,706,530
3,621,689
3,534,015
2,953,792
2,240,854
2,104,386
1,931,011
1,870,255
1,330,927
1,291,138
1,238,845
596,341
533,075
0
0
0
0
0
0
259,851,736
MARKET
SHARE %
13.49
9.87
7.73
7.60
4.99
4.69
4.19
4.12
4.07
3.23
3.22
3.07
2.82
2.69
2.51
2.51
2.36
1.86
1.61
1.52
1.50
1.43
1.39
1.36
1.14
0.86
0.81
0.74
0.72
0.51
0.50
0.48
0.23
0.21
0.00
0.00
0.00
0.00
0.00
0.00
100
445,344
273,042
718,386
61.99
38.01
100
23,220,541
713,364
23,933,905
97
3
100
Reinsurance Transactions In
Non-life Business (2015-2019)
2019 Nigeria Insurance Digest
2015
Class
Motor
Fire
General Accident
Marine & Aviation
WC/Emp.Liability
Oil & Gas
Engineering
Misscellaneous
Total
Gross
Premium
'000
Reinsurance
Accepted
‘000
Reinsurance
Ceded
‘000
39,840,893
27,359,389
30,571,785
19,527,646
205,441
51,120,210
3,195,688
6,666,029
178,487,081
194,010
484,601
509,831
517,865
1,270
167,387
87,919
4,863
1,967,746
2,051,349
14,087,364
7,089,782
9,070,880
75,235
39,062,691
3,140,613
871,679
75,449,593
Ratio of
Reinsurance
Accepted to
G.P.I
0.00
0.02
0.02
0.03
0.01
0.00
0.03
0.00
0.01
Ratio of
Reinsurance
Ceded to
G.P.I
Ratio of
Reinsurance
Accepted to
G.P.I
0.01
0.02
0.01
0.01
0.00
0.01
0.02
0.01
0.01
Ratio of
Reinsurance
Ceded to
G.P.I
0.05
0.51
0.23
0.46
0.37
0.76
0.98
0.13
0.42
2016
Gross
Premium
'000
Reinsurance
Accepted
‘000
Reinsurance
Ceded
‘000
40,393,972
30,773,302
30,705,760
19,596,357
233,275
54,130,277
8,074,553
5,414,838
189,279,623
263,647
491,497
358,201
238,978
770
544,030
162,996
31,196
2,091,315
2,280,954
17,579,101
8,662,389
8,846,780
54,346
38,222,065
4,028,835
1,163,983
80,838,453
Class
Motor
Fire
General Accident
Marine & Aviation
WC/Emp.Liability
Oil & Gas
Engineering
Misscellaneous
Total
0.06
0.57
0.28
0.45
0.23
0.71
0.49
0.21
0.43
2017
Gross
Premium
'000
39,295,066
35,375,581
29,740,024
22,102,099
196,193
63,917,150
8,945,554
3,783,942
203,346,389
Class
Motor
Fire
General Accident
Marine & Aviation
WC/Emp.Liability
Oil & Gas
Engineering
Misscellaneous
Total
Reinsurance
Accepted
'000
333,591
450,448
388,917
257,041
1,332
388,547
176,717
19,740
2,016,333
Reinsurance
Ceded
'000
2,582,879
20,752,900
8,677,627
11,978,989
47,493
43,742,548
4,580,664
801,192
93,164,292
Ratio of
Reinsurance
Accepted to G.P.I
Ratio of
Reinsurance
Ceded to G.P.I
ReInsurance
Ratio
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.07
0.59
0.29
0.54
0.24
0.68
0.51
0.21
0.46
0.07
0.60
0.30
0.55
0.25
0.69
0.53
0.22
0.47
2018
Class
Motor
Fire
General Accident
Marine & Aviation
WC/Emp.Liability
Oil & Gas
Engineering
Misscellaneous
TOTAL
Gross
Premium
'000
40,072,467
37,472,779
31,256,797
21,479,737
215,643
84,461,811
15,043,512
5,012,657
235,015,403
Reinsurance
Accepted
'000
381,661
823,149
595,543
365,097
1,920
2,371,511
338,141
10,139
4,887,161
Reinsurance
Ceded
'000
2,391,234
20,755,297
10,000,567
10,350,294
63,794
51,913,218
7,606,722
1,237,741
104,318,867
Ratio of
Reinsurance
Accepted
to G.P.W
0.01
0.02
0.02
0.02
0.01
0.03
0.02
0.00
0.02
Ratio of
Reinsurance
Ceded
to G.P.W
0.06
0.55
0.32
0.48
0.30
0.61
0.51
0.25
0.44
Re- Insurance
Ratio
0.07
0.58
0.34
0.50
0.30
0.64
0.53
0.25
0.46
2019
Class of Business
Motor
Fire
General Accident
Marine & Aviation
WC/Emp.Liability
Oil & Gas
Engineering
Misscellaneous
TOTAL
Gross
Premium
'000
44,906,330
41,333,475
32,871,540
25,034,920
227,155
94,049,879
14,926,366
7,220,457
260,570,122
Reinsurance
Accepted
'000
383,858
696,091
395,907
486,237
1,087
632,772
279,496
23,490
2,898,938
Reinsurance
Ceded
'000
2,805,759
25,068,164
12,663,413
12,009,094
72,372
60,620,944
10,081,373
2,104,107
125,425,226
Ratio of Reinsurance
Accepted to G.P.W
0.01
0.02
0.01
0.02
0.00
0.01
0.02
0.00
0.01
Ratio of
Reinsurance
Ceded to G.P.W
0.06
0.61
0.39
0.48
0.32
0.64
0.68
0.29
0.48
Re- Insurance
Ratio
0.07
0.62
0.40
0.50
0.32
0.65
0.69
0.29
0.49
71
Comparative Statistics Of Gross Premium Written, Claims And
Management Expenses Of Non-Life Insurance Companies (2015-2019)
2019 Nigeria Insurance Digest
The table below shows the analysis of gross premium, gross claims paid, Management expenses, claims ratio and
expense ratio of non-life businesses over the last 5 years.
The gross premium includes contributions from Takaful business, Motor, Fire, General Accident, Marine & Aviation,
Oil & Gas, Workmen Compensation & Employers Liability and Miscellaneous insurance businesses from 2015 to 2019.
Management expenses includes underwriting expenses, salaries, rents and others excluding commission to agents.
A total of N260.57 billion was generated in 2019 compared to N235.01 billion in 2018 representing an annual growth
rate of 10.88%.
The gross claims decreased from N98.70 billion in 2018 to N78.72 billion in 2019 representing a percentage decrease
of -20.24% while the management expenses increased slightly from N60.29 billion in 2018 to N63.71 billion in 2019
representing a percentage increase of 5.67%.
YEAR
2015
2016
2017
2018
2019
GROSS
PREMIUM
'000
178,487,081
189,279,623
203,346,389
235,015,681
260,570,122
MANAGEMENT
EXPENSES
'000
53,830,445
61,393,421
59,809,182
60,294,737
63,716,890
GROSS
CLAIM PAID
'000
54,649,328
57,757,978
70,522,613
98,704,627
78,716,373
CLAIMS
RATIO
%
30.62
30.51
34.68
42.00
30.21
EXPENSES
RATIO
%
30.16
32.44
29.41
25.66
24.45
63,716,890
78,716,373
2019
260,570,122
60,294,737
2018
98,704,627
YEARS
235,015,681
59,809,182
2017
70,522,613
203,346,389
61,393,421
2016
57,757,978
189,279,623
53,830,445
2015
54,649,328
178,487,081
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
BILLIONS OF NAIRA
MANAGEMENT EXPENSES '000
72
GROSS CLAIM PAID '000
GROSS PREMIUM '000
43
44
41
42
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
NAME OF COMPANY
AIICO General Insurance Co. Ltd.
Alliance & General Insurance plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
FBN General Insurance Linited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Prestige Assurance Plc
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Zenith Insurance Company Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
4,979,858
1,703,139
6,682,997
274,946
68,908
343,854
CASH AND CASH
EQUIVALENT
‘000
2,738,783
0
2,301,496
1,041,997
11,876,433
1,062,066
3,090,673
4,517,560
329,197
4,444,578
94,016
486,579
680,541
0
144,498
2,034,162
1,714,901
4,031,619
21,308,948
1,609,222
2,146,927
8,095,230
0
0
2,005,071
-60,269
909,212
798,109
2,219,991
10,619,459
7,141,882
0
0
655,816
2,315,337
1,283,241
111,730
3,659,345
506,065
7,989,150
113,903,565
4,856,054
1,683,228
6,539,282
0
65,685
65,685
FINANCIAL
ASSETS
‘000
6,779,004
0
4,815,592
2,103,074
14,027,230
3,632,940
5,837,237
18,174,307
6,557,308
2,316,886
114,645
493,182
1,253,349
0
290,207
441,349
2,506,340
3,441,436
40,925,920
23,398,173
9,304,497
4,686,447
0
0
3,500,353
6,852,841
3,940,638
5,043,887
2,646,559
1,938,606
1,468,542
0
0
1,697,829
3,587,920
6,198,628
1,329,992
1,303,071
2,341,824
24,035,168
216,984,981
4,134,779
2,539
4,137,318
2,141
22,000
24,141
DEBTORS AND
PREPAYMENT
‘000
5,992,094
0
6,532,249
256,102
1,594,945
663,507
274,655
811,701
332,082
59,854
37,591
45,273
126,001
0
26,803
180,098
459,134
244,877
1,546,851
670,853
556,213
1,437,350
0
0
22,688
562,479
157,755
500,359
93,282
1,044,953
602,240
0
0
542,279
528,421
186,330
253,889
516,936
1,560,791
840,128
29,260,763
6,241,218
0
6,241,218
27,415
0
27,415
TRADE
RECEIVABLES
‘000
303,106
0
156,556
120,402
787,979
199,899
40,980
107,318
39,860
2,082
22,737
9,531
5,226
0
79
0
22,653
11,066
97,595
65,898
316,582
207,484
0
0
1,076,909
160,648
80,859
21,616
5,631
53,837
536,980
0
0
4,895
5,978
14,508
8,735
0
24,950
64,804
4,577,383
3,708,648
0
3,708,648
105,585
5,295
110,880
REINSURANCE
ASSETS
‘000
4,757,552
0
2,290,769
196,957
8,005,397
2,688,546
3,505,653
8,291,969
2,153,785
379,686
251,692
292,675
349,730
0
319,085
271,798
1,248,035
1,390,599
38,674,736
1,121,787
1,823,103
5,525,893
0
0
1,082,218
1,441,328
1,372,139
2,371,252
1,015,101
2,235,297
2,021,507
0
0
1,500,954
1,279,326
2,909,757
453,343
389,960
1,802,452
4,361,555
107,775,636
STATUTORY
DEPOSIT
‘000
300,000
0
300,000
315,000
300,000
300,000
500,000
300,000
300,000
300,000
300,000
300,000
333,654
0
322,500
300,000
320,150
373,000
300,000
300,000
300,000
320,000
0
0
300,000
300,000
320,000
300,000
300,000
340,000
315,000
0
0
300,150
315,000
315,000
335,000
355,000
300,000
300,000
10,779,454
200,000
100,000
300,000
825,430
735,000
1,560,430
PROPERTY AND
EQUIPMENT
‘000
1,833,285
0
524,878
652,825
1,784,135
939,323
638,435
194,005
1,193,588
1,565,220
506,405
811,532
778,933
0
2,685,529
99,367
2,304,192
822,651
2,493,152
1,381,180
2,398,161
3,030,737
0
0
230,290
3,713,630
32,128
1,518,805
801,784
1,137,844
1,326,152
0
0
719,981
407,618
5,824,450
2,730,026
2,893,407
3,189,119
1,192,386
52,355,153
30,230
11,141
41,371
2,549,508
14,512
2,564,020
7,099,448
12,302,221
19,401,669
29,313
48,404
77,717
OTHER
ASSETS
‘000
1,919,587
0
2,145,398
2,564,523
5,082,440
1,804,725
84,324
3,646,443
100,000
0
0
2,850,022
78,010
0
3,686,250
2,069,213
5,056,019
1,834,207
4,169,806
157,319
6,145,675
2,357,404
0
0
4,239,325
1,422,372
0
2,625,417
1,454,044
4,571,504
6,123
0
0
1,270,000
1,707,934
495,153
4,804,443
2,028,664
11,831,209
1,416,583
83,624,136
34,394,943
16,440,639
50,835,582
669,630
321,433
991,063
TOTAL
‘000
24,623,411
0
19,066,938
7,250,880
43,458,559
11,291,006
13,971,957
36,043,303
11,005,820
9,068,306
1,327,086
5,288,794
3,605,444
0
7,474,951
5,395,987
13,631,424
12,149,455
109,517,008
28,704,432
22,991,158
25,660,545
0
0
12,456,854
14,393,029
6,812,731
13,179,445
8,536,392
21,941,500
13,418,426
0
0
6,691,904
10,147,534
17,227,067
10,027,158
11,146,383
21,556,410
40,199,774
619,261,071
2019 Nigeria Insurance Digest
Assets Of Non-life Insurance Companies, 2019
73
Distribution Of Assets Of
Non- Life Insurance Companies (2017-2019)
2019 Nigeria Insurance Digest
The table below depicts the distributions of Assets of Non-Life Insurance Companies over a period of 3 years. It shows
an increase of 3.61% in Non-life Insurance Companies Assets from 2018 to 2019.
ASSETS
CASH & CASH EQUIVALENT
FINANCIAL ASSETS
DEBTORS AND PREPAYMENT
TRADE RECEIVABLE
REINSURANCE ASSETS
PROPERTY AND EQUIPMENT
STATUTORY DEPOSITS
OTHER ASSETS
TOTAL
2017
'000
102,236,359
(18.32)
180,028,126
(32.27)
22,594,059
(4.05)
3,737,000
(0.67)
89,230,994
(15.99)
65,492561
(11.74)
11,156,806
(2.00)
83,464,248
(14.96)
557,940,633
(100)
2018
'000
109,124,883
(18.23)
186,764,483
(31.20)
16,104,911
(2.69)
5,025,331
(0.84)
116,603,121
(19.48)
56,747,815
(9.48)
10,863,081
(1.81)
97,427,231
(16.27)
598,660,856
(100)
2019
'000
114,247,419
(18.08)
217,050,666
(34.88)
29,284,904
(4.66)
4,604,798
(0.73)
107,886,516
(17.16)
52,396,524
(9.24)
11,079,454
(1.81)
87,701,853
(13.44)
620,252,134
(100)
DISTRIBUTION OF ASSET OF NON LIFE INSURANCE
COMPANIES 2019
OTHER ASSETS
14%
STATUTORY DEPOSITS
2%
CASH & CASH EQUIVALENT
18%
PROPERTY AND
EQUIPMENT
8%
FINANCIAL ASSETS
35%
REINSURANCE ASSETS
17%
TRADE RECEIVABLE
1%
74
DEBTORS AND
PREPAYMENT
5%
43
44
41
42
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
INSURANCE
LIABILITIES
‘000
NAME OF COMPANY
8,794,186
AIICO General Insurance Co. Ltd.
0
Alliance & General Insurance Plc
5,700,529
Allianz Nigeria Insurance Plc
987,587
Anchor Insurance Company Ltd.
11,102,754
AXA Mansard Insurance Plc
3,923,827
Consolidated Hallmark Insurance Plc
6,868,773
Cornerstone Insurance Plc
11,957,745
Custodian & Allied Insurance Ltd.
4,336,417
FBN General Insurance Linited
1,026,750
Fin Insurance Company Ltd.
3,670,557
Goldlink Insurance Plc
625,178
Great Nigeria Insurance Plc
844,540
Guinea Insurance Plc
0
Industrial & General Insurance Plc
3,950,134
International Energy Ins. Plc
922,812
KBL Insurance Ltd.
3,033,931
LASACO Assurance Plc
3,625,059
Law Union & Rock Ins. Plc
66,644,120
Leadway Assurance Co. Ltd.
4,652,881
Linkage Assurance Plc
5,028,508
Mutual Benefits Assurance Plc
9,000,865
NEM Insurance Plc
0
NICON Insurance Plc
0
Niger Insurance Plc
2,943,161
Nigerian Agricultural Ins. Corporation
3,635,887
NSIA Insurance Limited
2,890,652
Old Mutual Gen. Ins. Co. Nig. Ltd.
3,521,794
Prestige Assurance Plc
2,318,367
Regency Alliance Insurance Plc
4,591,292
Royal Exchange Gen. Ins. Co. Ltd.
3,324,006
Sovereign Trust Insurance Plc
0
STACO Insurance Plc
0
Standard Alliance Insurance Plc
1,365,598
Sterling Assurance Nigeria Ltd.
2,883,079
Sunu Assurances Nigeria Plc
4,288,860
Unitrust Insurance Co. Ltd.
1,161,345
Universal Insurance Plc
2,007,596
VeritasKapital Assurance Plc
4,675,005
Wapic Insurance Plc
10,491,967
Zenith Insurance Company Ltd.
206,795,762
TOTAL
TAKAFUL COMPANY
374,671
Jaiz Takaful Insurance Plc
114,541
Noor Takaful Insurance Ltd
489,212
TOTAL
REINSURANCE COMPANY
13,696,285
Continental Reinsurance Plc
807,374
Nigeria Reinsurance Co.
14,503,659
TOTAL
SHARE
CAPITAL
‘000
1,626,239
0
6,890,736
2,245,000
4,250,000
4,065,000
7,364,754
3,500,000
3,951,753
3,300,000
634,201
1,292,982
3,070,000
0
642,043
3,586,051
3,667,172
2,148,165
5,000,000
3,999,999
5,586,367
2,640,251
0
0
6,000,000
2,821,061
3,005,512
2,691,275
3,334,375
5,366,667
5,682,248
0
0
4,064,351
7,000,000
3,300,000
8,000,000
6,933,333
6,691,369
10,150,000
144,500,904
1,230,290
430,043
1,660,333
5,186,372
4,777,826
9,964,198
TRADE
PAYABLE
‘000
279,952
0
161,814
28,853
14,262,553
54,241
2,689,164
2,035,944
187,013
143,771
467,467
4,387
0
0
130,344
111,143
400,218
502,670
11,016,115
363,724
1,227,507
298,046
0
0
44,293
251,828
124,549
266,537
0
5,998,661
711,161
0
0
81,720
1,924
252,946
93,459
229,840
37,921
1,400,621
43,860,386
32,365
1,525
33,890
185,256
0
185,256
B0RROWING
‘000
0
0
0
263,303
0
0
0
0
0
0
0
0
0
0
2,335,648
0
0
0
0
0
6,752,845
0
0
0
0
0
0
10,029
0
0
0
0
0
0
0
0
0
0
0
0
9,361,825
0
0
0
0
0
0
11,200,219
8,570,588
19,770,807
-1,021,841
82,092
-939,749
RESERVES
‘000
9,335,852
0
-5,954,133
2,711,278
9,362,173
2,261,250
1,284,755
15,282,328
1,460,646
4,161,340
-7,448,124
-1,880,342
-1,132,930
0
-3,347,764
560,568
2,010,839
3,529,488
25,709,225
18,311,007
2,669,236
11,170,233
0
0
2,174,570
4,735,499
-2,084,328
5,426,912
2,366,342
3,442,518
2,030,301
0
0
715,148
-4,544,050
8,633,692
-472,125
351,021
1,743,994
15,779,031
130,355,450
3,915,451
2,258,714
6,174,165
0
127,740
127,740
SHARE
PREMIUM
‘000
778,317
0
2,169,211
355,200
3,643,453
155,264
1,947,166
84,607
410,961
93,878
1,061,274
2,016,905
337,545
0
963,097
0
940,612
1,477,073
0
729,044
0
272,551
0
0
0
1,045,203
2,299,377
327,548
0
802,737
74,057
0
0
70,393
1,023,465
0
825,018
663,600
6,194,983
0
30,762,539
3,755,483
26,137
3,781,620
1,435
12,135
13,570
OTHER
LIABILITIES
‘000
3,808,866
0
10,098,781
659,657
837,626
831,424
2,956,881
3,182,679
659,030
342,567
2,941,712
3,229,684
486,289
0
2,801,451
215,413
3,578,652
867,000
1,147,548
647,777
1,726,695
2,278,599
0
0
1,294,830
1,904,455
576,969
935,350
517,308
1,739,625
1,596,653
0
0
394,695
3,783,117
751,567
419,460
960,993
2,213,138
2,378,155
62,764,646
37,939,066
16,440,639
54,379,705
616,920
768,076
1,384,996
TOTAL
LIABILITIES
‘000
24,623,412
0
19,066,938
7,250,878
43,458,559
11,291,006
23,111,493
36,043,303
11,005,820
9,068,306
1,327,087
5,288,794
3,605,444
0
7,474,953
5,395,987
13,631,424
12,149,455
109,517,008
28,704,432
22,991,158
25,660,545
0
0
12,456,854
14,393,933
6,812,731
13,179,445
8,536,392
21,941,500
13,418,426
0
0
6,691,905
10,147,535
17,227,065
10,027,157
11,146,383
21,556,410
40,199,774
628,401,512
2019 Nigeria Insurance Digest
Liabilities Of Non-life Member
Companies, 2019
75
2019 Nigeria Insurance Digest
Distribution Of Liabilities Of Non-Life
Insurance Companies (2017-2019)
LIABILITIES
INSURANCE LIABILITIES
BORROWING
TRADE PAYABLE
SHARE CAPITAL
RESERVES
SHARE PREMIUM
OTHER LIABILITIES
TOTAL
2017
'000
177,612,772
(32.20)
11,970,651
(2.17)
41,082,114
(7.45)
126,350,599
(22.91)
100,405,146
(18.20)
43,996,187
(7.98)
50,121,579
(9.09)
551,539,048
(100)
2018
'000
214,523,996
(36.05)
21,487,944
(3.61)
44,643,592
(7.50)
126,513,687
(21.26)
98,023,389
(16.47)
33,083,983
(5.56)
56,853,878
(9.55)
595,130,471
(100)
2019
'000
207,284,974
(32.73)
9,361,825
(1.46))
43,894,276
(6.91)
146,161,237
(23.59)
129,415,701
(21.09)
30,890,279
(4.62)
62,778,216
(9.60)
629,786,508
(100)
DISTRIBUTION OF LIABILITIES OF NON-LIFE
COMPANIES 2019
OTHER LIABILITIES
10%
INSURANCE
LIABILITIES
33%
SHARE PREMIUM
5%
BORROWING
1%
RESERVES
21%
SHARE CAPITAL
23%
76
TRADE PAYABLE
7%
43
44
41
42
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
MOTOR
INSURANCE
BUSINESS
NAME OF COMPANY
'000
AIICO General Insurance Co. Ltd.
978,263
Alliance & General Insurance Plc
0
Allianz Nigeria Insurance Plc
-417,345
Anchor Insurance Company Ltd.
558,817
AXA Mansard Insurance Plc
817,373
Consolidated Hallmark Insurance Plc
741,820
Cornerstone Insurance Plc
466,716
Custodian & Allied Insurance Ltd.
1,047,504
FBN General Insurance Limited
304,630
Fin Insurance Company Ltd.
87,595
Goldlink Insurance Plc
254,427
Great Nigeria Insurance Plc
147,417
Guinea Insurance Plc
259,402
Industrial & General Insurance Plc
0
International Energy ins. Plc
102,570
KBL Insurance Ltd.
256,367
LASACO Assurance Plc
282,520
Law Union & Rock Ins. Plc
512,619
Leadway Assurance co. Ltd.
462,044
Linkage Assurance Plc
438,004
Mutual Benefits Assurance Plc
811,869
NEM Insurance Plc
1,074,323
NICON Insurance Plc
0
Niger insurance Plc
0
Nigerian Agricultural ins. Corporation
55,960
NSIA Insurance Limited
370,218
Old Mutual Gen. Ins. Co. Nig. Ltd.
190,604
Prestige Assurance Plc
64,685
Regency Alliance Insurance Plc
392,499
Royal Exchange Gen. Ins. Co. Ltd.
711,585
Sovereign Trust Insurance Plc
1,204,043
STACO Insurance Plc
0
Standard Alliance Insurance Plc
0
Sterling Assurance Nigeria Ltd.
411,113
Sunu Assurances Nigeria Plc
246,001
Unitrust Insurance Co. Ltd.
205,810
Universal Insurance Plc
99,803
VeritasKapital Assurance Plc
608,883
Wapic Insurance Plc
289,896
Zenith General Insurance Co.Ltd.
864,890
TOTAL
14,902,925
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
-1,629
Noor Takaful Insurance Ltd
41,829
TOTAL
40,200
REINSURANCE COMPANY
Continental Reinsurance Plc
324,616
Nigeria Reinsurance Corporation
3,189
TOTAL
327,805
582,176
-80,956
501,220
5,636
23,778
29,414
FIRE
INSURANCE
BUSINESS
'000
-343,985
0
-286,981
28,147
473,377
-51,674
14,963
-258,929
280,778
8,475
-11,651
18,097
-9,717
0
90,794
106,430
-197,131
216,852
-281,172
-35,010
-136,367
344,483
0
0
-2,662
765,920
122,949
504,140
50,280
73,386
34,025
0
0
48,299
49,584
-10,761
238,587
329,736
-213,341
59,035
2,018,956
-395,711
30,186
-365,525
-31,603
-27,178
-58,781
GEN. ACCIDENT
INSURANCE
BUSINESS
'000
521,864
0
-92,212
355,190
1,035,473
443,291
69,468
444,784
215,560
63,660
20,703
-13,830
141,359
0
-32,246
112,155
172,977
78,369
496,877
-32,406
903,334
879,020
0
0
59,731
-652,737
218,889
-132,082
225,092
58,458
54,330
0
0
173,049
200,190
70,590
19,819
-387,109
351,101
638,502
6,681,213
-812,020
-8,422
-820,442
3,676
2,287
5,963
M&A
INSURANCE
BUSINESS
'000
952,241
0
272,685
354,483
229,588
163,085
164,714
598,768
130,198
-29,717
1,388
24,590
42,866
0
38,452
24,803
24,354
-43,520
-244,898
61,886
686,265
902,917
0
0
8,032
94,967
240,566
68,312
223,484
170,592
47,096
0
0
55,804
89,141
53,790
-1,597
179,125
126,768
356,117
6,067,345
0
0
0
0
0
0
WC
INSURANCE
BUSINESS
'000
61,372
0
0
0
0
0
0
0
0
0
0
-16,857
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-23,354
4,072
0
0
0
0
0
0
0
0
0
0
0
25,233
10,452
11,145
21,597
0
0
0
OIL AND GAS
INSURANCE
BUSINESS
'000
281,535
0
483,772
334,676
218,443
265,402
283,125
2,330,206
551,609
113,412
-112,701
80,624
0
0
33,930
-4,223
697,602
16,771
6,600,982
-50,772
316,398
1,147,954
0
0
48,565
522,297
296,515
-14,301
377,580
35,325
407,926
0
0
658,914
114,067
-39,932
56,324
129,586
579,228
266,235
17,027,074
0
36110
36,110
4,637
0
4,637
ENGINEERING
INSURANCE
BUSINESS
‘000
0
0
31,578
-8,863
121,105
159,804
-121,638
34,481
51,877
19,399
19,537
55,211
0
0
0
-25,195
-25,693
199,577
632,193
82,882
0
0
0
0
0
-29,894
-900,018
-67,575
137,041
85,963
325,969
0
0
82,912
54,324
10,237
10,027
93,374
672,503
39,907
1,741,025
0
0
0
132
0
132
MISC.
INSURANCE
BUSINESS
'000
-653
0
s
81,230
0
31,423
3,572
3,332
10,730
67,868
21,440
16,031
0
0
0
5,695
145,393
2,186
176,215
-55,345
31,874
0
0
0
2,665,372
50,027
1,026,766
114,823
23,586
10,917
0
0
0
68,765
28,200
12,026
-44,544
123,181
-23,967
784,473
5,380,616
-290,487
-8,748
-299,235
-19,151
40,716
21,565
TOTAL
UNDERWRITING
PROFIT
‘000
2,450,637
0
-8,503
1,703,680
2,895,359
1,753,151
880,920
4,200,146
1,545,382
330,692
193,143
311,283
433,910
0
233,500
476,032
1,100,022
982,854
7,842,241
409,239
2,613,373
4,348,697
0
0
2,834,998
1,120,798
1,196,271
514,648
1,433,634
1,146,226
2,073,389
0
0
1,498,856
781,507
301,760
378,419
1,076,776
1,782,188
3,009,159
53,844,387
2019 Nigeria Insurance Digest
Underwriting Profit Of
Non-life Insurance Business 2019
77
Growth Of Non-Life Premium &
Claims 2010-2019
2019 Nigeria Insurance Digest
CLAIMS
'000
30,527,364
34,722,397
46,128,350
58,644,860
51,061,483
54,649,328
57,757,978
70,522,613
98,704,627
78,716,373
9.9%
2016
235,015,681
6.0%
9.9%
2015
98,704,627
57,757,978
2014
70,522,613
189,279,623
54,649,328
178,487,081
51,061,483
2011
2012
2013
YEARS
78
203,346,389
CLAIMS '000
184,967,767
187,419,363
58,644,860
182,172,874
46,128,350
163,193,857
2010
34,722,397
145,969,093
30,527,364
GROSS PREMIUM & CLAIM '000
PREMIUM '000
260,570,122
NON-LIFE PREMIUM & CLAIM BILLIONS OF
NAIRA
78,716,373
PREMIUM
'000
145,969,093
163,193,857
182,172,874
187,419,363
184,967,767
178,487,081
189,279,623
203,346,389
235,015,681
260,570,122
6.0%
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
2017
2018
2019
CAGR
Operating
Performance Of
Life Companies
79
2019 Nigeria Insurance Digest
Life Insurance Premium
Written, 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Ins Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd
Leadway Assurance Co. Plc
Mutual Benefits Life Assurance Ltd.
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
DIRECT
REINS
BUSINESS ACCEPTED
'000
'000
7,286,907
37,261,090
0
5,758,365
9,569,464
7,935,590
4,421,685
3,853,799
22,189,831
37,625,631
295,881
3,952,590
0
5,634,998
55,549,659
8,488,202
0
0
2,667,316
2,882,942
4,650,910
3,383,084
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,401,847
3,002,340
229,812,131
0
0
0
307,694
110,818
418,512
0
0
0
4,910,895
158,924
5,069,819
0
0
0
GROSS PREMIUM
WRITTEN
'000
REINS.
CEDED
'000
7,286,907
37,261,090
0
5,758,365
9,569,464
7,935,590
4,421,685
3,853,799
22,189,831
37,625,631
295,881
3,952,590
0
5,634,998
55,549,659
8,488,202
0
0
2,667,316
2,882,942
4,650,910
3,383,084
0
3,401,847
3,002,340
229,812,131
0
307,694
110,818
418,512
0
4,910,895
158,924
5,069,819
451,349
742,151
0
3,096,934
397,422
2,238,929
216,306
1,089,892
1,360,572
1,450,065
1,500
96,242
0
1,849,376
562,535
753,189
0
0
840,061
539,790
1,007,847
416,365
667,300
930,597
18,708,422
21,412
2,988
24,400
531,445
5,459
536,904
NET
PREMIUM
WRITTEN
'000
6,835,558
36,518,939
0
2,661,431
9,172,042
5,696,661
4,205,379
2,763,907
20,829,259
36,175,566
294,381
3,856,348
0
3,785,622
54,987,124
7,735,013
0
0
1,827,255
2,343,152
3,643,063
2,966,719
0
2,734,547
2,071,743
211,103,709
0
286,282
107,830
394,112
0
4,379,450
153,465
4,532,915
81
Individual Life Insurance
Premium Written, 2019
S/NO
NAME OF COMPANY
1
African Alliance Insurance Plc
2
AIICO Insurance Plc
3
Alliance & General Insurance Plc
4
Allianz Nigeria Insurance Plc
2019 Nigeria Insurance Digest
DIRECT
REINS
BUSINESS ACCEPTED
'000
'000
GROSS PREMIUM
WRITTEN
'000
REINS.
CEDED
'000
NET
PREMIUM
WRITTEN
'000
5,177,196
0
5,177,196
44,104
5,133,092
27,054,858
0
27,054,858
22,917
27,031,941
0
0
0
0
0
332,581
0
332,581
3,701
328,880
5
Arm Life Plc
700,660
0
700,660
34,849
665,811
6
AXA Mansard Insurance Plc
2,021,779
0
2,021,779
225,168
1,796,611
1,007,550
0
1,007,550
0
1,007,550
115,517
0
115,517
18,296
97,221
3,403,113
0
3,403,113
9,356
3,393,757
21,800,446
0
21,800,446
21,721
21,778,725
70,925
0
70,925
0
70,925
263,833
0
263,833
216
263,617
7
Capital Express Assurance Ltd.
8
Cornerstone Insurance Plc
9
Custodian Life Assurance Ltd.
10
FBN Insurance Limited
11
Goldlink Life Assurance Ltd.
12
Great Nigeria Ins Plc
13
Industrial & General Insurance Plc
14
LASACO Life Assurance Co. Ltd
0
0
0
0
0
46,310
0
46,310
0
46,310
15
Leadway Assurance Co. Plc
1,713,408
0
1,713,408
9,190
1,704,218
16
Mutual Benefits Life Assurance Ltd.
2,158,016
0
2,158,016
23,875
2,134,141
17
NICON Insurance Plc
0
0
0
0
0
18
Niger Insurance Plc
0
0
0
0
0
19
NSIA Insurance Limited
1,220,814
0
1,220,814
680,898
539,916
20
Old Mutual Life Assurance Co. Ltd.
1,136,906
0
1,136,906
244
1,136,662
21
Prudential Zenith Life Insurance Ltd.
338,950
0
338,950
66,606
272,344
22
Royal Exchange Prudential Life Plc
979,895
0
979,895
83,273
896,622
23
Standard Alliance Ins Plc
0
0
0
0
0
24
Tangerine Life Insurance Ltd
264,362
0
264,362
0
264,362
25
Wapic Life Ass. Ltd.
210,395
0
210,395
7,174
203,221
70,017,514
0
70,017,514
1,251,588
68,765,926
256,933
0
256,933
13,005
243,928
96,705
0
96,705
1,114
95,591
353,638
0
353,638
14,119
339,519
394,221
0
394,221
42,662
351,559
11,023
0
11,023
1,532
9,491
405,244
0
405,244
44,194
361,050
TOTAL
TAKAFUL COMPANY
26
Jaiz Takaful Insurance Plc
27
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
28
Continental Reinsurance Plc
29
Nigeria Reinsurance Corporation
TOTAL
82
Group Life Insurance
Premium Written, 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
NAME OF COMPANY
DIRECT
REINS
BUSINESS ACCEPTED
'000
'000
GROSS PREMIUM
WRITTEN
'000
REINS.
CEDED
'000
NET
PREMIUM
WRITTEN
'000
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insuranc Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Ins Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd
Leadway Assurance Co. Plc
Mutual Benefits Life Assurance Ltd.
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
2,069,051
3,228,331
0
5,425,784
1,461,025
5,913,811
3,414,135
3,257,397
4,324,696
5,824,332
224,956
3,484,222
0
5,423,684
5,431,401
6,330,186
0
0
1,446,501
1,746,036
4,311,960
2,403,189
0
3,137,485
2,791,945
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,069,051
3,228,331
0
5,425,784
1,461,025
5,913,811
3,414,135
3,257,397
4,324,696
5,824,332
224,956
3,484,222
0
5,423,684
5,431,401
6,330,186
0
0
1,446,501
1,746,036
4,311,960
2,403,189
0
3,137,485
2,791,945
495,453
719,234
0
3,093,233
362,573
2,013,762
216,306
1,071,596
1,359,811
1,428,344
1,500
96,026
0
1,894,376
553,346
729,314
0
0
159,136
539,546
941,241
251,378
0
660,639
923,423
1,573,598
2,509,097
0
2,332,551
1,098,452
3,900,049
3,197,829
2,185,801
2,964,885
4,395,988
223,456
3,388,196
0
3,529,308
4,878,055
5,600,872
0
0
1,287,365
1,206,490
3,370,719
2,151,811
0
2,476,846
1,868,522
TOTAL
71,650,127
0
71,650,127
17,510,237
54,139,890
26
27
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
50,761
14,114
0
0
50,761
14,114
8,407
1,874
42,354
12,240
TOTAL
64,875
0
64,875
10,281
54,594
28
29
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
4,516,674
147,900
0
0
4,516,674
147,900
488,783
3,927
4,027,891
143,973
TOTAL
4,664,574
0
4,664,574
492,710
4,171,864
83
Annuity Insurance
Premium Written,2019
2019 Nigeria Insurance Digest
DIRECT
REINS
BUSINESS ACCEPTED
S/NO
GROSS PREMIUM
WRITTEN
REINS.
CEDED
NET
PREMIUM
WRITTEN
NAME OF COMPANY
1
African Alliance Insurance Plc
2
AIICO Insurance Plc
3
Alliance & General Insurance Plc
4
Allianz Nigeria Insurance Plc
5
Arm Life Plc
40,659
0
40,659
0
40,659
6,977,900
0
6,977,900
0
6,977,900
0
0
0
0
0
0
0
0
0
0
7,407,779
0
7,407,779
0
7,407,779
0
6
AXA Mansard Insurance Plc
0
0
0
0
7
Capital Express Assurance Ltd.
0
0
0
0
0
8
Cornerstone Insurance Plc
480,885
0
480,885
0
480,885
Custodian Life Assurance Ltd.
14,462,022
0
14,462,022
0
14,462,022
10
9
FBN Insurance Limited
10,000,853
0
10,000,853
0
10,000,853
11
Goldlink Life Assurance Ltd.
12
Great Nigeria Ins Plc
13
Industrial & General Insurance Plc
14
LASACO Life Assurance Co. Ltd
0
0
0
0
0
204,536
0
204,536
0
204,536
0
0
0
0
0
165,004
0
165,004
0
165,004
15
Leadway Assurance Co. Plc
48,404,850
0
48,404,850
0
48,404,850
16
Mutual Benefits Life Assurance Ltd.
0
0
0
0
0
17
NICON Insurance Plc
0
0
0
0
0
18
Niger Insurance Plc
0
0
0
0
0
19
NSIA Insurance Limited
0
0
0
0
0
20
Old Mutual Life Assurance Co. Ltd.
0
0
0
0
0
21
Prudential Zenith Life Insurance Ltd.
0
0
0
0
0
22
Royal Exchange Prudential Life Plc
0
0
0
0
0
23
Standard Alliance Ins Plc
0
0
0
0
0
24
Tangerine Life Insurance Ltd
0
0
0
0
0
25
Wapic Life Ass. Ltd.
0
0
0
0
0
88,144,488
0
88,144,488
0
88,144,488
TOTAL
TAKAFUL COMPANY
26
Jaiz Takaful Insurance Plc
0
0
0
0
0
27
Noor Takaful Insurance Ltd
0
0
0
0
0
TOTAL
0
0
0
0
0
0
REINSURANCE COMPANY
84
28
Continental Reinsurance Plc
0
0
0
0
29
Nigeria Reinsurance Corporation
0
0
0
0
0
TOTAL
0
0
0
0
0
2019 Nigeria Insurance Digest
Composition Of Life Premium 2019
COMPOSITION OF LIFE PREMIUM 2019
PRODUCT LINE
INDIVIDUAL LIFE
GROUP LIFE
ANNUITY
TOTAL
GROSS PREMIUM '000
70,371,152
71,715,002
88,144,488
230,230,642
85
2019 Nigeria Insurance Digest
Gross Premium Written, Net Premium Income Net Claims,
Management Expenses , Total Investment And
Investment Income Of Life Insurance Companies 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
86
NAME OF COMPANY
GROSS
PREMIUM
WRITTEN
'000
NET
PREMIUM
INCOME
'000
African Alliance Insurance Plc
7,286,907
6,578,607
AIICO Insurance Plc
37,261,090 36,491,428
Alliance & General Insurance Plc
0
0
Allianz Nigeria Insurance Plc
5,758,365
2,312,287
Arm Life Plc
9,569,464
9,123,620
AXA Mansard Insurance Plc
7,935,590
5,718,587
Capital Express Assurance Ltd.
4,421,685 4,202,002
Cornerstone Insurance Plc
3,853,799
2,391,839
Custodian Life Assurance Ltd.
22,189,831 20,650,606
FBN Insurance Limited
37,625,631 35,803,989
Goldlink Life Assurance Ltd.
295,881
294,381
Great Nigeria Ins Plc
3,952,590
2,649,439
Industrial & General Insurance Plc
0
0
LASACO Life Assurance Co. Ltd
5,634,998
3,534,534
Leadway Assurance Co. Plc
55,549,659 54,987,124
Mutual Benefits Life Assurance Ltd.
8,488,202
7,044,759
NICON Insurance Plc
0
0
Niger Insurance Plc
0
0
NSIA Insurance Limited
2,667,316
1,729,387
Old Mutual Nig. Life Assurance Co. Ltd. 2,882,942
954,780
Prudential Zenith Life Insurance Ltd.
4,650,910
3,877,270
Royal Exchange Prudential Life Plc
3,383,084
2,976,510
Standard Alliance Ins Plc
0
0
Tangerine Life Insurance Ltd
3,401,847
2,660,274
Wapic Life Ass. Ltd.
3,002,340
2,025,329
TOTAL
229,812,131 206,006,752
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
307,694
290,751
Noor Takaful Insurance Ltd
110,818
109,632
TOTAL
418,512
400,383
REINSURANCE COMPANY
Continental Reinsurance Plc
4,910,895
3,724,857
Nigeria Reinsurance Corporation
158,924
160,044
TOTAL
5,069,819
3,884,901
NET CLAIM
'000
MANAGEMENT
TOTAL INVESTMENT
EXPENSES INVESTMENT
INCOME
'000
'000
'000
9,186,272
21,624,830
0
1,269,102
698,190
2,950,067
1,635,348
873,035
7,559,912
7,625,114
55,803
1,260,779
0
1,405,390
32,125,931
2,733,368
0
0
666,869
896,409
1,455,082
1,857,291
0
1,038,301
731,759
97,648,852
2,320,813
5,635,758
0
982,755
1,613,685
2,455,967
1,039,190
470,559
1,948,672
2,346,950
62,235
862,680
0
731,797
3,588,879
1,152,210
0
0
292,531
1,901,693
1,701,185
598,880
0
1,022,298
1,291,813
32,020,550
35,414,441
104,274,547
0
4,790,700
31,939,273
22,227,252
7,751,512
13,682,652
59,968,270
105,572,535
38,330
5,826,765
0
5,170,890
279,888,842
32,789,930
0
0
4,403,017
7,607,876
17,001,003
7,567,136
0
11,199,368
2,339,762
759,454,101
2,945,880
8,411,920
0
367,418
3,532,546
1,648,373
64,069
411,755
6,044,368
10,652,920
28,302
219,944
0
414,316
26,789,785
1,106,055
0
0
322,235
745,477
1,640,316
650,633
0
781,190
466,319
67,243,821
248,816
86,617
335,433
44,332
65,766
110,098
318,664
84,689
403,353
7,231
9,942
17,173
1,830,949
30,365
1,861,314
468,358
88,846
557,204
3,536,110
3,818,233
7,354,343
138,000
86,642
224,642
Ratio Of Gross Claims Paid To
Gross Premium Written Of
Life Member Companies 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
GROSS PREMIUM
WRITTEN
000
GROSS CLAIMS
PAID
000
RATIO
African Alliance Insurance Plc
AIICO Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd.
Leadway Assurance Co. Ltd
Mutual Benefits Life Ass. Ltd
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
7,286,907
37,261,090
0
5,758,365
9,569,464
7,935,590
4,421,685
3,853,799
22,189,831
37,625,631
295,881
3,952,590
0
5,634,998
55,549,659
8,488,202
0
0
2,667,316
2,882,942
4,650,910
3,383,084
0
3,401,847
3,002,340
9,364,732
22,548,349
0
3,093,676
981,841
3,319,888
2,075,680
1,767,903
7,778,937
7,968,097
55,803
1,269,192
0
1,628,224
31,766,243
4,257,880
0
0
1,109,175
1,193,058
1,915,682
2,183,310
0
1,392,504
1,164,482
1.29
0.61
0.00
0.54
0.10
0.42
0.47
0.46
0.35
0.21
0.19
0.32
0.00
0.29
0.57
0.50
0.00
0.00
0.42
0.41
0.41
0.65
0.00
0.41
0.39
TOTAL
229,812,131
106,834,656
0.46
307,694
110,818
250,238
106,457
0.81
0.96
NAME OF COMPANY
26
27
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
418,512
356,695
0.85
28
29
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
4,910,895
158,924
2,092,514
30,365
0.43
0.19
TOTAL
5,069,819
2,122,879
0.42
TOTAL
87
2019 Nigeria Insurance Digest
Ratio Of Net Claims Paid To Net Premium Income Of
Life Member Companies 2019
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd.
Leadway Assurance Co. Ltd
Mutual Benefits Life Ass. Ltd
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
TOTAL
NET CLAIMS
PAID
000
RATIO
6,578,607
36,491,428
0
2,312,287
9,123,620
5,718,587
4,202,002
2,391,839
20,650,606
35,803,989
294,381
2,649,439
0
3,534,534
54,987,124
7,044,759
0
0
1,729,387
954,780
3,877,270
2,976,510
0
2,660,274
2,025,329
9,186,272
21,624,830
0
1,269,102
698,190
2,950,067
1,635,348
873,035
7,559,912
7,625,114
55,803
1,260,779
0
1,405,390
32,125,931
2,733,368
0
0
666,869
896,409
1,455,082
1,857,291
0
1,038,301
731,759
1.40
0.59
0.00
0.55
0.08
0.52
0.39
0.37
0.37
0.21
0.19
0.48
0.00
0.40
0.58
0.39
0.00
0.00
0.39
0.94
0.38
0.62
0.00
0.39
0.36
206,006,752
97,648,852
0.47
26
27
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
290,751
109,632
248,816
86,617
0.86
0.79
TOTAL
400,383
335,433
0.84
28
29
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
3,724,857
160,044
3,884,901
1,830,949
30,365
1,861,314
0.49
0.19
0.48
TOTAL
88
NET PREMIUM
INCOME
000
Ratio Of Management Expenses To Gross Premium
Written Of Life Member Companies 2019
2019 Nigeria Insurance Digest
S/NO
NAME OF COMPANY
1
African Alliance Insurance Plc
2
AIICO Insurance Co. Ltd.
3
Alliance & General Insurance Plc
GROSS
PREMIUM
WRITTEN
MANAGEMENT
EXPENSES
'000
'000
RATIO
0.32
7,286,907
2,320,813
37,261,090
5,635,758
0.15
0
0
0.00
0.17
4
Allianz Nigeria Insurance Plc
5,758,365
982,755
5
Arm Life Plc
9,569,464
1,613,685
0.17
6
AXA Mansard Insurance Plc
7,935,590
2,455,967
0.31
7
Capital Express Assurance Ltd.
4,421,685
1,039,190
0.24
8
Cornerstone Insurance Plc
3,853,799
470,559
0.12
9
Custodian Life Assurance Ltd.
22,189,831
1,948,672
0.09
10
FBN Insurance Limited
37,625,631
2,346,950
0.06
11
Goldlink Life Assurance Ltd.
295,881
62,235
0.21
12
Great Nigeria Insurance Plc
3,952,590
862,680
0.22
13
Industrial & General Insurance Plc
0.00
14
LASACO Life Assurance Co. Ltd.
15
0
0
5,634,998
731,797
0.13
Leadway Assurance Co. Ltd
55,549,659
3,588,879
0.06
16
Mutual Benefits Life Ass. Ltd
8,488,202
1,152,210
0.14
17
NICON Insurance Plc
0
0
0.00
0.00
18
Niger Insurance Plc
0
0
19
NSIA Insurance Limited
2,667,316
292,531
0.11
20
Old Mutual Nig. Life Assurance Co. Ltd.
2,882,942
1,901,693
0.66
0.37
21
Prudential Zenith Life Insurance Ltd.
4,650,910
1,701,185
22
Royal Exchange Prudential Life Plc
3,383,084
598,880
0.18
23
Standard Alliance Insurance Plc
0
0
0.00
24
Tangerine Life Insurance Ltd
25
Wapic Life Ass. Ltd.
TOTAL
3,401,847
1,022,298
0.30
3,002,340
1,291,813
0.43
229,812,131
32,020,550
0.14
TAKAFUL COMPANY
26
Jaiz Takaful Insurance Plc
307,694
44,332
0.14
27
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
110,818
418,512
65,766
110,098
0.59
0.26
28
Continental Reinsurance Plc
4,910,895
468,358
0.10
29
Nigeria Reinsurance Corporation
TOTAL
158,924
5,069,819
88,846
557,204
0.56
0.11
89
2019 Nigeria Insurance Digest
Ratio Of Commission To Gross Premium Written
Life Member Companies 2019
GROSS
S/NO NAME OF COMPANY
1 African Alliance Insurance Plc
2 AIICO Insurance Co. Ltd.
3 Alliance & General Insurance Plc
PREMIUM
COMMISSION
WRITTEN
'000
PAID
'000
RATIO
7,286,907
514,871
0.07
37,261,090
3,173,484
0.09
0
0
0.00
0.09
4 Allianz Nigeria Insurance Plc
5,758,365
510,396
5 Arm Life Plc
9,569,464
627,161
0.07
6 AXA Mansard Insurance Plc
7,935,590
703,314
0.09
0.04
7 Capital Express Assurance Ltd.
4,421,685
197,763
8 Cornerstone Insurance Plc
3,853,799
401,858
0.10
9 Custodian Life Assurance Ltd.
22,189,831
1,754,580
0.08
37,625,631
5,200,681
0.14
295,881
25,361
0.09
3,952,590
338,545
0.09
0
0
0.00
0.06
10 FBN Insurance Limited
11 Goldlink Life Assurance Ltd.
12 Great Nigeria Ins Plc
13 Industrial & General Insurance Plc
14 LASACO Life Assurance Co. Ltd.
5,634,998
315,071
55,549,659
2,458,596
0.04
8,488,202
722,045
0.09
17 NICON Insurance Plc
0
0
0.00
18 Niger insurance Plc
0
0
0.00
19 NSIA Insurance Limited
2,667,316
253,617
0.10
20 Old Mutual Nig. Life Assurance Co. Ltd.
2,882,942
172,212
0.06
0.09
15 Leadway Assurance co. Ltd.
16 Mutual Benefit Life Ass. Ltd
21 Prudential Zenith Life Insurance Ltd.
4,650,910
409,123
22 Royal Exchange Prudential Life Plc
3,383,084
309,477
0.09
0
0
0.00
23 Standard Alliance Insurance Plc
24 Tangerine Life Insurance Ltd
25 Wapic Life Ass. Ltd.
TOTAL
3,401,847
389,626
0.11
3,002,340
333,590
0.11
229,812,131
18,811,371
0.08
307,694
10,268
0.03
110,818
10,678
0.10
418,512
20,946
0.05
4,910,895
1,595,820
0.32
158,924
41,886
0.26
5,069,819
1,637,706
0.32
TAKAFUL COMPANY
26 Jaiz Takaful Insurance Plc
27 Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
28 Continental Reinsurance Plc
29 Nigeria Reinsurance Corporation
TOTAL
90
Ratio Of Investment Income To Total Investment
Of Life Member Companies 2019
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Co. Ltd.
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Insurance Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd.
Leadway Assurance co. Ltd.
Mutual Benefits Life Ass. Ltd
NICON Insurance Plc
Niger insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
TOTAL
26
27
28
29
TOTAL
INVESTMENT
'000
INVESTMENT
INCOME
'000
RATIO
35,414,441
104,274,547
0
4,790,700
31,939,273
22,227,252
7,751,512
13,682,652
59,968,270
105,572,535
38,330
5,826,765
0
5,170,890
279,888,842
32,789,930
0
0
4,403,017
7,607,876
17,001,003
7,567,136
0
11,199,368
2,339,762
2,945,880
8,411,920
0
367,418
3,532,546
1,648,373
64,069
411,755
6,044,368
10,652,920
28,302
219,944
0
414,316
26,789,785
1,106,055
0
0
322,235
745,477
1,640,316
650,633
0
781,190
466,319
0.08
0.08
0.00
0.08
0.11
0.07
0.01
0.03
0.10
0.10
0.74
0.04
0.00
0.08
0.10
0.03
0.00
0.00
0.07
0.10
0.10
0.09
0.00
0.07
0.20
759,454,101
67,243,821
0.09
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
318,664
84,689
403,353
7,231
9,942
17,173
0.02
0.12
0.04
3,536,110
3,818,233
138,000
86,642
0.04
0.02
TOTAL
7,354,343
224,642
0.03
91
2019 Nigeria Insurance Digest
Member Companies Ranked In Order Of Premium
From Their Direct Life Insurance Business (2019)
2019 Nigeria Insurance Digest
S/N
COMPANY
GROSS PREMIUM
MARKET SHARE
'000
%
1
Leadway Assurance Co. Ltd
55,549,659
24.17
2
FBN Insurance Limited
37,625,631
16.37
3
AIICO Insurance Co. Ltd.
37,261,090
16.21
4
Custodian Life Assurance Ltd.
22,189,831
9.66
5
Arm Life Plc
9,569,464
4.16
6
Mutual Benefits Life Ass. Ltd
8,488,202
3.69
3.45
7
AXA Mansard Insurance Plc
7,935,590
8
African Alliance Insurance Plc
7,286,907
3.17
9
Allianz Nigeria Insurance Plc
5,758,365
2.51
10
LASACO Life Assurance Co. Ltd.
5,634,998
2.45
11
Prudential Zenith Life Insurance Ltd.
4,650,910
2.02
12
Capital Express Assurance Ltd.
4,421,685
1.92
13
Great Nigeria Ins Plc
3,952,590
1.72
14
Cornerstone Insurance Plc
3,853,799
1.68
15
Tangerine Life Insurance Ltd
3,401,847
1.48
16
Royal Exchange Prudential Life Plc
3,383,084
1.47
17
Wapic Life Ass. Ltd.
3,002,340
1.31
18
Old Mutual Nig. Life Assurance Co. Ltd.
2,882,942
1.25
2,667,316
1.16
295,881
0.13
19
NSIA Insurance Limited
20
Goldlink Life Assurance Ltd.
21
Niger Insurance Plc
0
0.00
22
Alliance & General Insurance Plc
0
0.00
23
Industrial & General Insurance Plc
0
0.00
24
Standard Alliance Ins Plc
0
0.00
25
NICON Insurance Plc
0
0.00
229,812,131
100.00
TOTAL
TAKAFUL COMPANY
26
Jaiz Takaful Insurance Plc
307,694
73.52
27
Noor Takaful Insurance Ltd
TOTAL
110,818
418,512
26.48
100.00
93
Comparative Statistics Of Gross Premium Written,
Claims And Management Expenses Of Life Insurance
Companies (2015-2019)
2019 Nigeria Insurance Digest
The table below shows the analysis of gross premium, gross claims paid, Management expenses, claims ratio and
expense ratio of life businesses over the last 5 years.
The gross premium includes contributions from Family Takaful business, Individual Life, Group Life with inclusion of
various amount collected on deposit administrative schemes/secured funds from 2015 to 2019. Management
expenses includes underwriting expenses, salaries, rents and others excluding commission to agents. A total of
N230.23 billion was generated in 2019 compared to N178.83 billion in 2018 representing an average annual growth
rate of 28.74%.
The gross claims increased from N94.77 billion in 2018 to N107.19 billion in 2019 representing a percentage increase of
13.11% while the management expenses increased slightly from N28.53 billion in 2018 to N32.13 billion in 2019
representing a percentage increase of 12.62%.
YEAR GROSS PREMIUM '000
2015
2016
2017
2018
2019
GROSS CLAIMS
PAID '000
MANAGEMENT
EXPENSES '000
CLAIMS RATIO %
EXPENSES
RATIO %
50,567,904
61,874,540
72,307,509
94,777,691
107,191,351
23,082,801
26,738,065
27,052,380
28,537,268
32,130,648
37.72
48.84
44.71
53.16
46.56
17.22
21.10
16.73
16.01
13.96
134,067,982
126,696,315
161,711,005
178,272,906
230,230,643
32,130,648
2019
107,191,351
230,230,643
28,537,268
2018
94,777,691
YEARS
178,272,906
27,052,380
2017
72,307,509
161,711,005
26,738,065
2016
61,874,540
126,696,315
23,082,801
50,567,904
2015
134,067,982
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
BILLIONS OF NAIRA
MANAGEMENT EXPENSES '000
94
GROSS CLAIMS PAID
'000
GROSS PREMIUM '000
28
29
26
27
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
S/NO
1,053,187
352,313
1,405,500
TOTAL
338,101
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Co.
318,664
19,437
53,710,985
TOTAL
1,042,923
1,027,003
15,920
65,252
0
65,252
662,411,083
2,354,535
259,700,185
32,789,930
0
0
2,789,206
5,640,709
14,278,478
1,984,454
0
4,964,799
6,403,528
2,640,855
4,901,658
2,081,656
0
0
1,372,503
1,967,167
2,302,169
2,971,849
0
6,234,492
622,158
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
22,655,917
96,635,525
0
4,163,710
26,869,759
17,462,116
3,423,679
5,332,101
56,212,153
97,721,574
33,925
994,800
1,859,154
5,427,569
0
9,815
2,881,514
4,256,841
698,630
5,102,687
2,753,298
3,550,088
4,405
2,072,477
874,462
874,462
0
20,000
0
20,000
31,969,647
2,125,375
3,546,396
923,209
0
0
24,470
159,464
282,916
456,701
0
518,861
614,106
1,062,137
1,815,418
0
11,124,853
262,411
153,258
150,744
2,714,229
640,299
984,704
1,639,341
2,770,755
FINANCIAL DEBTORS AND
ASSETS PREPAYMENTS
'000
'000
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Ins Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd
Leadway Assurance Co. Ltd
Mutual Benefits Life Assurance Ltd.
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc.
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
NAME OF COMPANY
CASH AND
CASH
EQUIVALENT
'000
1,319,951
1,319,951
0
0
0
0
636,385
48,135
4,864
0
0
0
2,155
0
30,646
6,925
0
0
35,266
0
0
0
0
2,087
436,394
0
17,120
27,346
21,555
542
3,350
TRADE
RECEIVABLES
'000
784,339
784,339
30,133
10,293
19,840
15,281,259
510,894
713,055
406,749
636,781
922,778
652,176
1,080,263
363,717
2,127,927
2,425,316
337,595
890,215
335,333
847,186
859,184
926,733
18,365
212,921
311,054
703,017
REINSURANCE
ASSETS
'000
549,414
539,194
10,220
0
4,550
0
4,550
14,320,515
62,409
1,918,913
127,465
0
0
7,250
22,757
394,055
110,366
0
97,248
209,276
551,033
5,202,926
0
3,026
138,739
408
1,018,230
874
2,970,829
1,266,286
173,868
44,557
PROPERTY
AND
EQUIPMENT
'000
175,500
15,345,092
7,956,445
0
0
241,308
0
389,710
2,696,780
0
77
15,076
11,067,621
2,211,453
0
617,175
2,233,743
482,339
3,629,203
3,531,827
1,167,879
4,371,192
0
2,793,930
OTHER
ASSETS
'000
439,570
174,570
265,000
100,000
100,000
4,962,944
1,501,457
3,461,487
10,265
5,597
0
4,668
4,105,000 58,926,350
200,000
200,000
200,000
200,000
200,000
215,000
215,000
200,000
200,000
200,000
200,000
200,000
215,000
200,000
260,000
200,000
200,000
200,000
200,000
200,000
STATUTORY
DEPOSIT
'000
2019 Nigeria Insurance Digest
Assets Of Life Insurance Companies, 2019
95
Distribution Of Assets Of Life Insurance
Companies (2017-2019)
2019 Nigeria Insurance Digest
The table below depicts the distributions of Assets of Life Insurance Companies over a period of 3 years. It
shows an increase of 31.14% in Life Insurance Companies Assets from 2018 to 2019.
2017
'000
ASSETS
CASH & CASH
EQUIVALENT
FINANCIAL
ASSETS
DEBTORS AND
PREPAYMENTS
TRADE
RECEIVABLE
REINSURANCE
ASSETS
PROPERTY AND
EQUIPMENT
STATUTORY
DEPOSIT
OTHER ASSETS
TOTAL
29,496,795
(5.53)
365,564,011
(68.52)
19,226,536
(3.60)
976,113
(0.18)
2018
'000
2019
'000
30,949,215 54,049,086
(4.82)
(6.08)
476,199,434 662,476,335
(74.17)
(77.28)
25,958,401
31,989,647
(4.04)
(3.43)
13,012,526
(2.44)
1,001,807
(0.16)
13,843,099
(2.16)
636,385
(0.07)
15,311,392
(1.76)
20,518,474
(3.85)
4,260,000
(0.80)
80,458,821
(15.08)
533,513,096
(100)
16,738,803
(2.61)
4,261,478
(0.66)
73,070,036
(11.38)
642,022,273
(100)
14,325,065
(2.48)
4,205,000
(0.51)
58,936,615
(8.38)
841,929,525
(100)
DISTRIBUTION OF ASSET OF LIFE INSURANCE
COMPANIES 2019
PROPERTY AND
EQUIPMENT
2%
STATUTORY DEPOSIT
0%
OTHER ASSETS
7%
CASH & CASH
EQUIVALENT
6%
REINSURANCE ASSETS
2%
TRADE RECEIVABLE
0%
DEBTORS AND
PREPAYMENTS
4%
FINANCIAL ASSETS
79%
96
28
29
26
27
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
S/NO
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Ins Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd
Leadway Assurance Co. Plc
Mutual Benefits Life Assurance Ltd.
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Co.
TOTAL
NAME OF COMPANY
2,896,617
91,114
2,987,731
0
0
0
282,341
25,388
307,729
854,888
26,796,212
26,263,838
0
0
101,549
3,094,246
3,664,399
265,521
0
891,135
1,255,707
135,339,679
3,662,107
230,060,011
8,121,751
0
0
1,417,296
2,656,182
3,395,721
6,180,545
0
1,937,209
2,743,876
528,558,735
34,697
26,082
60,779
5,651,966
16,201,367
0
1,204,087
4,134,889
8,430,460
1,814,892
3,834,607
3,985,348
24,675,766
1,766,779
452,023
39,673,313
75,971,936
0
6,189,195
22,461,255
6,388,992
2,429,157
3,406,701
47,114,330
59,411,634
1,747,610
3,589,914
INSURANCE INVESTMENT
LIABILITIES
LIABILITIES
'000
'000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,569,636
940,159
2,629,477
0
0
0
0
0
0
0
0
0
0
BORROWING
'000
39,180
0
39,180
16,872
0
16,872
421,052
3,946,356
925,363
0
0
206,091
305,656
904,131
333,506
0
236,087
257,522
13,161,771
739,568
1,232,442
0
208,910
39,548
2,215,992
54,325
791,955
15,284
222,150
100,439
5,394
TRADE
PAYABLE
'000
0
1,222,174
1,222,174
0
174,540
174,540
2,000,000
5,000,000
330,000
0
0
1,746,299
5,793,324
3,000,000
3,461,339
0
1,724,681
3,900,000
60,061,026
10,292,500
1,838,863
0
3,078,689
4,786,960
1,000,000
3,054,903
0
2,500,000
5,336,450
596,258
620,760
SHARE
CAPITAL
'000
0
122,440
122,440
538
76,377
76,915
1,360,718
17,994,434
4,071,714
0
0
845,135
-6,351,289
6,963,190
-1,891,236
0
1,016,963
136,462
18,230,652
-35,249,942
10,319,083
0
-1,471,392
-478,623
4,042,179
1,478,545
0
5,454,982
10,570,599
-2,873,570
2,292,700
RESERVES
'000
0
2,556,597
2,556,597
0
51,845
51,845
0
588,575
5,670,000
0
0
647,500
2,726,816
0
404,494
0
6,319,796
0
40,969,713
14,365,133
2,046,072
0
1,425,437
800,094
800,000
0
0
1,594,668
1,930,708
556,661
1,093,759
SHARE
PREMIUM
'000
794,244
112,614
906,858
105
1,349
1,454
403,307
1,595,238
823,966
0
0
78,868
401,943
873,311
340,082
0
400,500
518,898
32,329,574
1,294,219
1,956,669
0
7,908,969
1,181,726
1,003,948
638,997
573,225
4,226,376
6,894,825
176,269
1,038,238
OTHER
LIABILITIES
'000
37,706,916
112,195,909
0
18,543,895
32,925,849
23,881,571
9,470,819
8,606,488
64,890,988
109,042,132
2,070,446
9,092,788
0
8,702,072
285,980,826
46,206,632
0
0
5,042,738
8,626,878
18,800,752
9,094,251
0
12,526,371
8,812,465
832,220,786
0
334,553
355,581
690,134
0
3,730,041
4,104,939
7,834,980
TOTAL
'000
2019 Nigeria Insurance Digest
Liabilities Of Life Insurance Companies, 2019
97
2019 Nigeria Insurance Digest
Distribution Of Liabilities Of
Life Insurance Companies (2017-2019)
LIABILITIES
INSURANCE FUNDS LIABILITIES
INVESTMENT LIABILITIES
BORROWING
TRADE PAYABLE
SHARE CAPITAL
RESERVES
SHARE PREMIUM
OTHER LIABILITIES
TOTAL
98
2017
'000
285,989,120
(53.66)
114,299,805
(21.45)
2,667,207
(0.50)
12,646,935
(2.37)
43,284,644
(8.12)
26,404,658
(4.95)
29,793,107
(5.59)
17,892,947
(3.36)
532,978,423
(100)
2018
'000
2019
'000
371,836,227 528,619,514
(58.52)
(62.95)
121,400,449 135,647,408
(19.10)
(16.06)
30,219,98
3,569,636
(0.48)
(0.46)
16,009,046
13,178,643
(2.52)
(1.59)
58,851,307 60,235,566
(9.26)
(7.37)
1,680,827
18,307,567
(0.26)
(2.22)
37,679,532
41,021,558
(5.93)
(4.72)
24,961,893 32,331,028
(3.93)
(4.63)
635,441,279 832,910,920
(100)
(100)
Underwriting Profit Of Life
Insurance Business 2018
2019 Nigeria Insurance Digest
INDIVIDUAL LIFE
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
NAME OF COMPANY
INSURANCE
BUSINESS
'000
GROUP LIFE
ANNUITY
TOTAL
INSURANCE INSURANCE UNDERWRITING
BUSINESS
BUSINESS
PROFIT
'000
'000
'000
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Cornerstone Insurance Plc
Custodian Life Assurance Ltd.
FBN Insurance Limited
Goldlink Life Assurance Ltd.
Great Nigeria Ins Plc
Industrial & General Insurance Plc
LASACO Life Assurance Co. Ltd
Leadway Assurance Co. Ltd
Mutual Benefits Life Assurance Ltd.
NICON Insurance Plc
Niger Insurance Plc
NSIA Insurance Limited
Old Mutual Nig. Life Assurance Co. Ltd.
Prudential Zenith Life Insurance Ltd.
Royal Exchange Prudential Life Plc
Standard Alliance Ins Plc
Tangerine Life Insurance Ltd
Wapic Life Ass. Ltd.
-3,819,323
-4,695,737
0
-521,452
491,081
589,645
317,282
31,649
-439,691
-724,373
21,236
-423,739
0
85,454
-1,260,302
1,558,417
0
0
154,429
-214,354
325,573
-205,999
0
293,174
40,360
385,055
1,028,869
0
389,864
-6,757
2,172,169
1,670,174
1,555,192
1,108,693
915,886
-39,934
1,006,868
0
1,128,106
1,380,613
260,628
0
0
530,035
11,338
1,861,218
-9,297
0
387,679
784,531
-6,104,703
-7,051,423
0
-22,771
-4,016,250
-219,538
0
-123,567
-7,449,036
-5,008,098
0
145,593
0
-97,495
1,591,283
0
0
0
0
0
0
0
0
0
0
-9,538,971
-10,718,291
0
-154,359
-3,531,926
2,542,276
1,987,456
1,463,274
-6,780,034
-4,816,585
-18,698
728,722
0
1,116,065
1,711,594
1,819,045
0
0
684,464
-203,016
2,186,791
-215,296
0
680,853
824,891
TOTAL
-8,396,670
16,520,930
-28,356,005
-20,231,745
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
-16,689
47,661
17,231
-888
0
0
0
542
46,773
TOTAL
30,972
16,343
0
47,315
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
-351,045
8,164
646,510
79,628
0
0
0
295,465
87,792
TOTAL
-342,881
726,138
0
383,257
99
Growth Of Life Insurance
Premium & Claims (2010-2019)
2019 Nigeria Insurance Digest
LIFE PREMIUM
'000
LIFE CLAIMS
'000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
39,760,889
54,554,151
69,965,203
80,415,942
108,576,192
134,067,982
126,696,315
161,711,005
178,136,034
230,230,643
19.2%
12,111,176
17,919,289
27,033,930
34,306,234
35,946,322
50,567,904
61,874,540
72,307,509
93,404,796
107,191,351
24.4%
2010
2011
2012
178,136,034
93,404,796
72,307,509
126,696,315
61,874,540
50,567,904
108,576,192
19.2%
24.4%
2013
2014
2015
YEARS
100
'000
161,711,005
LIFE CLAIMS
134,067,982
'000
35,946,322
80,415,942
34,306,234
69,965,203
27,033,930
54,554,151
17,919,289
39,760,889
12,111,176
GROSS PREMIUM & CLAIM '000
LIFE PREMIUM
230,230,643
LIFE PREMIUM & CLAIM BILLIONS 0F NAIRA
107,191,351
YEAR
2016
2017
2018
2019
CAGR
Analysis Of
Industry
Performance
101
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
Underwriting Performance Of Member Companies
Gross Premium, Net Premium, Profit/loss Before And After Tax,
Total Assets (2019)
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Assurance Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurance Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
52
53
54
55
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
GROSS
NET
PREMIUM 2019 PREMIUM 2019
‘000
‘000
PROFIT/LOSS
BEFORE TAX
2019
‘000
PROFIT/LOSS
AFTER TAX
2019
‘000
TOTAL
ASSETS
2019
‘000
7,286,907
49,440,231
0
12,747,048
4,192,606
9,569,464
28,014,854
4,421,685
8,358,947
11,820,052
25,651,020
22,189,831
7,316,585
37,625,631
1,238,845
892,222
5,283,517
1,291,138
0
533,075
1,931,011
9,341,528
4,829,483
90,596,192
6,518,964
8,366,641
8,488,202
19,759,872
0
0
3,621,689
9,192,293
2,104,386
2,882,942
6,128,662
4,650,910
3,946,287
10,584,353
3,383,084
10,879,656
0
0
3,885,447
2,240,854
3,401,847
3,534,015
1,870,255
2,953,792
10,709,420
3,002,340
12,959,084
6,578,607
44,577,355
0
5,455,176
3,436,280
9,123,620
12,687,959
4,202,002
4,720,360
5,970,539
7,377,618
20,650,606
3,480,227
35,803,989
618,389
911,168
3,430,870
902,477
0
332,868
1,293,745
5,903,506
3,160,999
70,898,107
3,713,380
6,579,594
7,044,759
12,617,540
0
0
3,162,946
5,063,071
755,385
954,780
2,963,063
3,877,270
2,539,375
5,478,492
2,976,519
5,950,253
0
0
3,213,718
1,492,671
2,660,274
1,589,688
1,379,068
1,865,747
4,978,391
2,025,329
5,859,198
-7,266,832
5,223,954
0
-3,669,447
280,744
1,131,262
4,978,918
512,898
667,382
3,034,729
3,440,531
2,390,363
733,192
7,819,135
979,010
-220,840
-363,773
-787,286
0
-109,607
83,807
347,770
935,341
11,286,465
1,338,726
1,291,971
2,379,678
1,897,942
0
0
863,463
849,037
104,027
-1,385,867
509,605
1,851,848
838,548
974,643
-372,846
819,011
0
0
550,230
-266,075
560,057
848,144
-318,112
253,949
-533,049
267,161
3,287,310
-7,285,544
5,157,259
0
-3,742,870
220,184
1,069,209
4,839,330
506,762
586,074
2,937,223
2,979,291
2,112,698
658,939
7,351,724
747,550
-225,060
-445,834
-795,042
0
-109,607
57,444
315,745
802,776
10,851,715
1,452,154
1,086,304
2,262,062
1,417,830
863,463
781,872
124,781
-1,404,761
431,828
1,454,022
649,594
654,705
-374,058
503,382
0
0
505,181
-277,279
489,241
801,350
75,393
123,422
-757,116
245,353
2,954,529
37,706,917
135,263,455
0
20,601,856
7,250,879
32,925,848
67,597,041
9,470,819
11,291,006
31,717,981
36,043,303
64,890,988
11,005,820
109,042,132
9,068,306
3,397,532
11,650,130
3,605,444
0
7,474,953
5,395,987
18,510,279
12,149,455
394,765,310
28,704,432
22,991,158
46,206,632
25,660,545
0
0
12,456,854
19,436,671
6,812,731
8,626,878
13,179,445
18,800,752
8,536,393
21,941,500
9,094,251
13,418,426
0
0
6,691,904
10,147,535
12,526,371
17,227,066
10,027,157
11,146,383
21,556,410
8,812,465
40,199,774
489,636,867
340,256,978
48,037,117
42,653,218
1,435,027,174
753,038
383,860
1,136,898
556,971
301,345
858,316
-102,841
78,120
-24,721
-102,841
87,489
-15,352
1,011,487
763,201
1,774,688
28,008,904
872,287
28,881,191
23,129,368
829,981
23,959,349
1,534,723
56,921
1,591,644
1,494,385
53,375
1,547,760
41,669,106
20,545,578
62,214,684
103
Underwriting Performance Of Member Companies
Gross Premium Writen (2017-2019)
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
104
GROSS
PREMIUM 2017
NAME OF COMPANY
‘000
Leadway Assurance co. Ltd.
84,189,079
AIICO Insurance Plc
30,407,396
FBN Insurance Limited
19,580,871
AXA Mansard Insurance Plc
20,602,218
Custodian & Allied Insurance Ltd.
20,064,233
Custodian Life Assurance Ltd.
12,161,883
NEM Insurance Plc
13,416,270
Zenith General Insurance Co.Ltd.
10,152,454
Allianz Nigeria Insurance Plc
7,667,258
Cornerstone Insurance Plc
7,900,401
Sovereign Trust Insurance Plc
8,513,503
Wapic Insurance Plc
6,388,067
Royal Exchange Gen. Ins. Co. Ltd.
9,698,433
Arm Life Plc
4,539,175
LASACO Assurance Plc
6,673,652
NSIA Insurance Limited
5,465,713
Mutual Benefits Life Assurance Ltd
4,963,517
Mutual Benefits Assurance Plc
7,298,974
Consolidated Hallmark Insurance Plc
5,680,553
FBN General Insurance Linited
3,516,548
African Alliance Insurance Plc
0
Linkage Assurance Plc
4,102,253
Prestige Assurance Plc
3,808,516
Great Nigeria Insurance Plc
2,876,620
Law Union & Rock Ins. Plc
4,252,373
Prudential Zenith Life Insurance Ltd.
3,684,406
Capital Express Assurance Ltd.
2,297,253
Anchor Insurance Company Ltd.
2,221,838
Regency Alliance Insurance Plc
3,367,726
Sterling Assurance Nigeria Ltd.
3,009,865
Nigerian Agricultural Ins. Corporation
1,562,027
Unitrust Insurance Co. Ltd.
2,486,736
Tangerine Life Insurance Ltd
2,059,801
Royal Exchange Prudential Life Plc
3,059,338
Wapic Life Ass. Ltd.
2,051,248
VeritasKapital Assurance Plc
2,320,768
1,929,091
Old Mutual Nig. Life Assurance Co. Ltd.
Sunu Assurances Nigeria Plc
2,672,770
Old Mutual Gen. Ins. Co. Nig. Ltd.
3,701,677
KBL Insurance Ltd.
1,971,291
Universal Insurance Plc
753,067
Guinea Insurance Plc
967,145
Fin Insurance Company Ltd.
1,300,624
Goldlink Insurance Plc
0
International Energy ins. Plc
0
Alliance & General Insurance plc
0
Niger insurance Plc
8,585,782
Industrial & General Insurance Plc
0
NICON Insurance Plc
703,955
STACO Insurance Plc
5,224,762
Standard Alliance Insurance Plc
4,844,892
TOTAL
364,696,022
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
18.50
10.10
7.68
5.72
5.24
4.53
4.04
2.65
2.60
2.41
2.22
2.19
2.16
1.95
1.91
1.88
1.73
1.71
1.71
1.49
1.49
1.33
1.25
1.08
0.99
0.95
0.90
0.86
0.81
0.79
0.74
0.72
0.69
0.69
0.61
0.60
0.59
0.46
0.43
0.39
0.38
0.26
0.25
0.18
0.11
0.00
0.00
0.00
0.00
0.00
0.00
100.00
%
INCREASE/
DECREASE
2018-2019
3.52
33.61
44.85
21.66
7.72
62.21
31.30
18.15
27.37
12.65
3.49
3.25
-1.24
67.91
3.63
32.95
43.51
4.34
23.36
57.85
41.04
20.92
27.88
0.00
6.34
22.35
30.38
22.23
15.80
3.11
29.82
11.52
50.16
-13.43
46.07
-8.80
36.36
-10.45
-26.10
20.67
10.75
4.02
21.84
-22.62
15.12
0.00
-100.00
-100.00
0.00
0.00
0.00
18.70
753,038
383,860
1,136,898
66.24
33.76
100.00
84.55
65.35
77.59
28,008,904
872,287
28,881,191
96.98
3.02
100.00
45.91
-6.91
43.45
GROSS
PREMIU 2018
'000
87,519,720
37,002,279
25,976,164
23,026,817
23,811,985
13,679,683
15,049,453
10,968,133
10,007,524
10,493,063
10,513,078
10,372,722
10,716,756
5,699,115
9,014,060
6,914,006
5,914,556
8,018,299
6,775,798
4,635,233
5,166,396
5,391,170
4,792,388
0
4,541,481
3,801,322
3,391,365
3,430,168
3,407,976
3,768,341
2,789,677
3,168,877
2,265,495
3,908,120
2,055,365
3,238,769
2,114,191
2,502,382
2,847,660
1,600,244
1,688,673
1,241,218
1,016,772
1,152,994
463,060
0
4,450,453
2,188,248
0
0
0
412,491,249
GROSS
PREMIU 2019
RANKED '000
90,596,192
49,440,231
37,625,631
28,014,854
25,651,020
22,189,831
19,759,872
12,959,084
12,747,048
11,820,052
10,879,656
10,709,420
10,584,353
9,569,464
9,341,528
9,192,293
8,488,202
8,366,641
8,358,947
7,316,585
7,286,907
6,518,964
6,128,662
5,283,517
4,829,483
4,650,910
4,421,685
4,192,606
3,946,287
3,885,447
3,621,689
3,534,015
3,401,847
3,383,084
3,002,340
2,953,792
2,882,942
2,240,854
2,104,386
1,931,011
1,870,255
1,291,138
1,238,845
892,222
533,075
0
0
0
0
0
0
489,636,867
118,289
243,083
361,372
408,044
232,154
640,198
20,384,092
1,002,490
21,386,582
19,195,853
937,036
20,132,889
%
MARKET
SHARE
2019
Underwriting Performance Of Member Companies
Net Premium Income (2015-2019)
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
NAME OF COMPANY
NET
NET
NET
NET
NET
PREMIUM 2015 PREMIUM 2016 PREMIUM 2017 PREMIUM 2018 PREMIUM 2019
‘000
‘000
‘000
‘000
‘000
African Alliance Insurance Co. Ltd
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
10,065,669
28,787,115
2,070,797
2,176,010
1,879,377
3,180,364
8,056,811
3,412,559
3,381,960
5,746,710
7,563,570
1,068,219
9,942,935
478,136
2,732,472
2,413,804
617,517
3,794,327
2,671,766
1,294,307
1,758,699
2,713,526
35,523,511
1,876,534
4,581,656
3,242,425
8,270,205
941,814
10,178,783
864,783
3,340,895
1,245,958
956,252
924,893
2,710,288
2,269,002
4,631,228
3,158,151
4,074,106
4,262,680
3,896,276
1,831,272
1,486,929
2,022,538
1,277,468
586,369
2,063,127
3,345,501
1,057,160
4,821,182
226,571,123
12,952,501
23,086,756
2,070,797
2,110,963
1,745,995
2,605,385
8,030,193
1,760,925
3,738,925
5,444,570
7,679,664
11,966,833
1,334,039
9,594,280
515,849
2,732,472
1,640,642
642,875
3,794,327
2,671,766
1,274,172
1,783,590
2,547,494
40,320,170
2,907,558
5,071,372
4,178,274
8,641,958
941,814
5,552,405
1,575,734
2,405,098
1,417,700
1,150,857
1,184,657
2,582,593
1,654,588
4,655,633
3,068,144
3,620,280
3,241,226
3,686,170
2,075,311
1,320,620
1,668,278
995,633
455,296
1,407,397
2,679,203
1,139,275
4,701,243
226,023,500
N/A
26,616,565
N/A
2,875,414
1,895,682
3,423,119
9,002,041
2,262,242
3,786,121
4,954,878
7,748,826
11,292,110
2,236,577
17,987,841
682,118
N/A
2,442,444
693,774
N/A
N/A
1,439,707
3,687,003
2,494,999
69,533,282
2,756,505
6,252,687
4,202,154
10,186,442
693,955
6,440,142
1,346,675
2,511,862
1,036,299
1,429,009
1,690,281
2,746,150
2,251,852
4,308,610
2,705,392
4,358,842
3,767,254
4,129,403
2,450,134
1,976,062
1,714,536
1,043,208
597,602
1,738,992
3,819,974
1,419,772
5,436,487
258,065,024
5,068,135
31,260,465
0
3,716,050
2,787,864
5,378,364
10,416,786
3,282,401
4,242,215
5,179,961
8,648,731
13,001,446
2,429,419
25,459,484
527,305
955,071
0
904,934
2,008,182
445,957
1,132,263
4,615,893
2,925,452
71,121,875
3,477,836
6,230,006
5,376,843
10,693,794
0
4,020,064
2,212,769
3,265,791
1,015,260
1,706,488
2,281,491
2,295,878
2,442,604
5,218,009
3,515,194
5,061,377
0
0
2,757,156
1,738,843
1,827,515
1,081,717
1,118,473
1,987,284
4,550,469
1,408,316
5,683,691
286,475,121
6,578,607
44,577,355
0
5,455,176
3,436,280
9,123,620
12,687,959
4,202,002
4,720,360
5,970,539
7,377,618
20,650,606
3,480,227
35,803,989
618,389
911,168
3,430,870
902,477
0
332,868
1,293,745
5,903,506
3,160,999
70,898,107
3,713,380
6,579,594
7,044,759
12,617,540
0
0
3,162,946
5,063,071
755,385
954,780
2,963,063
3,877,270
2,539,375
5,478,492
2,976,519
5,950,253
0
0
3,213,718
1,492,671
2,660,274
1,589,688
1,379,068
1,865,747
4,978,391
2,025,329
5,859,198
340,256,978
0
0
0
0
0
0
88,597
213,343
301,940
322,320
206,677
528,997
556,971
301,345
858,316
13,611,310
625,220
14,236,530
14,773,735
565,039
15,338,774
18,440,357
952,948
19,393,305
13,526,811
863,722
14,390,533
23,129,368
829,981
23,959,349
5,323,487
105
Underwriting Performance Of Member Companies
Profit/loss Before Tax (2015-2019)
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
106
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Linited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS
BEFORE TAX BEFORE TAX BEFORE TAX BEFORE TAX
BEFORE TAX
2015
2016
2017
2018
2019
‘000
‘000
‘000
‘000
‘000
764,481
1,448,082
-450,596
-705,377
301,127
-493,928
689,243
54,871
686,997
-341,874
3,543,724
15,496
234,784
1,844,023
274,667
-414,652
-67,953
46,906
-3,786,630
-698,383
125,024
404,113
328,498
6,484,945
580,846
901,266
151,832
559,362
-11,505,122
703,946
-194,264
812,176
13,043
-405,360
20,339
867,407
494,695
140,798
-818,526
454,846
62,340
847,936
130,359
-695,571
695,901
1,312,715
-447,789
411,081
1,036,327
40,027
5,734,785
12,192,983
3,808,015
11,195,787
-450,596
1,092,271
321,018
123,212
1,263,784
-323,619
361,281
-1,516,213
4,561,184
1,035,753
194,661
3,156,748
217,837
-414,652
-444,589
138,205
-3,786,630
-698,383
-168,153
1,142,880
658,643
7,361,449
942,682
-1,248,946
156,861
2,186,057
-11,505,122
93,819
200,859
253,363
-858,748
-1,172,351
340,394
1,006,642
532,928
285,414
-616,221
44,975
-1,783,598
-1,343,962
385,965
-188,967
-68,783
1,315,299
121,680
268,953
514,553
-58,420
7,064,083
25,699,302
N/A
2,924,825
N/A
-773,461
180,284
486,961
1,446,155
-344,981
564,679
-2,801,173
5,035,234
1,247,772
322,844
4,262,284
-514,426
N/A
450,494
237,849
N/A
N/A
409,112
854,273
1,099,198
13,448,965
2,996,101
849,091
346,807
3,082,619
517,740
-932,397
-23,373
640,752
-358,933
-753,737
697,989
1,834,356
252,866
449,679
-637,665
202,694
-782,284
65,559
414,469
28,585
156,264
814,543
666,208
-744,269
230,625
359,817
4,927,757
43,838,751
-2,413,904
2,966,516
0
-1,446,452
220,164
759,062
1,828,263
581,025
459,688
1,480,407
4,669,492
1,432,786
615,598
6,134,599
1,550,271
-946,570
0
-49,998
606,428
-1,206,035
223,020
958,199
490,088
11,412,782
134,703
636,547
706,093
2,669,123
0
789,486
190,449
892,299
-2,117,799
-1,705,873
645,430
1,548,141
254,533
1,154,518
11,184
540,554
0
0
349,808
-39,460
231,084
802,148
-39,553
-50,782
-602,183
24,877
2,865,125
40,215,881
-7,266,832
5,223,954
0
-3,669,447
280,744
1,131,262
4,978,918
512,898
667,382
3,034,729
3,440,531
2,390,363
733,192
7,819,135
979,010
-220,840
-363,773
-787,286
0
-109,607
83,807
347,770
935,341
11,286,465
1,338,726
1,291,971
2,379,678
1,897,942
0
0
863,463
849,037
104,027
-1,385,867
509,605
1,851,848
838,548
974,643
-372,846
819,011
0
0
550,230
-266,075
560,057
848,144
-318,112
253,949
-533,049
267,161
3,287,310
48,037,117
0
0
0
0
0
0
0
-183,234
-183,234
-16,832
35,899
19,067
-102,841
78,120
-24,721
2,540,244
526,340
3,066,584
3,835,712
923,132
4,758,844
4,427,541
-335,411
4,092,130
3,912,856
-67,381
3,845,475
1,534,723
56,921
1,591,644
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeriatsKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
Underwriting Performance Of Member Companies
Profit/loss After Tax (2015-2019)
PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS PROFIT/LOSS
AFTER TAX
AFTER TAX
AFTER TAX
AFTER TAX
AFTER TAX
2015
2016
2017
2018
2019
‘000
‘000
‘000
‘000
‘000
630,161
966,465
-450,596
-726,758
204,766
-529,245
466,108
444
534,279
-545,248
2,801,671
-176,834
188,578
1,671,213
288,604
-529,207
-101,697
-7,227
-3,172,422
-710,009
-97,984
283,320
280,919
6,379,933
324,997
652,613
107,246
685,460
-11,362,126
569,188
-194,264
538,314
-62,947
-431,982
145,295
1,040,737
333,329
-203,660
-847,330
582,209
14,393
916,377
96,016
-745,930
674,889
1,236,959
-472,170
340,503
624,185
60,854
4,843,598
7,115,987
3,537,386
9,682,116
-450,596
1,052,743
227,540
106,826
1,040,377
-337,236
197,923
-1,889,787
3,383,525
915,753
132,793
2,232,189
123,085
-529,207
-475,087
2,520
-3,172,422
-710,009
-141,560
944,461
561,851
6,661,957
544,564
-1,390,527
70,094
1,848,616
-11,362,126
50,654
200,859
277,018
-964,427
-1,296,415
221,992
754,755
470,594
84,064
-630,370
23,592
-1,888,598
-1,470,727
341,756
-251,785
-80,968
786,905
90,043
214,670
91,974
-214,953
6,568,492
16,186,887
N/A
1,471,254
N/A
-834,083
133,333
453,658
1,367,821
-353,710
354,751
-2,577,503
4,452,376
1,014,602
290,933
3,381,251
-672,300
N/A
406,624
251,033
N/A
N/A
378,671
661,878
910,707
12,796,661
2,891,268
605,276
314,857
2,763,120
442,894
-988,739
-23,373
402,358
-455,528
-787,248
531,841
1,592,795
196,475
265,719
-684,319
157,869
-817,284
58,553
372,974
-3,733
141,832
425,442
634,184
-862,102
315,644
182,915
3,968,417
35,530,064
-2,658,566
2,604,411
0
-888,551
163,823
725,747
1,621,216
563,000
376,025
1,288,738
3,824,756
1,328,543
492,985
5,449,829
1,489,572
-1,068,489
0
-190,199
606,428
-1,206,035
192,321
736,279
263,593
9,183,321
-290,118
479,929
625,176
2,020,636
0
730,688
190,449
670,457
-2,233,407
-1,719,999
423,795
1,359,262
209,599
735,326
-36,206
344,236
0
0
301,533
-60,212
218,240
757,345
-46,672
-323,295
-417,272
3,927
2,598,091
31,440,255
-7,285,544
5,157,259
0
-3,742,870
220,184
1,069,209
4,839,330
506,762
586,074
2,937,223
2,979,291
2,112,698
658,939
7,351,724
747,550
-225,060
-445,834
-795,042
0
-109,607
57,444
315,745
802,776
10,851,715
1,452,154
1,086,304
2,262,062
1,417,830
0
0
863,463
781,872
124,781
-1,404,761
431,828
1,454,022
649,594
654,705
-374,058
503,382
0
0
505,181
-277,279
489,241
801,350
75,393
123,422
-757,116
245,353
2,954,529
42,653,218
0
0
0
0
0
0
0
-183,234
-183,234
-16,832
36,551
19,719
-102,841
87,489
-15,352
1,934,387
537,647
2,472,034
2,514,962
848,989
3,363,951
3,257,310
-266,312
2,990,998
3,142,377
-141,836
3,000,541
1,494,385
53,375
1,547,760
107
2019 Nigeria Insurance Digest
Share Capital Of Member Companies (2015 - 2019)
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
108
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
SHARE
CAPITAL
2015
‘000
10,292,500
3,465,102
3,000,000
3,757,549
2,245,000
2,892,836
5,250,000
2,000,000
3,000,000
4,410,005
3,500,000
2,000,000
3,751,753
5,336,450
3,300,000
2,274,974
1,913,742
3,070,000
7,115,619
642,043
3,586,051
5,667,172
1,718,665
4,389,798
3,999,396
3,999,750
150,000
2,640,251
3,805,129
3,869,747
2,500,000
4,567,360
3,000,000
5,786,490
2,685,216
2,000,000
3,334,375
4,366,667
2,161,339
4,146,052
3,070,544
8,696,587
4,050,351
7,000,000
1,000,000
3,300,000
8,000,000
6,933,333
6,691,369
2,700,000
1,450,000
194,483,215
SHARE
CAPITAL
2016
‘000
SHARE
CAPITAL
2017
‘000
SHARE
CAPITAL
2018
‘000
SHARE
CAPITAL
2019
‘000
10,292,500
N/A 10,292,500 10,292,500
3,465,102
3,465,102
3,465,102
3,465,102
3,000,000
N/A
0
0
3,757,549
3,757,549
7,819,157
9,969,425
2,245,000
2,245,000
2,245,000
2,245,000
3,857,115
3,857,115
4,786,960
4,786,960
5,250,000
5,250,000
5,250,000
5,250,000
2,116,595
2,116,595
2,116,595
3,054,903
3,000,000
3,000,000
4,065,000
4,065,000
7,364,754
7,364,754
7,364,754
7,364,754
3,500,000
3,500,000
3,500,000 3,500,000
2,000,000
2,000,000
2,500,000 2,500,000
3,751,753
3,751,753
3,951,753
3,951,753
5,336,450
5,336,450
5,336,450
5,336,450
3,300,000
3,300,000
3,300,000 3,300,000
2,274,974
N/A
1,230,459
1,230,459
1,913,742
1,913,742
0
1,913,742
3,070,000
3,070,000
3,070,000
3,070,000
7,115,619
N/A
7,115,619
0
642,043
N/A
642,043
642,043
3,586,051
3,586,051
3,586,051
3,586,051
5,667,172
5,667,172
3,667,172
3,667,172
1,718,665
2,148,165
2,148,165
2,148,165
4,682,450
4,682,450 10,000,000 10,000,000
3,999,999
3,999,999
3,999,999
3,999,999
4,000,000
4,000,000
4,000,000
5,586,367
250,000
250,000
250,000
230,000
2,640,251
2,640,251
2,640,251
2,640,251
3,805,129
3,805,129
0
0
3,869,747
3,869,747
3,869,747
0
2,500,000
2,500,000
2,500,000 6,000,000
4,567,360
4,567,360
4,567,360
4,567,360
3,000,000
3,000,000
3,000,000
3,005,512
2,000,000
4,086,490
4,086,490
5,793,324
2,685,216
2,685,216
2,691,275
2,691,275
2,000,000
3,000,000
3,000,000 3,000,000
3,334,375
3,334,375
3,334,375
3,334,375
4,366,667
5,366,667
5,366,667
5,366,667
2,161,339
3,461,339
3,461,339
3,461,339
4,170,412
4,170,412
4,170,412
5,682,248
4,670,544
4,670,544
0
0
8,696,587
6,455,515
0
0
4,050,351
4,050,351
4,064,351
4,064,351
7,000,000
7,000,000
7,000,000 7,000,000
1,000,000
1,000,000
1,000,000
1,724,681
3,300,000
3,300,000
3,300,000 3,300,000
8,000,000
8,000,000
8,000,000 8,000,000
6,933,333
6,933,333
6,933,333
6,933,333
6,691,369
6,691,369
6,691,369
6,691,369
2,700,000
2,700,000
3,900,000 3,900,000
1,450,000
1,450,000
1,450,000 10,150,000
196,750,213 176,999,995 190,729,748 202,461,930
0
0
0
0
0
0
200,000
200,000
400,000
1,230,290
200,000
1,430,290
1,230,213
604,584
1,834,797
5,186,372
4,404,280
9,590,652
5,186,372
4,404,280
9,590,652
5,186,372
4,404,280
9,590,652
5,186,372
4,404,280
9,590,652
5,186,372
6,000,000
11,186,372
Shareholders’ Funds Of Member
Companies (2015-2019)
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
SHAREHOLDERS’
FUNDS
2015
‘000
5,270,215
9,444,775
5,281,617
5,195,123
4,522,386
1,740,046
15,396,659
2,075,812
6,964,201
10,142,477
11,968,436
3,611,029
3,978,886
9,495,858
4,952,067
-3,901,836
5,318,376
2,899,952
10,729,931
-2,121,064
3,787,381
8,578,795
4,458,665
20,305,202
15,587,689
6,201,262
3,220,996
6,207,334
16,589,592
8,225,282
7,050,515
8,917,573
4,558,620
4,648,140
5,991,827
3,803,776
4,673,522
6,786,357
2,317,147
5,025,195
3,409,596
5,059,258
3,125,558
5,172,550
4,024,018
7,173,425
8,260,596
9,383,860
14,573,682
2,553,540
16,828,501
339,464,400
SHAREHOLDERS’
FUNDS
2016
‘000
3,602,751
7,932,941
5,281,617
6,227,584
4,749,926
2,751,618
14,581,745
2,164,210
4,367,001
8,309,516
13,818,260
4,046,023
4,104,659
7,783,583
4,985,223
-3,901,836
5,425,282
2,897,745
10,729,931
-2,121,064
3,518,360
9,851,942
5,039,730
31,530,745
16,533,292
4,810,735
5,291,090
7,431,968
16,589,592
8,178,851
7,342,555
9,645,978
3,594,193
3,351,725
6,228,262
4,547,415
4,946,288
6,982,822
1,502,506
5,235,428
3,761,977
4,929,594
3,493,877
4,921,015
3,943,051
7,517,000
8,855,152
10,111,654
15,033,489
2,273,520
21,874,572
356,605,093
SHAREHOLDERS’
FUNDS
2017
‘000
N/A
10,322,233
N/A
5,411,457
5,071,649
3,233,939
16,555,566
2,156,192
4,601,752
6,196,001
16,199,301
5,276,508
4,481,467
9,935,994
4,443,824
N/A
5,845,681
3,406,135
N/A
N/A
3,896,915
8,156,327
6,465,226
47,060,563
19,952,832
5,466,843
5,605,947
9,756,280
15,079,522
7,399,098
7,454,369
10,707,966
3,822,665
3,775,445
7,508,121
7,177,679
4,944,231
8,263,959
2,271,387
5,471,904
3,089,849
5,011,575
3,990,488
3,818,489
4,084,883
7,765,963
9,497,151
7,893,082
15,360,541
2,438,812
22,367,045
378,692,856
SHAREHOLDERS’
FUNDS
2018
‘000
-2,966,010
14,347,313
0
9,610,834
5,156,398
4,009,949
16,767,833
3,108,241
6,058,041
7,492,091
17,947,975
8,648,056
5,164,421
11,971,755
6,039,418
1,785,765
0
3,105,835
9,475,138
-8822052
4,089,245
8,483,574
6,372,504
45,270,877
17,920,487
5,748,382
5,963,101
12,427,157
0
8,256,758
7,598,930
10,901,605
1,574,891
2,350,930
8,101,086
8,512,942
5,050,801
8,849,826
2,231,989
5,820,355
0
0
4,230,175
3,757,942
4,298,661
11,328,319
9,450,426
7,781,403
14,255,618
3,505,570
24,955,825
377,990,380
SHAREHOLDERS’
FUNDS
2019
‘000
-10,592,307
25,944,423
0
6,138,548
5,311,479
5,108,431
23,097,805
4,533,448
6,481,515
10,596,675
18,866,935
9,549,650
5,823,360
17,837,757
7,555,218
-7,473,300
5,436,865
2,274,615
0
-1,742,624
4,146,619
8,173,665
7,154,726
54,292,233
23,040,050
8,225,603
10,071,714
14,083,035
0
0
8,174,570
11,840,697
3,220,561
2,168,851
8,445,735
9,963,190
5,700,717
9,611,922
1,974,597
7,786,606
0
0
4,849,891
3,479,415
9,061,440
11,933,692
8,352,893
7,947,954
14,630,346
4,036,462
25,929,031
423,044,708
0
0
0
0
0
0
548,961
-113,468
435,493
291,310
61,385
352,695
1,372
408,450
409,822
14,216,623
18,888,713
33,105,336
15,606,099
19,788,094
35,394,193
17,402,917
19,567,663
36,970,580
19,266,586
19,573,311
38,839,897
20,302,042
19,508,338
39,810,380
109
2019 Nigeria Insurance Digest
Total Assets Of Member
Companies (2015-2019)
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
110
NAME OF COMPANY
African Alliance Insurance
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance Co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger Insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Assurance Ltd
Zenith General Insurance Co. Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
TOTAL
ASSETS
2015
‘000
23,127,708
80,724,025
6,904,784
15,431,220
5,427,503
10,083,867
37,863,833
7,070,463
6,964,210
17,255,166
27,874,257
17,307,389
5,338,441
20,926,548
6,096,461
3,471,409
10,913,183
4,116,103
33,447,162
8,071,742
5,161,292
19,166,697
8,273,420
137,965,090
17,976,222
15,798,729
32,604,357
12,087,666
39,394,235
20,386,496
8,540,096
13,430,124
6,617,656
7,186,540
10,367,741
8,898,320
6,726,540
18,383,126
7,083,833
9,264,869
10,485,099
12,361,284
4,819,208
10,027,716
6,750,736
10,959,063
10,834,813
10,728,219
20,163,859
5,017,965
25,981,162
881,857,647
TOTAL
ASSETS
2016
‘000
41,354,390
75,818,527
6,904,784
13,567,459
5,781,004
12,708,038
42,218,006
6,248,448
7,392,513
18,368,251
29,684,634
24,667,057
6,062,904
29,505,399
6,099,678
3,471,409
10,982,614
3,982,125
33,447,162
8,071,742
4,706,867
19,298,231
8,580,876
166,063,523
20,332,447
16,579,092
36,176,763
14,531,978
39,394,235
21,881,113
9,263,161
13,147,593
7,448,972
5,763,582
9,689,587
9,147,052
6,855,691
22,610,442
7,809,733
9,511,560
10,150,325
13,652,535
5,451,417
9,571,905
6,376,037
11,540,867
11,896,152
11,346,628
20,594,061
5,055,265
33,322,025
974,085,859
TOTAL
ASSETS
2017
‘000
N/A
89,800,972
N/A
16,888,584
6,239,181
16,132,394
51,272,328
6,925,323
9,393,328
20,804,553
30,517,681
33,160,603
7,242,561
46,945,428
6,517,802
N/A
12,213,662
4,402,946
N/A
N/A
5,212,883
21,434,678
10,031,774
271,948,636
23,308,158
18,720,412
39,852,204
17,605,884
38,159,078
22,222,895
9,980,229
15,577,652
7,693,135
6,995,726
11,775,553
11,151,664
7,248,018
25,658,144
9,275,451
10,817,675
9,589,103
13,088,310
5,834,394
10,685,712
6,832,908
12,754,506
12,761,657
10,235,828
21,328,940
6,098,309
34,366,366
1,086,703,228
TOTAL
ASSETS
2018
‘000
38,727,978
98,170,248
0
19,821,707
6,574,034
21,089,178
53,435,737
8,890,009
10,463,465
24,091,594
38,617,780
42,612,427
9,451,546
70,539,340
7,763,464
1,785,765
0
4,421,775
31,331,863
7,622,991
5,410,537
17,052,479
11,213,280
312,768,034
23,145,508
19,962,026
39,255,639
22,432,234
0
21,998,155
12,201,609
17,925,666
7,386,308
6,866,308
13,020,999
13,480,462
7,820,840
23,305,209
9,814,219
11,321,427
0
0
6,449,122
11,643,204
7,183,231
15,996,285
12,891,741
11,060,181
22,884,063
7,324,462
38,470,641
1,225,694,770
TOTAL
ASSETS
2019
‘000
37,706,917
135,263,455
0
20,601,856
7,250,879
32,925,848
67,597,041
9,470,819
11,291,007
31,717,981
36,043,303
64,890,988
11,005,820
109,042,132
9,068,306
3,397,532
11,650,130
3,605,444
0
7,474,953
5,395,987
18,510,279
12,149,455
394,765,310
28,704,432
22,991,158
46,206,632
25,660,545
0
0
12,456,854
19,436,671
6,812,731
8,626,878
13,179,445
18,800,752
8,536,393
21,941,500
9,094,251
13,418,426
0
0
6,691,904
10,147,535
12,526,371
17,227,066
10,027,157
11,146,383
21,556,410
8,812,465
40,199,774
1,435,027,175
0
0
0
0
0
0
80,182
174,576
254,758
284,047
216,655
500,702
1,011,487
763,201
1,774,688
26,531,472
19,871,356
46,402,828
33,166,591
20,533,432
53,700,023
34,124,060
20,317,366
54,441,426
38,122,458
20,497,730
58,620,188
41,669,106
20,545,578
62,214,684
Investment Income And Management
Expenses Of Member Companies (2017-2019)
2019 Nigeria Insurance Digest
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance Plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Ass. Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
INVESTMENT
INCOME
2017
‘000
N/A
8,884,693
N/A
193,822
229,406
1,288,787
2,906,647
136,781
672,917
526,567
1,968,413
2,746,063
682,607
3,000,083
398,155
N/A
380,877
208,316
N/A
N/A
273,489
874,674
912,504
16,817,799
3,237,795
896,167
646,222
709,944
60,219
524,890
560,585
1,317,486
745,051
694,921
830,939
1,367,904
330,264
586,688
611,753
326,676
182,463
363,180
296,848
449,970
1,038,537
985,446
128,029
515,504
621,263
682,392
4,066,281
65,880,017
INVESTMENT
INCOME
2018
‘000
3,168,217
8,306,149
0
308,865
244,892
1,840,569
3,226,956
284,125
617,408
699,166
2,015,488
3,947,749
720,771
5,277,865
1,621,199
64,398
0
139,538
127,573
59,141
278,749
753,682
1,113,964
22,805,447
1,971,529
1,078,816
1,161,210
952,783
0
436,051
655,411
1,121,608
555,872
719,700
899,280
1,348,950
410,758
375,020
441,943
334,495
0
0
225,098
449,273
750,012
882,959
88,607
508,403
919,211
488,989
3,512,897
77,910,786
INVESTMENT
INCOME
2019
‘000
2,945,880
9,087,686
0
1,193,433
216,031
3,532,546
4,006,523
64,069
696,106
882,399
2,396,739
6,044,368
948,497
10,652,920
410,408
71,765
363,139
210,059
1,231
2,276
3,507
-11,617
392,581
380,964
144,833
661,934
781,190
968,269
123,396
515,676
1,114,003
466,319
3,550,588
98,791,619
MANAGEMENT
EXPENSES
2017
‘000
N/A
6,368,423
N/A
3,244,236
1,100,898
1,169,188
5,205,081
953,151
1,418,513
2,659,185
2,603,522
1,324,000
1,226,480
3,269,619
708,352
N/A
1,354,408
674,731
N/A
N/A
629,421
1,741,700
1,263,466
6,816,612
1,609,334
2,777,629
1,672,491
2,960,221
1,140,089
2,510,362
1,050,097
2,775,776
1,410,034
1,799,776
683,933
561,783
960,691
1,624,775
1,060,945
1,531,911
3,096,792
1,450,703
1,290,427
1,280,410
1,135,760
535,291
683,320
1,167,141
3,182,585
594,850
2,666,537
86,944,649
MANAGEMENT
EXPENSES
2018
‘000
1,757,238
6,954,246
0
2,761,070
1,508,396
1,367,039
6,873,327
1,026,274
1,529,427
2,603,400
2,917,445
1,566,460
1,382,832
3,800,689
481,729
611,089
0
375,166
1,339,922
725,669
607,634
2,165,774
1,273,968
9,837,210
1,555,931
2,135,639
1,144,311
2,803,814
0
2,381,649
548,149
1,071,428
1,374,288
1,834,751
762,619
1,073,026
998,495
1,924,439
1,325,419
1,659,542
0
0
685,076
965,948
908,197
345,729
671,372
1,530,816
3,382,854
967,204
2,781,948
88,298,648
MANAGEMENT
EXPENSES
2019
‘000
2,320,813
9,480,722
0
4,090,461
1,787,363
1,613,685
5,875,931
1,039,190
1,716,473
2,848,075
3,156,354
1,948,672
1,609,602
2,346,950
264,649
454,714
2,159,954
311,016
0
682,403
642,336
2,742,839
1,358,464
8,791,692
1,757,962
1,907,871
1,152,210
3,512,569
0
0
588,255
1,433,903
1,778,483
1,901,693
715,884
1,701,185
933,297
1,060,585
598,880
1,867,755
0
0
597,933
1,108,619
1,022,298
444,455
1,106,441
1,462,283
3,478,962
1,291,813
3,488,705
92,154,399
4,355
13,286
17,641
22,087
40,326
62,413
279
0
279
371,636
207,629
579,265
270,256
227,806
498,062
2,910,402
544,517
3,454,919
2,098,786
296,390
2,395,176
2,265,218
431,383
2,696,601
2,976,912
473,037
3,449,949
2,747,562
468,015
3,215,577
1,799
272,488
736,360
896,110
31,853,455
2,237,582
1,282,142
1,106,055
878,186
0
483,329
1,503,059
641,602
745,477
254,761
1,640,316
411,661
742,031
650,633
405,797
111
Underwriting Performance Of Member Companies Gross Premium,
Net Premium, Risk Retention Ratio,
Earning Per Share (kobo) And Total Asset(2019)
S/NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
s
112
NAME OF COMPANY
African Alliance Insurance Plc
AIICO Insurance Plc
Alliance & General Insurance plc
Allianz Nigeria Insurance Plc
Anchor Insurance Company Ltd.
Arm Life Plc
AXA Mansard Insurance Plc
Capital Express Assurance Ltd.
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian & Allied Insurance Ltd.
Custodian Life Assurance Ltd.
FBN General Insurance Limited
FBN Insurance Limited
Fin Insurance Company Ltd.
Goldlink Insurance Plc
Great Nigeria Insurance Plc
Guinea Insurance Plc
Industrial & General Insurance Plc
International Energy Ins. Plc
KBL Insurance Ltd.
LASACO Assurance Plc
Law Union & Rock Ins. Plc
Leadway Assurance co. Ltd.
Linkage Assurance Plc
Mutual Benefits Assurance Plc
Mutual Benefits Life Assurance Ltd
NEM Insurance Plc
NICON Insurance Plc
Niger insurance Plc
Nigerian Agricultural Ins. Corporation
NSIA Insurance Limited
Old Mutual Gen. Ins. Co. Nig. Ltd.
Old Mutual Nig. Life Assurance Co. Ltd.
Prestige Assurance Plc
Prudential Zenith Life Insurance Ltd.
Regency Alliance Insurance Plc
Royal Exchange Gen. Ins. Co. Ltd.
Royal Exchange Prudential Life Plc
Sovereign Trust Insurance Plc
STACO Insurance Plc
Standard Alliance Insurance Plc
Sterling Assurance Nigeria Ltd.
Sunu Assurances Nigeria Plc
Tangerine Life Insurance Ltd
Unitrust Insurance Co. Ltd.
Universal Insurance Plc
VeritasKapital Assurance Plc
Wapic Insurance Plc
Wapic Life Ass. Ltd.
Zenith General Insurance Co.Ltd.
TOTAL
TAKAFUL COMPANY
Jaiz Takaful Insurance Plc
Noor Takaful Insurance Ltd
TOTAL
REINSURANCE COMPANY
Continental Reinsurance Plc
Nigeria Reinsurance Corporation
TOTAL
2019 Nigeria Insurance Digest
TOTAL
ASSETS
2019
‘000
37,706,917
135,263,455
0
20,601,856
7,250,879
32,925,848
67,597,041
9,470,819
11,291,007
31,717,981
36,043,303
64,890,988
11,005,820
109,042,132
9,068,306
3,397,532
11,650,130
3,605,444
0
7,474,953
5,395,987
18,510,279
12,149,455
394,765,310
28,704,432
22,991,158
46,206,632
25,660,545
0
0
12,456,854
19,436,671
6,812,731
8,626,878
13,179,445
18,800,752
8,536,393
21,941,500
9,094,251
13,418,426
0
0
6,691,904
10,147,535
12,526,371
17,227,066
10,027,157
11,146,383
21,556,410
8,812,465
40,199,774
1,435,027,175
GROSS
PREMIUM
‘000
7,286,907
49,440,231
0
12,747,048
4,192,606
9,569,464
28,014,854
4,421,685
8,358,947
11,820,052
25,651,020
22,189,831
7,316,585
37,625,631
1,238,845
892,222
5,283,517
1,291,138
0
533,075
1,931,011
9,341,528
4,829,483
90,596,192
6,518,964
8,366,641
8,488,202
19,759,872
0
0
3,621,689
9,192,293
2,104,386
2,882,942
6,128,662
4,650,910
3,946,287
10,584,353
3,383,084
10,879,656
0
0
3,885,447
2,240,854
3,401,847
3,534,015
1,870,255
2,953,792
10,709,420
3,002,340
12,959,084
489,636,867
NET
PREMIUM
‘000
6,578,607
44,577,355
0
5,455,176
3,436,280
9,123,620
12,687,959
4,202,002
4,720,360
5,970,539
7,377,618
20,650,606
3,480,227
35,803,989
618,389
911,168
3,430,870
902,477
0
332,868
1,293,745
5,903,506
3,160,999
70,898,107
3,713,380
6,579,594
7,044,759
12,617,540
0
0
3,162,946
5,063,071
755,385
954,780
2,963,063
3,877,270
2,539,375
5,478,492
2,976,519
5,950,253
0
0
3,213,718
1,492,671
2,660,274
1,589,688
1,379,068
1,865,747
4,978,391
2,025,329
5,859,198
340,256,978
Risk
Retention
Ratio %
0.90
0.90
0.00
0.43
0.82
0.95
0.45
0.95
0.56
0.51
0.29
0.93
0.48
0.95
0.50
1.02
0.65
0.70
0.00
0.62
0.67
0.63
0.65
0.78
0.57
0.79
0.83
0.64
0.00
0.00
0.87
0.55
0.36
0.33
0.48
0.83
0.64
0.52
0.88
0.55
0.00
0.00
0.83
0.67
0.78
0.45
0.74
0.63
0.46
0.67
0.45
0.69
Earning
Per Share
(Kobo)
0
74
0.00
-18.77
9.81
11
46
0.17
7.21
20
43
42
9
138
37
0
0
-13.00
0
-8.54
2
4
18.69
109
18.2
36
987
0.45
0
0.00
0.00
9
3
24
8.02
48
9.74
0
0
5.86
0
0
6.21
-1.98
43.65
24
0.47
0.02
-2
8
0.29
753,038
383,860
1,136,898
556,971
301,345
858,316
0.74
0.79
0.75
0
0
1,011,487
763,201
1,774,688
28,008,904
872,287
28,881,191
23,129,368
829,981
23,959,349
0.83
0.95
0.83
14
0.4
41,669,106
20,545,578
62,214,684
TOTAL
LIFE
ENGINEERING
OTHERS
MISC.
OIL & GAS
WC
MARINE & AVIATION
GEN. ACCIDENT
MOTOR
FIRE
CLASS OF BUSINESS
2011
'000
19,863,584
(9.12)
44,652,858
(20.51)
29,593,631
(13.59)
23,400,508
(10.74)
630,823
(0.29)
34,121,742
(15.67)
10,930,711
(5.02)
_
_
54,554,151
(25.05)
217,748,008
(100)
2010
'000
19,293,160
(10.38)
42,039,418
(22.63)
28,591,643
(15.39)
20,097,368
(10.82)
903,247
(0.49)
26,092,070
(14.05)
8,945,187
(4.82)
_
_
39,760,889
(21.41)
185,729,982
(100)
134,067,982
(42.89)
_
_
108,576,192
(36.99)
_
_
80,415,942
(30.02)
293,543,959 312,555,065
(100)
(100)
2015
'000
27,359,389
(8.75)
39,840,893
(12.75)
30,571,785
(9.78)
19,527,646
(6.25)
205,441
(0.07)
51,120,210
(16.36)
6,666,029
(2.13)
3,195,688
(1.02)
_
2014
'000
26,170,263
(8.92)
42,905,736
(14.62)
29,772,790
(10.14)
20,715,083
(7.06)
270,049
(0.09)
52,870,899
(18.01)
12,262,676
(4.18)
2013
'000
24,451,478
(9.13)
39,849,449
(14.88)
27,984,199
(10.45)
18,685,531
(6.98)
365,976
(0.14)
66,813,748
(24.95)
9,269,958
(3.46)
252,138,077 267,835,305
(100)
(100)
69,965,203
(27.75)
_
_
2012
'000
21,788,018
(8.64)
44,813,708
(17.76)
29,746,702
(11.80)
20,967,940
(8.32)
502,604
(0.20)
55,754,181
(22.11)
8,599,721
(3.42)
161,711,005
(44.30)
2017
'000
35,375,581
(9.69)
39,375,581
(10.76)
29,740,024
(8.15)
22,102,099
(6.05)
196,193
(0.05)
63,917,150
(17.51)
3,783,942
(1.04)
8,945,554
(2.45)
_
315,975,938 365,057,394
(100)
(100)
126,696,315
(40.10)
2016
'000
30,773,302
(9.74)
40,393,972
(12.78)
30,705,760
(9.72)
19,596,357
(6.20)
233,275
(0.07)
54,130,277
(17.13)
5,414,838
(1.71)
8,074,553
(2.56)
_
413,847,455
(100)
178,831,971
(43.21)
2018
'000
37,472,779
(9.05)
40,072,467
(9.68)
31,256,797
(7.55)
21,479,737
(5.19)
215,643
(0.05)
84,461,811
(20.41)
5,012,657
(1.21)
15,043,512
(3.64)
-
490,800,765
(100)
230,230,643
(46.43)
2019
'000
41,333475
(8.42)
44,906330
(10.11)
32,871,540
(8.62)
25,034,920
(8.71)
227,555
(0.07)
94,049,879
(27.35)
7,220,457
(2.90)
14,926,366
(6.15)
0.00
2019 Nigeria Insurance Digest
Gross Premium Written By
Class of Business (2010 - 2019)
113
2019 Nigeria Insurance Digest
Summary Of Gross Premium
Income And Total Investment (2010 - 2019)
%
INCREASE/DECREASE
3.22
17.24
15.79
6.23
9.60
6.48
1.09
15.53
11.79
15.68
2014
2015
2016
2017
2018
490,800,765
315,975,938
2013
413,847,374
312,555,065
651,630,334
2012
956,150,357
824,892,168
293,543,959
566,931,849
2011
%
INCREASE/DECREASE
-1.7
-10.16
36.27
26.76
11.99
14.94
13.13
11.90
13.73
18.52
TOTAL INVESTMENT '000
267,835,305
506,241,456
217,748,008
288,497,860
2010
'000
252,138,077
399,373,199
185,729,982
321,140,325
TRILLIONS OF NAIRA
GROSS PREMIUM INCOME
TOTAL
INVESTMENT
'000
321,140,325
288,497,860
399,373,199
506,241,456
566,931,849
651,630,334
737,189,407
824,892,168
956,150,357
1,173,542,814
365,057,394
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
GROSS PREMIUM
INCOME
'000
185,729,982
217,748,008
252,138,077
267,835,305
293,543,959
312,555,065
315,975,938
365,057,394
413,847,374
490,800,765
737,189,407
YEAR
1,173,542,814
2019 Nigeria Insurance Digest
2019
YEARS
115
Evolution Of Non-life/life Insurance
Premium(2015-2019)
2019 Nigeria Insurance Digest
NON-LIFE PREMIUM
‘000
145,969,093
163,193,857
182,172,874
187,419,363
184,967,767
178,487,081
189,279,623
203,346,389
235,015,403
260,570,122
5.97
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CAGR
LIFE PREMIUM
‘000
39,760,889
54,554,151
69,965,203
81,415,942
108,576,192
134,067,982
126,696,315
161,711,005
178,831,971
230,230,643
19.20
GROWTH OF LIFE/NON-LIFE PREMIUM
19.20
5.97
CAGR
230,230,643
260,570,122
2019
178,831,971
2018
235,015,403
161,711,005
2017
126,696,315
2016
134,067,982
2015
108,576,192
2014
189,279,623
178,487,081
184,967,767
80,415,942
2013
187,419,363
69,965,203
2012
182,172,874
54,554,151
2011
39,760,889
2010
0
50,000,000
100,000,000
LIFE PREMIUM `000
116
203,346,389
163,193,857
145,969,093
150,000,000
200,000,000
250,000,000
NON-LIFE PREMIUM `000
300,000,000
Distribution Of Gross Premium
By Class Of Business 2019
2019 Nigeria Insurance Digest
CLASS OF BUSINESS
FIRE
MOTOR
GEN. ACCIDENT
MARINE & AVIATION
WC
OIL & GAS
MISC.
ENGINEERING
OTHERS
LIFE
TOTAL
GROSS PREMIUM
WRITTEN
'000
41,333,475
44,906,330
32,871,540
25,034,920
227,155
94,049,879
7,220,457
14,926,366
0
230,230,643
490,800,765
GROSS PREMIUM WRITTEN BY CLASS OF
BUSINESS 2019
LIFE
230,230,643
OTHERS
0
ENGINEERING
14,926,366
7,220,457
MISC.
OIL & GAS
94,049,879
WC
227,155
25,034,920
32,871,540
44,906,330
MARINE & AVIATION
GEN. ACCIDENT
MOTOR
FIRE
41,333,475
0
50000000 100000000 150000000 200000000 250000000
BILLIONS OF NAIRA
117
Market
Analysis
118
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
2,094,077
50,518,011
82,904
1,927,793
3,752,423
97,893
804,975
697,534
73,105
1,983,267
7,749,045
1,076,259
5,242,674
997,588
3,906,514
286,431
2,483,376
12,690
7,787,325
3,397,506
30,332
118,629
5,383,077
2,021,973
343,675,566
1,025,353
954,153
2,973,642
2,518,671
3,047,184
10,331,502
2,985,325
20,134,355
622,863
2,446
3,415
888
490,800,766
Lagos
-
1,025,353
Nasarawa
2,446
888
12,690
Jigawa
Zamfara
30,332
Katsina
3,415
73,105
Borno
Taraba
82,904
Adamawa
Yobe
118,629
97,893
343,675,566
50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 400,000,000
286,431
Bauchi
622,863
Sokoto
Gombe
Kebbi
804,975
697,534
Benue
954,153
Bayelsa
Niger
997,588
1,927,793
1,076,259
1,983,267
Ebonyi
2,021,973
Kwara
Cross River
Akwa Ibom
2,483,376
2,094,077
Imo
Ondo
Abia
2,973,642
2,518,671
Ogun
2,985,325
Kano
3,047,184
3,752,423
3,397,506
Enugu
Anambra
Osun
3,906,514
Edo
Plateau
5,383,077
5,242,674
Kogi
7,787,325
7,749,045
Delta
Ekiti
50,518,011
20,134,355
10,331,502
Kaduna
Oyo
Rivers
Abuja
GROSS PREMIUM WRITTEN
N'000
2019 Nigeria Insurance Digest
Summary Of 2019 Gross Premium Written
By States - Cummulative
119
120
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
1,075,169
21,635,700
365,213
537,607
583,483
18,835
110,056
48,010
108,214
1,616,978
2,346,333
205,532
895,412
273,086
1,009,393
155,538
404,583
67,405
4,923,388
5,067,985
13,509
85,258
33,312
1,298,124
119,313,249
331,698
181,547
1,953,418
1,180,866
1,503,815
4,534,306
1,560,200
8,486,419
82,170
3,532
350,270
182,359,609
Lagos
-
-
3,532
Yobe
13,509
Taraba
48,010
Katsina
67,405
Benue
33,312
82,170
Jigawa
18,835
85,258
Sokoto
Bauchi
108,214
Kebbi
Kogi
110,056
Ebonyi
Borno
Ekiti
155,538
273,086
205,532
Nasarawa
Bayelsa
331,698
Zamfara
181,547
350,270
Adamawa
Niger
365,213
Imo
Gombe
537,607
404,583
Akwa Ibom
895,412
583,483
Anambra
1,009,393
Enugu
Edo
1,180,866
1,075,169
Abia
40,000,000
21,635,700
20,000,000
1,298,124
Kwara
Ondo
1,560,200
1,503,815
Osun
1,616,978
Cross River
Plateau
2,346,333
1,953,418
Delta
Oyo
Ogun
4,923,388
4,534,306
Kaduna
8,486,419
5,067,985
Kano
Rivers
Abuja
60,000,000
80,000,000
Gross Claims Incurred
N'000
100,000,000
120,000,000
119,313,249
140,000,000
Summary Of 2019 Gross Claims Incurred
By States - Cummulative
2019 Nigeria Insurance Digest
2019 & 2018 Gross Premium Written - Cummulative
2019 Nigeria Insurance Digest
S/N
1
2
3
4
5
6
2019 GROSS
2018 GROSS
PREMIUM WRITTEN PREMIUM WRITTEN
REGION
N'000
N'000
South West
363,544,152
329,116,777
South East
13,312,649
14,263,104
South-South
37,842,111
39,172,354
North West
11,970,234
689,364
North East
546,194
5,762,947
North Central
63,585,426
24,842,832
TOTAL
490,800,766
413,847,379
2019 & 2018 GROSS PREMIUM - CUMMULATIVE
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
South West
South East
South-South
North West
North East
North
Central
2019 GROSS PREMIUM WRITTEN
2018 GROSS PREMIUM WRITTEN
N'000
N'000
121
Distribution Channel - Cummulative
2019 Nigeria Insurance Digest
CUMMULATIVE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
Gross Premium
N'000
257,277,221
166,700,464
47,238,282
4,203,271
2,323,290
13,058,236
490,800,766
Others
3%
eChanne
Contribution
%
52%
34%
10%
1%
0%
3%
100%
Bancassurance
1%
l
Direct Sales
10%
Agents
34%
122
0%
Brokers
52%
Distribution Channel - 2018 & 2019 Comparison
2019 Nigeria Insurance Digest
CUMMULATIVE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
2019 Gross
2018 Gross
Premium N'000 Premium N'000
257,277,221
220,889,088
166,700,464
107,825,134
47,238,282
29,011,189
4,203,271
30,366,101
2,323,290
1,504,157
13,058,236
24,251,710
490,800,766
413,847,377
CUMMULATIVE (2019 & 2018)
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
2019 Gross Premium
N'000
2018 Gross Premium
N'000
123
2019 Nigeria Insurance Digest
2019 & 2018 Gross Claims Incurred - Cummulative
2019 Nigeria Insurance Digest
CUMMULATIVE
REGION
South West
South East
South-South
North West
North East
North Central
TOTAL
S/N
1
2
3
4
5
6
2019 GROSS
2018 GROSS
CLAIMS INCURRED CLAIMS INCURRED
N'000
N'000
128,758,740
171,296,343
3,278,160
2,546,294
13,992,804
12,966,663
10,589,985
4,729,230
651,331
52,914
25,088,590
19,926,008
182,359,609
211,517,452
2019 GROSS CLAIMS INCURRED
2018 GROSS CLAIMS INCURRED
N'000
N'000
SOUTH WEST
SOUTH EAST
SOUTH SOUTH
NORTH WEST
19, 926, 008
25, 088, 590
52, 914
651, 331
4, 729, 230
10, 589, 985
12, 966, 663
13, 992, 804
2, 546, 294
3, 278, 160
128, 758, 740
171, 296, 343
2019 & 2018 GROSS CLAIMS INCURRED - CUMMULATIVE
NORTH EAST
NORTH
CENTRAL
125
2019 Gross Premium Written Compared To
Gross Claims Incurred - Cummulative
S/N
1
2
3
4
5
6
2019 Nigeria Insurance Digest
2019 GROSS
PREMIUM WRITTEN
REGION
N'000
South West
363,544,152
South East
13,312,649
South-South
37,842,111
North West
11,970,234
North East
546,194
North Central
63,585,426
TOTAL
490,800,766
2019 GROSS
CLAIMS INCURRED
N'000
128,758,740
3,278,160
13,992,804
10,589,985
651,331
25,088,590
182,359,609
2019 GROSS PREMIUM WRITTEN & CLAIMS INCURRED - CUMMULATIVE
2019 GROSS PREMIUM WRITTEN
N'000
2019 GROSS CLAIMS INCURRED
N'000
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
South West
South East South-South
North West
North East
North Central
126
2019 Nigeria Insurance Digest
Summary Of 2019 Gross Premium Written Compared To
Gross Claims Incurred - Cummulative
2019 GROSS
PREMIUM WRITTEN
N'000
490, 800, 766
2019 GROSS
CLAIMS INCURRED
N'000
182, 359, 609
2019 GROSS PREMIUM WRITTEN & CLAIMS INCURRED - CUMMULATIVE
490,800,766
182,359,609
2019 GROSS PREMIUM WRITTEN
N'000
2019 GROSS CLAIMS INCURRED
N'000
127
Market
Analysis
Non-Life
128
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
212,640
5,280,977
10,841
146,846
377,283
62,507
53,358
5,992
3,518
176,602
1,087,032
1,134
246,222
72,900
381,285
45,959
167,734
3,188
735,607
645,679
133
8
20,213
119,808
29,633,813
419
32,601
501,915
500,883
280,552
1,513,518
218,572
2,264,375
127,756
10
30
44,931,906
93,874
4,577,931
7,299
81,805
301,342
14,722
44,107
8,714
861
114,895
591,260
13,263
101,167
62,713
287,849
11,006
50,487
3,207
1,046,470
831,259
7,593
7,793
4,305
54,780
30,128,236
15,491
134,967
280,283
153,782
913,205
119,615
1,240,522
27,954
392
9
316
41,333,473
Fire
N’000
Motor
N’000
186,576
4,132,063
1,713
42,520
235,714
7,051
15,093
2,791
150
82,725
746,196
15,801
80,617
15,839
147,062
5,340
78,298
95
361,353
442,924
895
9
3,045
64,305
23,096,097
60
5,848
131,111
192,450
116,213
1,154,980
97,015
1,691,313
14,442
33,167,704
N’000
General
Accident
78,721
896,242
4,289
124,511
1,214
5,666
6,245
24,792
679,482
85,758
42,128
37,442
2,576
17,614
160,804
185,000
5,009
21,820
13,288,181
918
74,411
74,025
27,948
434,191
26,820
2,068,571
13,491
18,387,870
N’000
Marine
933,390
41,911
16
218
2,890
76,783
591
5,384,562
10,037
254,323
13,702
1,103
6,719,526
N’000
Aviation
1,626,828
1,985
6,473
35,369
92,443,324
500
42,586
391,323
94,548,389
N’000
Oil & Gas
96,119
1,127,479
12
22,426
29,245
9,391
1,659
4,788
4,989
39,930
43,377
352
31,537
8,533
432
159,525
70,141
115,861
5,384
11,039,590
1,539
170,201
4,267
3,903
229,521
28,648
254,982
18,881
13
13,522,724
N’000
Engineering
Bonds
2,769
340,448
49
5,453
8,767
9,293
2,027
4,536
13,762
937
651
20,972
1,715
568
60,259
30,947
4,766
2,533,803
7,736
21,496
1,368
55,858
24,045
10
3,152,235
N’000
33,529
2,166,148
5,588
22,483
13,168
1,108
1,190
6,913
66,082
5,265
11,879
1,560
16,912
29,157
70,975
1,036
6,264
4,612
16,077
5,813
19,953
108,919
14,809
9,054
1,458,637
3,010
6,243
56,174
18,229
9,035
51,867
28,614
17,221
85,978
1,936
3,406
542
4,379,386
N’000
Agriculture
-
N’000
Takaful
General
-
N’000
Microinsurance
9,000
201
40
416,449
1,021
197
426,908
N’000
Others
Total
704,228
21,090,507
25,502
325,821
1,090,030
95,993
130,366.040
35,442.308
70,611.000
455,191
3,167,004
45,520
575,208
223,739
980,011
67,632
329,498
11,535
2,652,287
2,212,353
28,573
116,728
163,242
279,917
209,422,692
3,489
62,639
1,087,052
1,091,632
592,801
4,651,071
519,284
7,966,251
289,615
2,351
3,415
888
260,570,122
N’000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Non-Life
129
130
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Fire
N’000
113,039
1,386,806
256
32,477
13,969
2,714
2,459
2,346
437,338
79,751
25,092
76
26,165
8,103
145
283,121
610,793
1,595
532
119,319
14,374,504
98
186
197,006
23,456
41,038
634,617
90,871
626,884
6,131
19,140,887
Motor
N’000
58,138
1,554,792
42
42,659
51,075
250
2,285
374
30,049
335,294
1,850
89,159
4,509
86,515
1,161
27,076
194,982
976,925
1,000
10,529
105,514
12,679,745
1,229
2,108
457,540
119,203
54,635
583,431
75,375
577,708
19,893
18,145,046
N’000
336
360,005
1,841
1,176
6,367
49,110
1,483
11,669
126,463
92,916
(12,120)
4,023,416
11,403
144,534
25,466
100,007
63,666
610,666
5,618,404
48,972
949,716
5,776
32,324
993
81
66,073
108,845
85,605
2,732
48,959
954
17,791
112
100,157
947,045
2,326
102,022
6,915,348
57,439
66,949
27,008
338,772
109,038
288,198
1
10,323,236
Marine
N’000
General
Accident
164
90
163,905
(244)
2,159,222
12,034
75,608
959
2,411,738
N’000
Aviation
116,520
1,123
61,034
733
4,493
1,597,625
10,240,606
4,741
2,246
4,493
5,616
11,231
227,509
12,277,970
N’000
Oil & Gas
N’000
41,489
13,167
6,359
10,000
1,088,820
1,159,835
244,369
1,532
8,180
19,112
36,029
5,142
1,351
320,656
104,502
4,766
790,045
3,042
924
1,289
25,372
274,594
184
1,841,089
Bonds
N’000
Engineering
2,562
161,651
32,829
109
29,360
15,862
10,887
1,870
18,904
50
14,336
292
5,924
3,259
3,217
13,373
3,228
6,336
143,731
8,878
8,843
97
275
15,779
104,564
16,351
24,253
40,385
7,479
6,161
7,243
7,582
8,663
43,610
2,863
3,281
774,086
N’000
Agriculture
-
N’000
Takaful
General
-
N’000
Microinsurance
5,269
47,560
374
53,203
N’000
Others
Total
264,536
4,792,459
33,128
82,553
136,749
16,112
18,055
4,784
21,250
540,999
673,841
2,142
243,292
10,575
181,666
15,488
58,282
6,593
1,173,692
4,512,590
10,438
1,097
18,428
330,271
52,423,831
17,677
26,547
783,590
364,792
160,090
1,770,664
357,764
2,615,556
69,635
3,047
3,281
71,745,495
N’000
Gross Claims Incurred By Class Of Business Non-Life
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
704,228
21,090,507
25,502
325,821
1,090,030
95,993
130,366
35,442
70,611
455,191
3,167,004
45,520
575,208
223,739
980,011
67,632
329,498
11,535
2,652,287
2,212,353
28,573
116,728
163,242
279,917
209,422,692
3,489
62,639
1,087,052
1,091,632
592,801
4,651,071
519,284
7,966,251
289,615
2,351
3,415
888
260,570,122
Lagos
130,366
116,728
95,993
70,611
67,632
62,639
45,520
35,442
28,573
25,502
11,535
3,489
3,415
2,351
888
Kebbi
Bauchi
Borno
Gombe
Niger
Ebonyi
Benue
Katsina
Adamawa
Jigawa
Nasarawa
Yobe
Taraba
Zamfara
279,917
Kwara
Bayelsa
289,615
Sokoto
223,739
325,821
Akwa Ibom
163,242
329,498
Imo
Kogi
455,191
Cross River
Ekiti
575,208
519,284
592,801
Plateau
704,228
Abia
Osun
Edo
1,087,052
980,011
Enugu
1,090,030
Anambra
Ogun
2,212,353
1,091,632
Kano
Ondo
3,167,004
2,652,287
Delta
Kaduna
-
50,000,000
21,090,507
7,966,251
4,651,071
Oyo
Rivers
Abuja
100,000,000
150,000,000
GROSS PREMIUM WRITTEN
N'000
200,000,000
209,422,692
250,000,000
2019 Nigeria Insurance Digest
Summary Of 2019 Gross Premium Written
By States - Non Life
131
132
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
264,536
4,792,459
33,128
82,553
136,749
16,112
18,055
4,784
21,250
540,999
673,841
2,142
243,292
10,575
181,666
15,488
58,282
6,593
1,173,692
4,512,590
10,438
1,097
18,428
330,271
52,423,831
17,677
26,547
783,590
364,792
160,090
1,770,664
357,764
2,615,556
69,635
3,047
3,281
71,745,495
Lagos
1,770,664
69,635
58,282
33,128
26,547
21,250
18,428
18,055
17,677
16,112
15,488
10,575
10,438
6,593
4,784
3,281
3,047
2,142
1,097
-
Imo
Adamawa
Niger
Borno
Kogi
Bayelsa
Nasarawa
Bauchi
Gombe
Ekiti
Katsina
Jigawa
Benue
Zamfara
Taraba
Ebonyi
Kebbi
Yobe
82,553
Akwa Ibom
Sokoto
160,090
136,749
Osun
10,000,000
243,292
181,666
Edo
Enugu
Anambra
330,271
264,536
Plateau
Abia
357,764
Ondo
Kwara
540,999
364,792
Cross River
783,590
673,841
1,173,692
Delta
-
4,512,590
4,792,459
2,615,556
Ogun
Kaduna
Oyo
Rivers
Kano
Abuja
20,000,000
30,000,000
40,000,000
Gross Claims Incurred
N'000
50,000,000
60,000,000
52,423,831
Summary Of 2019 Gross Claims Incurred
By States - Non Life
2019 Nigeria Insurance Digest
2019 & 2018 Gross Premium Written - Non Life
2019 Nigeria Insurance Digest
S/N
1
2
3
4
5
6
2019 GROSS
2018 GROSS
PREMIUM WRITTEN PREMIUM WRITTEN
REGION
N'000
N'000
South West
217,068,987
202,112,636
South East
3,149,288
4,750,316
South-South
12,619,841
16,595,663
North West
5,311,980
677,108
North East
265,504
2,535,013
North Central
22,154,521
8,344,672
TOTAL
260,570,122
235,015,408
2019 & 2018 GROSS PREMIUM WRITTEN- NON LIFE
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
South West South East
South -
North West North East
South
North
Central
2019 GROSS PREMIUM WRITTEN
2018 GROSS PREMIUM WRITTEN
N'000
N'000
133
Distribution Channel - Cummulative
2019 Nigeria Insurance Digest
2019 - NON LIFE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
Bancassurance
1%
Gross Premium
N'000
192,999,841
17,149,509
34,520,079
2,073,109
2,017,722
11,809,862
260,570,122
e-Channel
1%
Contribution
%
74%
7%
13%
1%
1%
4%
100%
Others
4%
Direct Sales
13%
Agents
7%
Brokers
74%
134
Distribution Channel Non Life
2019 Nigeria Insurance Digest
Gross Premium
N'000
% Contribution
Brokers
192,999,841
74%
2
Agents
17,149,509
7%
3
Direct Sales
34,520,079
13%
4
Bancassurance
2,073,109
1%
5
e-Channel
2,017,722
1%
6
Others
11,809,862
4%
260,570,122
100%
S/N
Channel
1
Total
1%
1%
Bancassurance
e-Channel
7%
13%
Direct Sales
Agent
4%
Others
74%
Brokers
135
Distribution Channel 2018 & 2019 Comparison
2019 Nigeria Insurance Digest
NON-LIFE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
2019 Gross
2018 Gross
Premium N'000 Premium N'000
192,999,841
170,213,576
17,149,509
19,580,251
34,520,079
19,720,063
2,073,109
4,283,411
2,017,722
1,047,689
11,809,862
20,170,416
260,570,122
235,015,406
200,000,000
180,000,000
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
136
2019 Gross Premium
N'000
60,000,000
40,000,000
2018 Gross Premium
20,000,000
N'000
2019 & 2018 Gross Claims Incurred - Non Life
2019 Nigeria Insurance Digest
S/N
1
2
3
4
5
6
2019 GROSS
CLAIMS INCURRED
N'000
REGION
55,513,542
South West
643,376
South East
4,174,297
South-South
5,777,327
North West
89,024
North East
5,547,930
North Central
71,745,495
TOTAL
2018 GROSS
CLAIMS INCURRED
N'000
104,351,621
677,503
5,160,072
1,397,619
44,268
5,175,981
116,807,064
2019 & 2018 GROSS CLAIMS INCURRED NON LIFE
2019 GROSS CLAIMS INCURRED
N'000
2018 GROSS CLAIMS INCURRED
N'000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
South West
South East South-South North West
North East
North
Central
137
2019 Gross Premium Written Compared To
Gross Claims Incurred - Non Life
S/N
1
2
3
4
5
6
2019 Nigeria Insurance Digest
2019 GROSS
2019 GROSS
CLAIMS
INCURRED
PREMIUM WRITTEN
REGION
N'000
N'000
South West
55,513,542
217,068,987
South East
643,376
3,149,288
South-South
4,174,297
12,619,841
North West
5,777,327
5,311,980
North East
89,024
265,504
North Central
5,547,930
22,154,521
TOTAL
71,745,495
260,570,122
2019 GROSS PREMIUM WRITTEN &
CLAIMS INCURRED-NON LIFE
2019 GROSS PREMIUM WRITTEN
N'000
2019 GROSS CLAIMS INCURRED
N'000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
h
ut
o
S
138
t
es
W
st
h
ut
So
h
Ea
u
So
th
ut
So
th
or
N
t
es
W
st
th
or
N
l
Ea
th
or
N
ra
nt
ce
Summary Of 2019 Gross Premium Written Compared To
Gross Claims Incurred - Non Life
2019 Nigeria Insurance Digest
2019 GROSS
2019 GROSS
PREMIUM WRITTEN CLAIMS INCURRED
N'000
N'000
260, 570, 122
71, 745, 495
71, 745, 495
260, 570, 122
2019 GROSS PREMIUM WRITTEN &
CLAIMS INCURRED - NON LIFE
2019 GROSS PREMIUM
WRITTEN
N'000
2019 GROSS CLAIMS
INCURRED
N'000
139
140
1
2
3
4
5
6
Fire
N’000
31,673,186
746,815
2,173,757
1,924,592
34,289
4,780,835
41,333,473
North West
2%
South East
1%
South-South
5%
North East
0%
General
Accident
N’000
24,706,690
663,452
2,658,464
819,717
14,254
4,305,128
33,167,704
Marine
N’000
13,940,883
258,288
2,868,558
359,295
3,790
957,054
18,387,870
Aviation
N’000
5,648,922
2,890
55,847
78,477
933,390
6,719,526
North Central
9%
South West
83%
SUMMARY OF GROSS PREMIUM BY REGION
Motor
N’000
32,503,580
South West
1,140,075
South East
3,974,434
South-South
1,512,401
North West
122,835
North East
5,678,581
North Central
44,931,906
Total
S/N Location
Oil & Gas
N’000
92,486,411
399,782
35,369
1,626,828
94,548,389
Oil & Gas
36%
Engineering
N’000
11,447,834
165,434
367,362
248,979
9,416
1,283,699
13,522,724
Aviation
3%
Marine
7%
Agriculture
2%
Bonds
Engineering 1%
5%
General Accident
13%
Motor
17%
Others
0%
Total
N’000
217,068,987
3,149,288
12,619,841
5,311,980
265,504
22,154,521
260,570,122
Fire
16%
Others
N’000
417,470
398
40
9,000
426,908
GROSS PREMIUM BY CLASS OF BUSINESS
Takaful
Bonds Agriculture General Microinsurance
N’000
N’000
N’000
N’000
2,620,913
1,623,099
46,838
125,496
46,290
74,950
91,216
241,894
1,764
79,156
345,214
2,234,791
3,152,235
4,379,386
-
Summary Of Gross Premium Written
By Class Of Business Non-Life - Regional Basis
2019 Nigeria Insurance Digest
Gross Premium By Class Of Business
Non Life - Cummulative
2019 Nigeria Insurance Digest
Aviation
Oil & Gas
Engineering
3%
36%
5%
Marine
Bonds
Motor
7%
1%
17%
Others
Fire
0%
16%
General
Accident
Agriculture
2%
13%
South East
1%
North East
0%
South-South
5%
South West
83%
North West
2%
North Central
9%
141
142
South West
South East
South-South
North West
North East
North Central
Total
1
2
3
4
5
6
13,899,062
224,654
1,077,155
1,192,800
1,453
1,749,920
18,145,046
Motor
N’000
15,270,697
161,276
1,204,256
901,786
2,603
1,600,271
19,140,887
Fire
N’000
7,408,247
148,046
555,492
1,047,314
954
1,163,183
10,323,236
General
Accident
N’000
4,304,827
13,846
668,802
219,379
411,551
5,618,404
Marine
N’000
2,246,863
959
163,995
(79)
2,411,738
Aviation
N’000
10,257,701
733
289,666
1,602,118
127,751
12,277,970
Oil & Gas
N’000
South East
1%
South-South
6%
North West
8%
North Central
8%
North East
0%
South West
77%
SUMMARY OF GROSS CLAIMS INCURRED BY REGION
- NON-LIFE
Location
S/N
1,088,820
41,489
6,359
10,000
13,167
1,159,835
Bonds
N’000
169,091
38,659
39,968
214,777
83,830
227,761
774,086
Agriculture
N’000
-
-
Takaful
General Microinsurance
N’000
N’000
47,560
374
5,269
53,203
Others
N’000
55,513,542
643,376
4,174,297
5,777,327
89,024
5,547,930
71,745,495
Total
N’000
SUMMARY OF GROSS CLAIMS BY BUSINESS CLASS
- NON LIFE
820,673
14,672
331,267
425,158
184
249,135
1,841,089
Engineering
N’000
Summary Of Gross Claims Incurred
By Class Of Business Non Life - Regional Basis
2019 Nigeria Insurance Digest
Gross Claims incurred By Class Of Business - Non Life
2019 Nigeria Insurance Digest
Aviation
Oil & Gas
Engineering
3%
17.11%
2.57%
Marine
Bonds
Motor
8%
1.62%
25.29%
Others
Fire
0.07%
26.68%
General
Accident
Agriculture
1.08%
14.39%
South East
1%
North East
0%
South-South
6%
South West
77%
North West
8%
North Central
8%
143
144
1
2
3
4
5
6
72,900
29,633,813
501,915
500,883
280,552
1,513,518
32,503,580
Motor
N’000
General
Accident
N’000
Marine
N’000
Aviation
N’000
Oil & Gas
N’000
15,839
62,713
42,128
30,128,236 23,096,097 13,288,181 5,384,562 92,443,324
131,111
134,967
74,411
10,037
500
192,450
280,283
74,025
116,213
153,782
27,948
1,154,980
913,205
434,191
254,323
42,586
31,673,186 24,706,690 13,940,883 5,648,922 92,486,411
Fire
N’000
GROSS PREMIUM WRITTEN (NON-LIFE) - SOUTH WEST
Ekiti
Lagos
Ogun
Ondo
Osun
Oyo
Total
S/N Location
Bonds
N’000
29,157
1,458,637
56,174
18,229
9,035
51,867
1,623,099
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
Total
N’000
223,739
416,449 209,422,692
1,087,052
1,091,632
592,801
1,021
4,651,071
417,470 217,068,987
Others
N’000
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS NON-LIFE
352
651
11,039,590 2,533,803
170,201
7,736
4,267
21,496
3,903
1,368
229,521
55,858
11,447,834 2,620,913
Engineering
N’000
Gross Premium Written
By Class Of Business Non Life - South West
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business
Non Life - South West
2019 Nigeria Insurance Digest
Takaful
Oil & Gas
Aviation
0%
42.61%
2.6%
Others
Bonds
Engineering
0.19%
1.21%
5.27%
Agriculture
Marine
0.75%
6.42%
General
Accident
Fire
Motor
14.59%
14.97%
Aviation
0
Lagos 95%
Ekiti 0%
Ondo 1%
11.38%
Oyo 3%
Osun 0%
Ogun 1%
145
2019 Nigeria Insurance Digest
Location
Ekiti
Lagos
Ogun
Ondo
Osun
Oyo
Total
S/N
1
2
3
4
5
6
4,509
12,679,745
457,540
119,203
54,635
583,431
13,899,062
Motor
N’000
76
14,374,504
197,006
23,456
41,038
634,617
15,270,697
Fire
N’000
2,732
6,915,348
57,439
66,949
27,008
338,772
7,408,247
General
Accident
N’000
4,023,416
11,403
144,534
25,466
100,007
4,304,827
Marine
N’000
2,159,222
12,034
75,608
2,246,863
Aviation
N’000
10,240,606
4,741
2,246
4,493
5,616
10,257,701
Oil & Gas
N’000
790,045
3,042
924
1,289
25,372
820,673
Engineering
N’000
1,088,820
1,088,820
Bonds
N’000
3,259
104,564
40,385
7,479
6,161
7,243
169,091
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
47,560
47,560
Others
N’000
10,575
52,423,831
783,590
364,792
160,090
1,770,664
55,513,542
Total
N’000
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non Life - South West
147
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of
Business Non Life - South West
Takaful
Oil & Gas
Aviation
0%
18%
4%
Others
Bonds
Engineering
0%
2%
2%
Agriculture
Marine
0%
8%
General
Accident
Fire
Motor
28%
25%
Aviation
0
Lagos 95%
Ekiti 0%
148
Ondo 1%
Ogun 1%
13%
Oyo 3%
Osun 0%
1
2
3
4
5
S/N
Fire
N’000
93,874
301,342
13,263
287,849
50,487
746,815
Motor
N’000
212,640
377,283
1,134
381,285
167,734
1,140,075
186,576
235,714
15,801
147,062
78,298
663,452
General
Accident
N’000
78,721
124,511
37,442
17,614
258,288
Marine
N’000
2,890
2,890
Aviation
N’000
-
Oil & Gas
N’000
Enugu
31%
Ebonyi
1%
Imo
11%
Anambra
35%
Abia
22%
GROSS PREMIUM WRITTEN (NON-LIFE)-SOUTH EAST
Abia
Anambra
Ebonyi
Enugu
Imo
Total
Location
96,119
29,245
31,537
8,533
165,434
Engineering
N’000
33,529
13,168
1,560
70,975
6,264
125,496
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
-
Others
N’000
General Accident
21%
Marine
8%
Aviation
0%
Engineering
5%
Bonds
2%
Fire
24%
Agriculture
4%
Motor
36%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS-NON LIFE
2,769
8,767
13,762
20,972
568
46,838
Bonds
N’000
704,228
1,090,030
45,520
980,011
329,498
3,149,288
Total
N’000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business
Non-Life - South East
149
Gross Premium By Class Of Business
South East Region - Non-Life
Aviation
0
Takaful
Oil & Gas
Aviation
0%
0%
0.09%
Others
Bonds
Engineering
0%
1.49%
5.25%
Agriculture
Marine
3.98%
8.2%
General
Accident
Fire
Motor
23.71%
36.2%
Ebonyi
Imo
1%
11%
150
2019 Nigeria Insurance Digest
Abia
22%
21.07%
Enugu
31%
Anambra
35%
113,039
13,969
26,165
8,103
161,276
58,138
51,075
1,850
86,515
27,076
224,654
Abia
Anambra
Ebonyi
Enugu
Imo
Total
1
2
3
4
5
Engineering
2%
Oil & Gas
0%
Bonds
7%
General Accident
23%
Marine
2%
48,972
32,324
48,959
17,791
148,046
General
Accident
N’000
336
1,841
11,669
13,846
Marine
N’000
-
Aviation
N’000
733
733
Oil & Gas
N’000
Agriculture
6%
Fire
25%
Motor
35%
GROSS CLAIMS INCURRED. BY CLASS OF BUSINESS
Fire
N’000
Motor
N’000
Location
S/N
41,489
41,489
Bonds
N’000
2,562
29,360
292
3,217
3,228
38,659
Agriculture
N’000
-
Takaful
General Microinsurance
N’000
N’000
-
Others
N’000
Enugu
28%
Ebonyi
1%
Imo
9%
Anambra
21%
Abia
41%
GROSS CLAIMS INCURRED BY STATES - SOUTH EAST REGION
8,180
5,142
1,351
14,672
Engineering
N’000
264,536
136,749
2,142
181,666
58,282
643,376
Total
N’000
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non-Life - South East
151
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non Life - South East
Aviation
0
Takaful
Oil & Gas
Aviation
0%
0%
0%
Others
Bonds
Engineering
0%
7%
2%
Agriculture
Marine
6%
2%
General
Accident
Fire
Motor
25%
35%
Ebonyi
Imo
1%
9%
Enugu
28%
Abia 41%
152
23%
Anambra
21%
1
2
3
4
5
6
S/N
General
Accident
N’000
42,520
15,093
82,725
746,196
80,617
1,691,313
2,658,464
146,846
81,805
Akwa Ibom
53,358
44,107
Bayelsa
176,602
114,895
Cross River
1,087,032
591,260
Delta
246,222
101,167
Edo
2,264,375 1,240,522
Rivers
3,974,434 2,173,757
Total
4,289
5,666
24,792
679,482
85,758
2,068,571
2,868,558
Marine
N’000
41,911
16
218
13,702
55,847
Aviation
N’000
1,985
6,473
391,323
399,782
Oil & Gas
N’000
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS-NON LIFE
Motor
N’000
Fire
N’000
Location
22,426
1,659
4,989
39,930
43,377
254,982
367,362
Engineering
N’000
22,483
1,190
5,265
11,879
16,912
17,221
74,950
Agriculture
N’000
Microinsurance
N’000
-
Takaful
General
N’000
201
197
398
Others
N’000
Total
N’000
325,821
130,366
455,191
3,167,004
575,208
7,966,251
12,619,841
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS-NON LIFE
5,453
9,293
2,027
4,536
937
24,045
46,290
Bonds
N’000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business
Non Life - South South
153
2019 Nigeria Insurance Digest
Gross Premium By Class Of
Business Non Life - South South
Aviation
Takaful
Oil & Gas
Aviation
0%
3.17%
0.44%
Others
Bonds
Engineering
0%
0.37%
2.91%
Agriculture
Marine
0.59%
22.73%
General
Accident
Fire
Motor
17.22%
31.49%
0
Rivers
65%
154
Edo 5%
Delta 24%
Bayelsa 1%
Akwa Ibom 2%
21.07%
Cross River 3%
42,659
2,285
30,049
335,294
89,159
577,708
1,077,155
Akwa Ibom
Bayelsa
Cross River
Delta
Edo
Rivers
Total
1
2
3
4
5
6
32,477
2,714
437,338
79,751
25,092
626,884
1,204,256
Fire
N’000
5,776
993
66,073
108,845
85,605
288,198
555,492
General
Accident
N’000
1,176
6,367
49,110
1,483
610,666
668,802
Marine
N’000
959
959
Aviation
N’000
1,123
61,034
227,509
289,666
Oil & Gas
N’000
Rivers
63%
Cross River
13%
Akwa Ibom Bayelsa
2%
0%
Edo
6%
Delta
16%
6,359
6,359
Bonds
N’000
109
10,887
50
14,336
5,924
8,663
39,968
Agriculture
N’000
-
-
Takaful
General Microinsurance
N’000
N’000
374
374
Others
N’000
82,553
18,055
540,999
673,841
243,292
2,615,556
4,174,297
Total
N’000
Marine
16%
Aviation
0%
General Accident
13%
Oil & Gas
7%
Agriculture
Others
1%
0%
Engineering
8%
Bonds
0%
Fire
29%
Motor
26%
GROSS CLAIMS INCURRED
- BY CLASS OF BUSINESS
1,532
19,112
36,029
274,594
331,267
Engineering
N’000
GROSS CLAIMS INCURRED BY STATES - SOUTH SOUTH
Motor
N’000
Location
S/N
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non Life - South South
155
Gross Claims Incurred By Class Of Business
Non Life - South South
Aviation
Takaful
Oil & Gas
Aviation
0%
7%
0%
Others
Bonds
Engineering
0%
0%
8%
Agriculture
Marine
1%
16%
General
Accident
Fire
Motor
29%
26%
0
Rivers
63%
156
2019 Nigeria Insurance Digest
Edo 6%
Delta 16%
Bayelsa 0%
Akwa Ibom 2%
13%
Cross River 13%
2019 Nigeria Insurance Digest
158
Jigawa
Kaduna
Kano
Katsina
Kebbi
Sokoto
Zamfara
Total
1
2
3
4
5
6
7
Fire
N’000
3,207
1,046,470
831,259
7,593
7,793
27,954
316
1,924,592
Motor
N’000
3,188
735,607
645,679
133
8
127,756
30
1,512,401
95
361,353
442,924
895
9
14,442
819,717
General
Accident
N’000
160,804
185,000
13,491
359,295
Marine
N’000
76,783
591
1,103
78,477
Aviation
N’000
35,369
35,369
Oil & Gas
N’000
Kano
39%
Katsina
Sokoto
1%
6%
Kebbi
4%
Zamfara
0%
Jigawa
0%
Kaduna
50%
GROSS PREMIUM WRITTEN (NON-LIFE) - NORTH WEST
Location
S/N
60,259
30,947
10
91,216
Bonds
N’000
4,612
16,077
5,813
19,953
108,919
85,978
542
241,894
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
40
40
Others
N’000
General Accident
15%
Aviation
Marine 1%
7%
Bonds
2%
Engineering
Oil & Gas 5%
1%
Fire
36%
Others
0%
Agriculture
5%
Motor
28%
Total
N’000
11,535
2,652,287
2,212,353
28,573
116,728
289,615
888
5,311,980
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS-NON LIFE
432
159,525
70,141
18,881
248,979
Engineering
N’000
Gross Premium Written By Class Of Business
Non Life - North West
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
Aviation
0
Kano 39%
Gross Premium Written By Class Of Business
Non Life - North West
Takaful
Oil & Gas
Aviation
0%
0.67%
1.48%
Others
Bonds
Engineering
0%
1.72%
4.69%
Agriculture
Marine
4.55%
6.76%
General
Accident
Fire
Motor
36.23%
28.47%
Katsina 1%
15.43%
Sokoto 6%
Kaduna
50%
Kebbi 4%
Zamfara 0%
Jigawa 0%
159
160
Jigawa
Kaduna
Kano
Katsina
Kebbi
Sokoto
Zamfara
Total
1
2
3
4
5
6
7
194,982
976,925
1,000
19,893
1,192,800
Motor
N’000
145
283,121
610,793
1,595
6,131
901,786
Fire
N’000
112
100,157
947,045
1
1,047,314
General
Accident
N’000
126,463
92,916
219,379
Marine
N’000
90
163,905
163,995
Aviation
N’000
4,493
1,597,625
1,602,118
Oil & Gas
N’000
Kano
78%
Katsina
0%
Kebbi SokotoZamfara
0%
0%
1%
Kaduna
21%
Jigawa
0%
10,000
10,000
Bonds
N’000
6,336
143,731
8,878
8,843
97
43,610
3,281
214,777
Agriculture
N’000
-
Takaful
General Microinsurance
N’000
N’000
-
Others
N’000
6,593
1,173,692
4,512,590
10,438
1,097
69,635
3,281
5,777,327
Total
N’000
0%
Bonds
3%
Aviation
28%
4%
Marine
21%
Motor
18%
General Accident
4%
7%
Oil & Gas
Agriculture
Engineering
15%
Fire
GROSS CLAIMS INCURRED BY BUSINESS CLASS
320,656
104,502
425,158
Engineering
N’000
GROSS CLAIMS INCURRED BY STATES NORTH WEST
Location
S/N
Gross Claims Incurred By Class Of Business
Non Life - North West
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of
Business Non Life - North West
2019 Nigeria Insurance Digest
Aviation
0
Kaduna
21%
Takaful
Oil & Gas
Aviation
0%
28%
3%
Others
Bonds
Engineering
0%
0%
7%
Agriculture
Marine
4%
4%
General
Accident
Fire
Motor
15%
21%
Katsina 0%
18%
Sokoto 17%
Kano 78%
Kebbi 0%
Zamfara 0%
Jigawa 0%
161
162
1
2
3
4
5
6
S/N
Fire
N’000
7,299
14,722
861
11,006
392
9
34,289
Motor
N’000
10,841
62,507
3,518
45,959
10
122,835
Marine
N’000
1,214
2,576
3,790
General
Accident
N’000
1,713
7,051
150
5,340
14,254
-
Aviation
N’000
-
Oil & Gas
N’000
Borno
27%
Gombe
25%
Taraba
1%
Yobe
1%
Adamawa
10%
Bauchi
36%
12
9,391
13
9,416
Engineering
N’000
GROSS PREMIUM WRITTEN BY STATES NORTH EAST
Adamawa
Bauchi
Borno
Gombe
Taraba
Yobe
Total
Location
5,588
1,108
66,082
1,036
1,936
3,406
79,156
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
-
Others
N’000
25,502
95,993
70,611
67,632
2,351
3,415
265,504
Total
N’000
General Accident
5%
Marine
Engineering
4%
Bonds
Agriculture
30%
Fire
13%
Motor
46%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS NON-LIFE
49
1,715
1,764
Bonds
N’000
Gross Premium Written By Class Of Business
Non Life - North East
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
Aviation
Gross Premium Written By Class Of Business
Non Life - North East
Takaful
Oil & Gas
Aviation
0%
0%
0%
Others
Bonds
Engineering
0%
0.66%
3.55%
Agriculture
Marine
29.81%
1.43%
General
Accident
Fire
Motor
12.91%
48.26%
0
Adamawa
10%
Yobe
1%
5.37%
Gombe
25%
Taraba
1%
Borno
27%
Bauchi
36%
163
164
Adamawa
Bauchi
Borno
Gombe
Taraba
Yobe
Total
1
2
3
4
5
6
42
250
1,161
1,453
Motor
N’000
256
2,346
2,603
Fire
N’000
954
954
General
Accident
N’000
-
Marine
N’000
-
Aviation
N’000
-
Oil & Gas
N’000
Borno
23%
Gombe
17%
Taraba
4%
Bauchi
18%
Adamawa
38%
184
184
-
Bonds
N’000
32,829
15,862
18,904
13,373
2,863
83,830
Agriculture
N’000
-
-
Takaful
General Microinsurance
N’000
N’000
-
Others
N’000
33,128
16,112
21,250
15,488
3,047
89,024
Total
N’000
Agriculture
94%
Fire
3%
Motor
General Accident
2%
1%
Engineering
0%
GROSS CLAIMS INCURRED BY BUSINESS CLASS
Engineering
N’000
GROSS CLAIMS INCURRED BY STATES - NORTH EAST
Location
S/N
Gross Claims Incurred By Class Of Business
Non Life - North East
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non Life - North East
Takaful
Oil & Gas
Aviation
0%
0%
0%
Others
Bonds
Engineering
0%
0%
0%
Agriculture
Marine
94%
0%
General
Accident
Fire
Motor
3%
2%
Aviation
0
Bauchi
18%
Yobe
0%
1%
Gombe
17%
Taraba
4%
Borno
23%
Adamawa
38%
165
166
1
2
3
4
5
6
7
S/N
Kogi
1%
Kwara
1%
4,132,063
2,791
3,045
64,305
60
5,848
97,015
4,305,128
5,280,977 4,577,931
Abuja
5,992
8,714
Benue
20,213
4,305
Kogi
119,808
54,780
Kwara
419
Nasarawa
32,601
15,491
Niger
218,572
119,615
Plateau
5,678,581 4,780,835
Total
896,242
6,245
5,009
21,820
918
26,820
957,054
Marine
N’000
933,390
933,390
Aviation
N’000
1,626,828
1,626,828
Oil & Gas
N’000
Niger
0%
Plateau
3%
Abuja
95%
Benue
0%
Nasarawa
0%
1,127,479
4,788
115,861
5,384
1,539
28,648
1,283,699
Engineering
N’000
GROSS PREMIUM WRITTEN BY STATES - NORTH CENTRAL
General
Accident
N’000
Motor
N’000
Fire
N’000
Location
2,166,148
6,913
14,809
9,054
3,010
6,243
28,614
2,234,791
Agriculture
N’000
-
Takaful
General
N’000
-
Microinsurance
N’000
9,000
9,000
Others
N’000
21,090,507
35,442
163,242
279,917
3,489
62,639
519,284
22,154,521
Total
N’000
Marine
4%
Aviation
4%
Oil & Gas
7%
General Accident
19%
Engineering
6%
Agriculture
10%
Bonds
2%
Others
0%
Fire
22%
Motor
26%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS - NON LIFE
340,448
4,766
345,214
Bonds
N’000
Gross Premium Written By Class Of Business
Non Life - North Central
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
Aviation
Gross Premium Written By Class Of Business
Non Life - North Central
Takaful
Oil & Gas
Aviation
0%
7.34%
4.21%
Others
Bonds
Engineering
0.04%
1.56%
5.79%
Agriculture
Marine
10.09%
4.32%
General
Accident
Fire
Motor
21.58%
25.63%
0
Abuja
95%
19.43%
Plateau
3%
Kwara
1%
Benue
0%
Kogi
1%
Niger
0%
Nasarawa
0%
167
2019 Nigeria Insurance Digest
Abuja
Benue
Kogi
Kwara
Nasarawa
Niger
Plateau
Total
1
2
3
4
5
6
7
1,554,792
374
10,529
105,514
1,229
2,108
75,375
1,749,920
Motor
N’000
1,386,806
2,459
532
119,319
98
186
90,871
1,600,271
Fire
N’000
949,716
81
2,326
102,022
109,038
1,163,183
General
Accident
N’000
360,005
(12,120)
63,666
411,551
Marine
N’000
164
(244)
(79)
Aviation
N’000
116,520
11,231
127,751
Oil & Gas
N’000
13,167
13,167
244,369
4,766
249,135
Kogi
0%
Nasarawa
0%
Benue
0%
Kwara
6%
Niger
1%
Plateau
7%
Abuja
86%
Aviation
0%
161,651
1,870
275
15,779
16,351
24,253
7,582
227,761
Agriculture
N’000
-
Takaful
General Microinsurance
N’000
N’000
5,269
5,269
Others
N’000
4,792,459
4,784
18,428
330,271
17,677
26,547
357,764
5,547,930
Total
N’000
21%
4%
Agriculture
General Accident
7%
Marine
2%
29%
Fire
5%
0%
Oil & Gas
Engineering
Bonds
32%
Motor
0%
Others
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Bonds
N’000
Engineering
N’000
GROSS CLAIMS INCURRED BY STATES - NORTH CENTRAL
Location
S/N
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business
Non Life - North Central
169
Gross Claims Incurred By Class Of Business
Non Life - North Central
Aviation
Takaful
Oil & Gas
Aviation
0%
2%
0%
Others
Bonds
Engineering
0%
0%
5%
Agriculture
Marine
4%
7%
General
Accident
Fire
Motor
29%
32%
0
Abuja
86%
170
2019 Nigeria Insurance Digest
21%
Plateau
7%
Kwara
6%
Benue
0%
Kogi
0%
Niger
1%
Nasarawa
0%
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
212,640
5,280,977
10,841
146,846
377,283
62,507
53,358
5,992
3,518
176,602
1,087,032
1,134
246,222
72,900
381,285
45,959
167,734
3,188
735,607
645,679
133
8
20,213
119,808
29,633,813
419
32,601
501,915
500,883
280,552
1,513,518
218,572
2,264,375
127,756
10
30
44,931,906
Lagos
-
1,087,032
3,188
1,134
Ebonyi
133
30
10
8
-
Katsina
Zamfara
Taraba
Kebbi
Yobe
419
3,518
Borno
Jigawa
Nasarawa
10,841
5,992
Benue
32,601
20,213
Kogi
Gombe
Niger
53,358
45,959
Bayelsa
72,900
62,507
Ekiti
5,000,000
Kwara
Bauchi
127,756
119,808
Sokoto
167,734
146,846
Imo
Akwa Ibom
212,640
176,602
Abia
Cross River
246,222
218,572
Edo
Osun
Plateau
377,283
280,552
Anambra
500,883
381,285
Ondo
Enugu
645,679
501,915
Kano
Ogun
735,607
Delta
Kaduna
Adamawa
10,000,000
5,280,977
2,264,375
1,513,518
Oyo
Rivers
Abuja
15,000,000
20,000,000
25,000,000
GROSS PREMIUM WRITTEN
N'000
30,000,000
35,000,000
29,633,813
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business - Motor
171
172
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
58,138
1,554,792
42
42,659
51,075
250
2,285
374
30,049
335,294
1,850
89,159
4,509
86,515
1,161
27,076
194,982
976,925
1,000
10,529
105,514
12,679,745
1,229
2,108
457,540
119,203
54,635
583,431
75,375
577,708
19,893
18,145,046
Lagos
-
1,554,792
976,925
2,108
1,850
1,229
1,161
1,000
374
250
Niger
Ebonyi
Nasarawa
Gombe
Kebbi
Benue
Bauchi
-
Yobe
Katsina
Jigawa
Borno
-
Taraba
Zamfara
42
2,285
Bayelsa
Adamawa
10,529
4,509
Ekiti
19,893
Sokoto
Kogi
30,049
27,076
Imo
42,659
Akwa Ibom
Cross River
54,635
51,075
75,375
58,138
Abia
Osun
86,515
Plateau
Anambra
89,159
Edo
Enugu
119,203
105,514
Ondo
Kwara
2,000,000
335,294
Delta
194,982
Ogun
Kaduna
577,708
457,540
Rivers
583,431
Oyo
Kano
Abuja
4,000,000
6,000,000
8,000,000
GROSS CLAIMS INCURRED
N'000
10,000,000
12,000,000
14,000,000
12,679,745
Gross Claims Incurred By Class Of Business - Motor
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
93,874
4,577,931
7,299
81,805
301,342
14,722
44,107
8,714
861
114,895
591,260
13,263
101,167
62,713
287,849
11,006
50,487
3,207
1,046,470
831,259
7,593
7,793
4,305
54,780
30,128,236
15,491
134,967
280,283
153,782
913,205
119,615
1,240,522
27,954
392
9
316
41,333,473
Lagos
-
4,305
3,207
Jigawa
9
-
Nasarawa
316
Yobe
392
Taraba
Zamfara
861
7,299
Kogi
Borno
7,593
Adamawa
11,006
8,714
Benue
7,793
13,263
Gombe
Kebbi
14,722
Ebonyi
Katsina
15,491
Sokoto
Niger
44,107
27,954
Bayelsa
Bauchi
54,780
50,487
Imo
Ekiti
Kwara
81,805
62,713
Akwa Ibom
101,167
93,874
Edo
Abia
119,615
114,895
Plateau
Cross River
153,782
134,967
Ondo
Osun
287,849
280,283
Enugu
Ogun
591,260
301,342
Delta
Anambra
4,577,931
5,000,000
913,205
831,259
Oyo
Kano
1,240,522
1,046,470
Rivers
Kaduna
Abuja
10,000,000
15,000,000
20,000,000
GROSS PREMIUM WRITTEN
N'000
25,000,000
30,000,000
35,000,000
30,128,236
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business - Fire
173
174
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
113,039
1,386,806
256
32,477
13,969
2,714
2,459
2,346
437,338
79,751
25,092
76
26,165
8,103
145
283,121
610,793
1,595
532
119,319
14,374,504
98
186
197,006
23,456
41,038
634,617
90,871
626,884
6,131
19,140,887
Lagos
-
113,039
Abia
-
Taraba
Kebbi
Gombe
Ebonyi
Bauchi
76
-
98
Ekiti
Yobe
145
Nasarawa
Zamfara
186
Jigawa
1,595
256
2,346
Katsina
Niger
2,459
Borno
532
2,714
Benue
Adamawa
6,131
Bayelsa
Kogi
8,103
14,374,504
2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000
13,969
Sokoto
23,456
Ondo
Anambra
Imo
26,165
25,092
Edo
32,477
Akwa Ibom
Enugu
79,751
41,038
Delta
Osun
90,871
119,319
Kwara
Plateau
283,121
197,006
610,793
437,338
Cross River
Ogun
626,884
Kano
Kaduna
634,617
Oyo
1,386,806
Rivers
Abuja
Gross Claims Incurred
N'000
Gross Claims Incurred By Class Of Business - Fire
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
186,576
4,132,063
1,713
42,520
235,714
7,051
15,093
2,791
150
82,725
746,196
15,801
80,617
15,839
147,062
5,340
78,298
95
361,353
442,924
895
9
3,045
64,305
23,096,097
60
5,848
131,111
192,450
116,213
1,154,980
97,015
1,691,313
14,442
33,167,704
Lagos
--
-
Taraba
60
-
95
Nasarawa
Yobe
150
Jigawa
9
895
Borno
Zamfara
1,713
Katsina
Kebbi
2,791
Benue
Adamawa
5,340
3,045
Kogi
14,442
7,051
Bauchi
5,848
15,093
Sokoto
Niger
15,801
Ekiti
Ebonyi
42,520
15,839
Akwa Ibom
Bayelsa
78,298
64,305
Kwara
80,617
Edo
Imo
97,015
82,725
Plateau
Osun
Cross River
131,111
116,213
Ogun
186,576
147,062
Enugu
192,450
Ondo
Abia
361,353
235,714
Kaduna
Anambra
5,000,000
746,196
442,924
Delta
Gombe
4,132,063
1,691,313
1,154,980
Kano
Oyo
Rivers
Abuja
10,000,000
15,000,000
GROSS PREMIUM WRITTEN
N'000
20,000,000
25,000,000
23,096,097
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business
- General Accident
175
176
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
48,972
949,716
5,776
32,324
993
81
66,073
108,845
85,605
2,732
48,959
954
17,791
112
100,157
947,045
2,326
102,022
6,915,348
57,439
66,949
27,008
338,772
109,038
288,198
1
10,323,236
-
288,198
2,326
Ekiti
Kogi
954
112
81
1
-
Gombe
Jigawa
Benue
Sokoto
Zamfara
Yobe
Taraba
Niger
Nasarawa
Kebbi
Katsina
Ebonyi
Borno
Bauchi
Adamawa
6,915,348
1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000
2,732
Akwa Ibom
993
5,776
Imo
Bayelsa
27,008
17,791
Osun
48,959
32,324
Enugu
Anambra
57,439
48,972
66,073
Ondo
Cross River
Abia
66,949
Edo
Ogun
100,157
85,605
Kaduna
108,845
102,022
Delta
Kwara
109,038
Rivers
947,045
338,772
Kano
Oyo
949,716
Lagos
Abuja
Gross Claims Incurred
N'000
Gross Claims Incurred By Class Of Business
- General Accident
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
78,721
896,242
4,289
124,511
1,214
5,666
6,245
24,792
679,482
85,758
42,128
37,442
2,576
17,614
160,804
185,000
5,009
21,820
13,288,181
918
74,411
74,025
27,948
434,191
26,820
2,068,571
13,491
18,387,870
896,242
4,289
2,576
1,214
Akwa Ibom
Gombe
Bauchi
-
Nasarawa
Kebbi
Katsina
Jigawa
Ebonyi
Borno
Adamawa
-
-
Yobe
Taraba
-
13,288,181
2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000
5,009
Kogi
918
5,666
Bayelsa
Niger
13,491
6,245
Benue
Imo
Sokoto
21,820
17,614
Kwara
26,820
24,792
Plateau
Osun
Cross River
37,442
27,948
Enugu
74,025
42,128
Ekiti
74,411
Ogun
Ondo
85,758
78,721
Edo
Abia
160,804
124,511
Kaduna
Anambra
434,191
185,000
Oyo
Zamfara
2,068,571
679,482
Kano
Delta
Abuja
Rivers
Lagos
GROSS PREMIUM WRITTEN
N'000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business - Marine
177
178
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
336
360,005
1,841
1,176
6,367
49,110
1,483
11,669
126,463
92,916
(12,120)
4,023,416
11,403
144,534
25,466
100,007
63,666
610,666
5,618,404
-
-
Sokoto
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Ekiti
Ebonyi
Borno
Benue
Bauchi
Akwa Ibom
Adamawa
(500,000)
Kwara(12,120)
-
336
Abia
Taraba
1,176
Bayelsa
-
1,483
Edo
Yobe
1,841
Anambra
Zamfara
11,403
6,367
Cross River
500,000
11,669
Enugu
Ogun
49,110
25,466
Delta
Osun
92,916
63,666
Oyo
Kano
126,463
100,007
Kaduna
Plateau
1,000,000
610,666
360,005
144,534
Ondo
Abuja
Rivers
Lagos
1,500,000
4,023,416
2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000
Gross Claims Incurred
N'000
Gross Claims Incurred By Class Of Business - Marine
2019 Nigeria Insurance Digest
2019 Nigeria Insurance Digest
180
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
933,390
41,911
16
218
2,890
76,783
591
5,384,562
10,037
254,323
13,702
1,103
6,719,526
Lagos
591
218
16
Kano
Edo
Delta
-
Plateau
Osun
Ondo
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Ekiti
Ebonyi
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
-
-
Yobe
Taraba
-
1,103
Sokoto
Zamfara
10,037
2,890
Ogun
Enugu
41,911
13,702
Rivers
933,390
1,000,000
254,323
76,783
Cross River
Kaduna
Oyo
Abuja
2,000,000
3,000,000
4,000,000
GROSS PREMIUM WRITTEN
N'000
5,000,000
6,000,000
5,384,562
Gross Premium Written By Class Of Business - Aviation
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
164
90
163,905
(244)
2,159,222
12,034
75,608
959
2,411,738
-
-
Plateau
Osun
Ondo
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
(500,000)
Kwara (244)
-
Sokoto
90
-
Zamfara
-
164
Kaduna
Yobe
959
Rivers
Abuja
Taraba
12,034
75,608
500,000
163,905
Ogun
Oyo
Kano
Lagos
1,000,000
1,500,000
Gross Claims Incurred
N'000
2,000,000
2,500,000
2,159,222
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business - Aviation
181
182
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
1,626,828
1,985
6,473
35,369
92,443,324
500
42,586
391,323
94,548,389
Lagos
-
Yobe
Taraba
Sokoto
Plateau
Osun
Ondo
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
-
-
Zamfara
500
1,985
Ogun
Cross River
35,369
6,473
Kaduna
Delta
391,323
42,586
Oyo
1,626,828
Rivers
Abuja
20,000,000
40,000,000
60,000,000
Gross Premium Written
N'000
80,000,000
100,000,000
92,443,324
Gross Premium Written By Class Of Business - Oil & Gas
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
116,520
1,123
61,034
733
4,493
1,597,625
10,240,606
4,741
2,246
4,493
5,616
11,231
227,509
12,277,970
-
4,741
4,493
4,493
2,246
1,123
Osun
Kaduna
Ondo
Cross River
-
Yobe
Sokoto
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Jigawa
Gombe
Enugu
Ekiti
Edo
Ebonyi
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
-
Taraba
Zamfara
733
5,616
Oyo
Ogun
Imo
61,034
11,231
Delta
Plateau
1,597,625
2,000,000
227,509
116,520
Rivers
Abuja
Kano
Lagos
4,000,000
6,000,000
10,240,606
8,000,000 10,000,000 12,000,000
Gross Claims Incurred
N'000
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business - Oil & Gas
183
184
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
96,119
1,127,479
12
22,426
29,245
9,391
1,659
4,788
4,989
39,930
43,377
352
31,537
8,533
432
159,525
70,141
115,861
5,384
11,039,590
1,539
170,201
4,267
3,903
229,521
28,648
254,982
18,881
13
13,522,724
Lagos
4,788
4,267
Benue
Ondo
-
Yobe
Nasarawa
Kebbi
Katsina
Gombe
Ebonyi
Borno
-
-
Zamfara
12
Ekiti
13
352
Jigawa
Adamawa
432
Niger
Taraba
1,659
1,539
Bayelsa
3,903
4,989
Cross River
Osun
8,533
5,384
Kwara
9,391
Bauchi
Imo
22,426
18,881
Sokoto
Plateau
Akwa Ibom
29,245
28,648
Anambra
39,930
31,537
Delta
Edo
Enugu
70,141
43,377
Kano
115,861
96,119
Kogi
Abia
170,201
159,525
Ogun
Oyo
Kaduna
254,982
229,521
Rivers
Abuja
2,000,000
1,127,479
4,000,000
6,000,000
Gross Premium Written
N'000
8,000,000
10,000,000
12,000,000
11,039,590
Gross Premium Written By Class Of Business - Engineering
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
244,369
1,532
8,180
19,112
36,029
5,142
1,351
320,656
104,502
4,766
790,045
3,042
924
1,289
25,372
274,594
184
1,841,089
Lagos
-
1,351
1,289
924
184
Imo
Osun
Ondo
Taraba
-
Yobe
Sokoto
Plateau
Niger
Nasarawa
Kwara
Kebbi
Katsina
Jigawa
Gombe
Ekiti
Ebonyi
Cross River
Borno
Benue
Bayelsa
Bauchi
Adamawa
Abia
-
1,532
Akwa Ibom
Zamfara
4,766
3,042
Kogi
Ogun
200,000
104,502
100,000
8,180
5,142
Enugu
19,112
25,372
36,029
Anambra
Delta
Oyo
Edo
Kano
Abuja
Rivers
Kaduna
300,000
244,369
274,594
400,000
320,656
500,000
Gross Claims Incurred
N'000
600,000
700,000
800,000
900,000
790,045
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business - Engineering
185
186
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
2,769
340,448
49
5,453
8,767
9,293
2,027
4,536
13,762
937
651
20,972
1,715
568
60,259
30,947
4,766
2,533,803
7,736
21,496
1,368
55,858
24,045
10
3,152,235
Lagos
937
651
568
Edo
Ekiti
Imo
-
Yobe
Taraba
Plateau
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Borno
Benue
Bauchi
-
-
Zamfara
10
1,368
Osun
Sokoto
1,715
Gombe
49
2,027
Cross River
Adamawa
4,536
2,769
Abia
4,766
Kwara
Delta
7,736
5,453
Ogun
Akwa Ibom
2,533,803
500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000
9,293
8,767
Bayelsa
Anambra
20,972
13,762
Ebonyi
21,496
Ondo
Enugu
30,947
24,045
Kano
Rivers
60,259
55,858
Oyo
340,448
Kaduna
Abuja
Gross Premium Written
N'000
Gross Premium Written By Class Of Business - Bonds
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
41,489
13,167
6,359
10,000
1,088,820
1,159,835
-
6,359
-
Yobe
Taraba
Sokoto
Rivers
Plateau
Oyo
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kaduna
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
-
Delta
Zamfara
13,167
10,000
Kano
41,489
Abuja
Abia
Lagos
200,000
400,000
600,000
Gross Claims Incurred
N'000
800,000
1,000,000
1,200,000
1,088,820
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business - Bonds
187
188
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
33,529
2,166,148
5,588
22,483
13,168
1,108
1,190
6,913
66,082
5,265
11,879
1,560
16,912
29,157
70,975
1,036
6,264
4,612
16,077
5,813
19,953
108,919
14,809
9,054
1,458,637
3,010
6,243
56,174
18,229
9,035
51,867
28,614
17,221
85,978
1,936
3,406
542
4,379,386
-
Bauchi
542
1,190
1,108
Bayelsa
1,036
1,560
Ebonyi
Gombe
1,936
Taraba
Zamfara
3,406
5,265
4,612
Jigawa
3,010
5,588
Cross River
Yobe
5,813
Kano
Adamawa
Nasarawa
6,264
6,243
Imo
Niger
9,035
6,913
Osun
Benue
11,879
9,054
Delta
Kwara
Kaduna
14,809
Edo
13,168
16,912
16,077
Rivers
Kogi
17,221
Ondo
Anambra
19,953
18,229
Katsina
28,614
22,483
Plateau
Ekiti
Akwa Ibom
33,529
29,157
Abia
56,174
51,867
Oyo
500,000
Borno
Ogun
70,975
66,082
Enugu
108,919
85,978
Kebbi
Sokoto
Lagos
Abuja
1,000,000
1,500,000
2,000,000
1,458,637
Gross Premium Written
N'000
2,500,000
2,166,148
Gross Premium Written By Class Of Business - Agriculture
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
2,562
161,651
32,829
109
29,360
15,862
10,887
1,870
18,904
50
14,336
292
5,924
3,259
3,217
13,373
3,228
6,336
143,731
8,878
8,843
97
275
15,779
104,564
16,351
24,253
40,385
7,479
6,161
7,243
7,582
8,663
43,610
2,863
3,281
774,086
Abuja
-
Delta
Yobe
-
50
20,000
109
Akwa Ibom
Cross River
275
Kogi
97
292
Ebonyi
Kebbi
2,562
1,870
Abia
Benue
3,217
2,863
Taraba
3,228
Enugu
3,259
Edo
Imo
Osun
3,281
6,161
5,924
Jigawa
Ekiti
6,336
Oyo
Zamfara
7,479
7,243
Ondo
8,663
7,582
Rivers
Plateau
8,878
8,843
Kano
Katsina
10,887
13,373
15,779
14,336
Kwara
Gombe
15,862
Bauchi
Bayelsa
29,360
40,000
18,904
16,351
60,000
40,385
43,610
32,829
24,253
Nasarawa
Borno
Niger
Anambra
Adamawa
Ogun
Sokoto
Lagos
Kaduna
104,564
143,731
161,651
80,000 100,000 120,000 140,000 160,000 180,000
GROSS CLAIMS INCURRED
N'000
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business - Agriculture
189
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
9,000
201
40
416,449
1,021
197
426,908
Lagos
-
197
40
-
Rivers
Kaduna
Zamfara
Yobe
Taraba
Sokoto
Plateau
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
1,021
201
Oyo
50,000
9,000
Delta
Abuja
100,000
150,000
200,000
250,000
300,000
Gross Premium Written
N'000
350,000
400,000
450,000
416,449
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business - Others
191
192
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
5,269
47,560
374
53,203
Lagos
-
Yobe
Sokoto
Plateau
Oyo
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
-
5,269
47,560
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
374
-
Taraba
Zamfara
Rivers
Abuja
Gross Claims Incurred
N'000
Gross Claims Incurred By Class Of Business - Others
2019 Nigeria Insurance Digest
Market
Analysis
Life
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
Term
Assurance
N’000
48,775
93,699
1,022
30,855
69,568
12,372
7,376
21,345
94,643
11,307
113,957
5,354
64,876
32,840
14,137
9,205
1,738
20,261
1,270,213
6,227
14,567
19,071
15,161
42,148
8,790
118,511
2,148,018
Group Life
N’000
57,483
16,407,538
8,525
19,970
6,689
5,424
28,903
89
25,493
118,402
51
55,102
358
255,737
117,049
385,138
121,518
1,507
1,686
58
67,148
51,355,228
8,672
44,615
14,710
23,586
452,604
160,589
1,764,057
1,517
71,509,445
Mortgage Protection
N’000
70,790
460
1,000
60
2,338
17
31,849
603,143
8,505
11,265
311
32,399
355
3,472
781
766,744
Endowment
N’000
1,079,300
2,839,510
19,180
626,068
1,893,605
1,900
612,668
129,552
2,405
504,094
1,996,732
257,508
1,955,670
390,581
1,155,482
5
722,307
35
175,748
343,867
252
215
30,971
376,031
23,298,633
5,696
91,342
403,407
402,841
314,145
1,894,046
388,499
3,817,497
829
95
45,730,714
Whole Life
N’000
971
27,640
1,405
1,158
76
23
2,477
2,945
6
13,098
123
5,570
820
8,009
518
17
6,631
357,806
238
661
7,089
1,274
707
6,278
452
29,797
226
476,014
Annuity
N’000
28,477
9,489,366
28,675
904,317
622,839
43,764
496,238
963,816
2,258,782
1,782,277
373,139
1,370,933
218,794
1,159,411
4,448,516
648,463
5,187,051
1,220,395
40,230,979
1,002,174
784,599
1,391,168
908,609
2,093,455
3,039,750
1,699,051
5,420,180
329,896
88,145,114
Health Insurance
N’000
847,619
847,619
Credit Life
N’000
54,945
9,277
23,325
6,698
5,331
22,147
25,822
16,493
612
1,120
10,903
23,065
2,437
3,776,650
13,756
13
6,562
364
8
44,892
1,560
79,777
4,125,758
Microinsurance
N’000
1,500
45,919
10,500
46,536
721,400
552,103
4,202
42,580
87,520
34,200
17,157
509,723
5,774
34,600
5,769
61,430
27,615
37,580
2,246,106
Takaful
N’000
2,100
24,000
14,500
9,500
18,320
14,500
12,350
2,728
4,300
100,000
28,750
93,930
91,580
14,230
430,788
Others
N’000
171,243
374,099
10,080
20,210
304
4,154
48,712
153,937
32
2,482
120,838
147
11,902,880
4,903
5,555
1,240
12,954
87,551
883,004
13,804,324
Total
N’000
1,389,848
29,427,504
57,402
1,601,972
2,662,394
1,900
674,609
662,092
2,494
1,528,077
4,582,041
1,030,739
4,667,466
773,849
2,926,503
218,799
2,153,877
1,155
5,135,038
1,185,153
1,759
1,901
5,219,835
1,742,055
134,252,874
1,021,864
891,514
1,886,589
1,427,039
2,454,382
5,680,431
2,466,041
12,168,104
333,248
95
230,230,644
Gross Premium Written By Class Of Business - Life
194
2019 Nigeria Insurance Digest
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
209,824
10,078,736
247,070
46,175
864
5,046
3,167
16,640
17,979
17,035
32,806
253,108
33,472
537
4,367
21,834,537
1,250
26,379
9,088
63,917
190,225
105,184
733,939
33,931,343
35,757
82,713
163
23,897
11,516
2,589
1,204
3,588
119,072
1,895
31,644
897
25,770
7,475
11,637
23,968
291
2,171
1,028,315
664
16,315
8,720
2,540
47,571
7,993
72,744
1,571,110
238,855
551,708
3,046
170,734
401,300
40,516
21,573
264
700,781
424,730
38,847
361,129
21,352
254,032
137,885
382,637
155,506
30
5,219
47,506
7,753,790
1,344
12,106
130,958
91,651
69,852
197,748
171,234
878,998
13,265,330
N’000
N’000
N’000
172,230
172,230
Endowment
Mortgage
Protection
Group Life
Term
Assurance
N’000
3,611
1,044
1,039
525
108
361
1,337
76
87
1,896
92
1,025
263,960
1
1
4,248
213
94
3,150
300
7,073
290,239
N’000
Whole Life
149,053
5,365,267
81,639
209,792
15,683
2,723
48,896
14,878
86,700
361,440
1,061,616
162,648
224,400
225,535
262,777
140,050
18,140
60,812
2,611,592
152,655
2,534
82,492
9,374
875,965
25,061,968
312,676
140,979
838,167
657,670
1,192,821
1,914,659
878,087
3,583,289
12,535
485
346,989
47,166,985
N’000
Annuity
35,320
35,320
N’000
Health
Insurance
4,796
297
1,639
1,146,407
708
80
1,153,927
N’000
Credit Life
24,100
429,197
7,363
9,818
14,727
176,546
458,375
156,502
36,819
588,684
121,813
38,232
12,273
347,553
2,422,002
N’000
Microinsurance
6,500
42,350
91,000
30,450
33,200
107,500
31,240
10,500
51,500
404,240
N’000
Takaful
146,545
284,863
167
3,413
16,331
6,894
42,710
5,814
490
149,611
8,896,707
2,229
11,236
39,638
594,740
10,201,387
Others
N’000
810,633
16,843,241
332,085
455,053
446,734
2,723
92,001
43,226
86,964
1,075,978
1,672,492
203,390
652,120
262,511
827,727
140,050
346,301
60,812
3,749,695
555,395
3,071
84,161
14,884
967,853
66,889,418
314,021
155,000
1,169,828
816,073
1,343,725
2,763,642
1,202,436
5,870,863
12,535
485
346,989
110,614,114
N’000
Total
2019 Nigeria Insurance Digest
Gross Claimed Incurred By Class Of Business - Life
195
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Premium Written
N'000
1,389,848
29,427,504
57,402
1,601,972
2,662,394
1,900
674,609
662,092
2,494
1,528,077
4,582,041
1,030,739
4,667,466
773,849
2,926,503
218,799
2,153,877
1,155
5,135,038
1,185,153
1,759
1,901
5,219,835
1,742,055
134,252,874
1,021,864
891,514
1,886,589
1,427,039
2,454,382
5,680,431
2,466,041
12,168,104
333,248
95
230,230,644
196
Lagos
4,582,041
Delta
Kano
2,494
1,901
1,900
1,759
1,155
95
-
Borno
Kebbi
Bauchi
Katsina
Jigawa
Taraba
Zamfara
Yobe
218,799
57,402
662,092
333,248
Sokoto
Gombe
674,609
Benue
Adamawa
773,849
Ekiti
891,514
Bayelsa
Niger
20,000,000
1,021,864
Abia
1,030,739
1,389,848
1,185,153
Ondo
Ebonyi
1,427,039
Cross River
Nasarawa
1,601,972
1,528,077
Akwa Ibom
1,886,589
Imo
1,742,055
Osun
Ogun
2,454,382
2,153,877
Plateau
Kwara
2,662,394
2,466,041
Anambra
2,926,503
Edo
Enugu
5,135,038
4,667,466
Kaduna
5,219,835
-
12,168,104
5,680,431
Kogi
Oyo
Rivers
Abuja
40,000,000
29,427,504
60,000,000
80,000,000
100,000,000
GROSS PREMIUM WRITTEN
N'000
120,000,000
140,000,000
134,252,874
160,000,000
Summary Of 2019 Gross Premium Written By States - Life
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
810,633
16,843,241
332,085
455,053
446,734
2,723
92,001
43,226
86,964
1,075,978
1,672,492
203,390
652,120
262,511
827,727
140,050
346,301
60,812
3,749,695
555,395
3,071
84,161
14,884
967,853
66,889,418
314,021
155,000
1,169,828
816,073
1,343,725
2,763,642
1,202,436
5,870,863
12,535
485
346,989
110,614,114
Lagos
5,870,863
332,085
314,021
262,511
203,390
Imo
Adamawa
Nasarawa
Ekiti
Ebonyi
60,812
43,226
14,884
12,535
3,071
2,723
485
Kebbi
Jigawa
Benue
Kogi
Sokoto
Katsina
Bauchi
Taraba
-
16,843,241
66,889,418
10,000,000 20,000,000 30,000,000 40,000,00050,000,000 60,000,000 70,000,000 80,000,000
84,161
Borno
-
86,964
Bayelsa
Yobe
140,050
92,001
Gombe
155,000
346,301
Zamfara
Niger
446,734
346,989
Anambra
555,395
455,053
Kano
Akwa Ibom
810,633
652,120
Edo
816,073
Abia
827,727
Ondo
1,075,978
Cross River
Enugu
1,169,828
Ogun
967,853
1,202,436
Plateau
Kwara
1,672,492
1,343,725
Osun
2,763,642
3,749,695
Delta
Oyo
Kaduna
Rivers
Abuja
Gross Claims Incurred
N'000
2019 Nigeria Insurance Digest
Summary Of 2019 Gross Claims Incurred By States - Life
197
2019 & 2018 Gross Premium Written - Life
S/N
1
2
3
4
5
6
2019 Nigeria Insurance Digest
2019 GROSS
2018 GROSS
PREMIUM WRITTEN PREMIUM WRITTEN
REGION
N'000
N'000
South West
146,475,165
127,004,141
South East
10,163,361
9,512,789
South-South
25,222,269
22,576,691
North West
6,658,254
12,256
North East
280,690
3,227,934
North Central
41,430,905
16,498,160
TOTAL
230,230,644
178,831,971
2019 & 2018 GROSS PREMIUM WRITTEN- LIFE
2019 GROSS PREMIUM WRITTEN
N'000
2018 GROSS PREMIUM WRITTEN
N'000
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
South West
198
South East South-South North West
North East
North
Central
Distribution Channel - Cumulative
2019 Nigeria Insurance Digest
2019 - LIFE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
Gross Premium
N'000
64,277,380
149,550,955
12,718,203
2,130,162
305,569
1,248,374
230,230,643
Contribution
%
27.92%
64.96%
5.52%
0.93%
0.13%
0.54%
100%
LIFE
e-Channel
0%
Others
Bancassurance
1%
1%
Direct Sales
5%
Brokers
28%
Agents
65%
199
Distribution Channel - Life
2019 Nigeria Insurance Digest
DISTRIBUTION CHANNEL
Contribution
%
Channel
1
Brokers
64,277,380
27.92%
2
Agents
149,550,955
64.96%
3
Direct Sales
12,718,203
5.52%
4
Bancassurance
2,130,162
0.93%
5
e-Channel
305,569
0.13%
6
Others
1,248,374
0.54%
230,230,643
100%
Total
e-Channel 0.13%
Bancassurance 0.93%
Agent 64.96%
Direct Sales 5.52%
Others 0.54%
200
Gross Premium
N'000
S/N
Brokers 27.92%
Distribution Channel 2018 And 2019 Comparison
2019 Nigeria Insurance Digest
LIFE
S/N
Channel
1
2
3
4
5
6
Brokers
Agents
Direct Sales
Bancassurance
e-Channel
Others
Total
2019 Gross
2018 Gross
Premium N'000 Premium N'000
64,277,380
50,675,511
149,550,955
88,244,882
12,718,203
9,291,126
2,130,162
26,082,690
305,569
456,468
1,248,374
4,081,294
230,230,643
178,831,971
LIFE (2019 AND 2018)
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
202
2019 Gross Premium
N'000
2018 Gross Premium
N'000
2019 And 2018 Gross Claims Incurred - Life
2019 Nigeria Insurance Digest
S/N
1
2
3
4
5
6
REGION
South West
South East
South-South
North West
North East
North Central
TOTAL
2018 GROSS
2019 GROSS
CLAIMS INCURRED CLAIMS INCURRED
N'000
N'000
66,944,722
73,245,198
1,868,791
2,634,784
7,806,591
9,818,507
3,331,611
4,812,658
8,646
562,307
14,750,027
19,540,660
94,710,388
110,614,114
2019 & 2018 GROSS CLAIMS INCURRED -LIFE
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
South West South East South-South North West North East
North
Central
2019 GROSS CLAIMS INCURRED
2018 GROSS CLAIMS INCURRED
N'000
N'000
203
2019 Gross Premium Written Compared To Gross Claims Incurred - Life
2019 GROSS
2019 GROSS
PREMIUM WRITTEN CLAIMS INCURRED
REGION
N'000
N'000
South West
146,475,165
73,245,198
South East
10,163,361
2,634,784
South-South
25,222,269
9,818,507
North West
6,658,254
4,812,658
North East
280,690
562,307
North Central
41,430,905
19,540,660
TOTAL
230,230,644
110,614,114
S/N
1
2
3
4
5
6
2019 GROSS PREMIUM WRITTEN &
CLAIMS INCURRED - LIFE
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
th
u
So
t
es
W
h
ut
So
st
Ea
h
h
ut
So
ut
So
th
or
N
2019 GROSS PREMIUM WRITTEN
N'000
204
t
es
W
st
th
or
N
l
Ea
th
or
N
ra
nt
e
c
2019 GROSS CLAIMS INCURRED
N'000
2019 Nigeria Insurance Digest
Summary Of 2019 Gross Premium Written Compared
To Gross Claims Incurred - Life
2019 Nigeria Insurance Digest
2019 GROSS
2019 GROSS
PREMIUM WRITTEN CLAIMS INCURRED
N'000
N'000
230,230,644
110,614,114
2019 GROSS PREMIUM WRITTEN & CLAIMS
INCURRED - LIFE
250,000,000
200,000,000
150,000,000
230,230,644
100,000,000
50,000,000
110,614,114
2019 GROSS PREMIUM WRITTEN
N'000
2019 GROSS CLAIMS INCURRED
N'000
205
206
Term
Assurance
N’000
1,366,514
227,366
391,683
23,342
1,022
138,091
2,148,018
Group Life
N’000
51,891,101
437,008
1,988,448
511,365
8,614
16,672,908
71,509,445
Mortgage
Protection
N’000
655,683
4,932
3,136
102,993
766,744
Endowment
N’000
26,703,653
5,108,202
9,512,728
520,946
23,585
3,861,600
45,730,714
Whole Life
N’000
373,278
8,525
49,797
8,753
35,662
476,014
North East
0%
South East
4%
South-South
11%
North Central
18%
South West
64%
Annuity
N’000
48,037,100
3,181,659
11,373,137
5,426,875
247,469
19,878,874
88,145,114
Microinsurance
1%
SUMMARY OF GROSS PREMIUM WRITTEN BY REGION
Location
South West
South East
South-South
North West
North East
North Central
Total
North West
3%
S/N
1
2
3
4
5
6
Credit Life
N’000
3,828,476
62,578
126,905
35,088
72,711
4,125,758
Microinsurance
N’000
621,497
775,980
636,219
121,720
90,691
2,246,106
Takaful
N’000
222,680
47,270
38,230
7,028
115,580
430,788
Others
N’000
11,927,564
314,773
1,100,191
461,797
13,804,324
Total
N’000
146,475,165
10,163,361
25,222,269
6,658,254
280,690
41,430,905
230,230,644
Annuity
38%
Health Insurance
1%
Credit Life
2%
Takaful
0%
Whole Life
0%
Others
6%
Individual
1%
Endowment
20%
Group Life
31%
Mortgage
Protection
0%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
Health
Insurance
N’000
847,619
847,619
Gross Premium Written By Class Of Business Life - Regional Basis
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - Regional Basis
2019 Nigeria Insurance Digest
64%
18%
11%
South West
North Central
South-South
4%
3%
0%
South East
North West
North East
N
N
Annuity
38%
Individual
1%
Whole Life
0%
Group Life
31%
Endowment
20%
Microinsurance
1%
Others
6%
Health Insurance
1%
Credit Life
2%
Takaful
0%
Mortgage
Protection
0%
207
208
Location
South West
South East
South-South
North West
North East
North Central
Total
8,265,351
1,070,918
2,576,888
538,174
3,310
810,690
13,265,330
172,230
172,230
22,124,145
260,529
817,899
287,117
247,070
10,194,583
33,931,343
South East
2%
South-South
9%
North East
1%
North West
4%
North Central
18%
29,890,821
608,301
5,489,432
3,269,609
311,597
7,597,226
47,166,985
N’000
Annuity
35,320
35,320
N’000
Health
Insurance
1,147,115
297
80
1,639
4,796
1,153,927
N’000
Credit Life
1,123,282
200,646
17,181
614,877
466,016
2,422,002
N’000
Microinsurance
200,740
97,500
63,650
42,350
404,240
N’000
Takaful
0%
Takaful
Annuity
43%
Microinsurance
Credit Life
2%
1%
0%
Health Insurance
Group Life
31%
0%
Total
N’000
73,245,198
2,634,784
9,818,507
4,812,658
562,307
19,540,660
110,614,114
Mortgage Protection
0%
Endowment
12%
Whole Life
Others Individual
2%
9%
N’000
Others
8,910,172
312,976
653,571
167
324,501
10,201,387
SUMMARY OF GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
271,664
1,203
9,921
1,987
5,463
290,239
N’000
Whole Life
South West
66%
N’000
Endowment
N’000
Mortgage
Protection
N’000
Group Life
SUMMARY OF GROSS CLAIMS INCURRED BY REGION
S/N
1
2
3
4
5
6
Term
Assurance
N’000
1,104,359
82,412
253,534
35,605
163
95,037
1,571,110
Summary Of Gross Claims Incurred By
Class Of Business Life - Regional Basis
2019 Nigeria Insurance Digest
Summary Of Gross Claims Incurred By
Class Of Business Life - Regional Basis
2019 Nigeria Insurance Digest
66%
18%
South West
4%
North West
North Central
9%
South-South
1%
2%
South East
North East
N
N
Annuity
43%
Group Life
31%
Microinsurance
2%
Takaful
0%
Endowment
12%
Credit Life
1%
Others
9%
Health Insurance
0%
Individual
2%
Whole Life
0%
Mortgage
Protection
0%
209
210
Location
Ekiti
Lagos
Ogun
Ondo
Osun
Oyo
Total
358
51,355,228
44,615
14,710
23,586
452,604
51,891,101
60
603,143
8,505
11,265
311
32,399
655,683
N’000
N’000
5,354
1,270,213
14,567
19,071
15,161
42,148
1,366,514
390,581
23,298,633
403,407
402,841
314,145
1,894,046
26,703,653
N’000
Endowment
123
357,806
7,089
1,274
707
6,278
373,278
N’000
Whole Life
Ondo
1%
Ogun
1%
Osun Oyo
2% 4%
Lagos
92%
Ekiti
0%
GROSS PREMIUM WITTEN BY STATES - SOUTH WEST
S/N
1
2
3
4
5
6
Mortgage
Protection
Group Life
Term
Assurance
N’000
847,619
847,619
N’000
Health
Insurance
3,776,650
6,562
364
8
44,892
3,828,476
N’000
Credit Life
4,202
509,723
5,774
34,600
5,769
61,430
621,497
N’000
Microinsurance
100,000
28,750
93,930
222,680
N’000
Takaful
32
11,902,880
4,903
5,555
1,240
12,954
11,927,564
N’000
Others
Annuity
33%
Others
8%
Endowment
18%
Takaful Individual [PERCENTAGE]
0%
Whole Life
0%
Credit Life
3%
Health Insurance
1%
Microinsurance
0%
Total
N’000
773,849
134,252,874
1,886,589
1,427,039
2,454,382
5,680,431
146,475,165
Mortgage Protection
1%
Group Life
35%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
373,139
40,230,979
1,391,168
908,609
2,093,455
3,039,750
48,037,100
N’000
Annuity
Gross Premium Written By Class Of Business Life - South West
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - South West
2019 Nigeria Insurance Digest
4%
92%
Lagos
2%
Osun
Oyo
1%
1%
Ogun
Ondo
0%
Ekiti
N
N
Group Life
35%
Mortgage
Protection
1%
Takaful
0%
Annuity
33%
Endowment
18%
Health Insurance
1%
Others
8%
Microinsurance
0%
Credit Life
3%
Whole Life
0%
Individual
0%
211
S/N
1
2
3
4
5
6
212
Group Life
N’000
21,834,537
26,379
9,088
63,917
190,225
22,124,145
Mortgage
Protection
N’000
172,230
172,230
Endowment
N’000
21,352
7,753,790
130,958
91,651
69,852
197,748
8,265,351
Whole Life
N’000
263,960
4,248
213
94
3,150
271,664
2%
1%
2%
Osun
Ogun
Ondo
0%
91%
Lagos
Ekiti
4%
Oyo
Health
Insurance
N’000
35,320
35,320
Credit Life
N’000
1,146,407
708
1,147,115
Microinsurance
N’000
14,727
588,684
121,813
38,232
12,273
347,553
1,123,282
Health Insurance
0%
Credit Life
2%
Takaful
0%
Annuity
41%
Others
12%
Individual
2%
Whole Life
0%
Endowment
11%
Group Life
30%
Others
N’000
8,896,707
2,229
11,236
8,910,172
Total
N’000
262,511
66,889,418
1,169,828
816,073
1,343,725
2,763,642
73,245,198
Mortgage Protection
0%
Takaful
N’000
107,500
31,240
10,500
51,500
200,740
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Annuity
N’000
225,535
25,061,968
838,167
657,670
1,192,821
1,914,659
29,890,821
Microinsurance
2%
GROSS CLAIMS INCURRED BY STATES - SOUTH WEST
Location
Ekiti
Lagos
Ogun
Ondo
Osun
Oyo
Total
Term
Assurance
N’000
897
1,028,315
16,315
8,720
2,540
47,571
1,104,359
Gross Claims Incurred By Class Of Business Life - South West
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life - South West
2019 Nigeria Insurance Digest
Annuity
41%
Group Life
Others
30%
12%
Endowment
Micro
Insurance/
Agric
Individual
N
11%
2%
2%
Whole Life
Aviation
0%
0
Takaful
Health
Insurance0%
0%
0%
Mortgage
Protection
0%
Lagos
Osun
91%
Oyo
2%
Ondo
4%
1%
Ogun
Ekiti
2%
0%
213
214
S/N
1
2
3
4
5
N’000
N’000
57,483
6,689
51
255,737
117,049
437,008
48,775
69,568
11,307
64,876
32,840
227,366
-
Mortgage
Protection
Group Life
1,079,300
1,893,605
257,508
1,155,482
722,307
5,108,202
N’000
Endowment
Enugu
29%
Imo
21%
Ebonyi
10%
Abia
14%
Anambra
26%
971
1,158
6
5,570
820
8,525
N’000
Whole Life
GROSS PREMIUM WRITTEN BY STATES - SOUTH EAST
Location
Abia
Anambra
Ebonyi
Enugu
Imo
Total
Term
Assurance
N’000
-
N’000
Health
Insurance
23,325
22,147
16,493
612
62,578
N’000
Credit Life
1,500
10,500
721,400
42,580
775,980
N’000
Microinsurance
2,100
14,500
18,320
12,350
47,270
N’000
Takaful
171,243
20,210
2,482
120,838
314,773
N’000
Others
Annuity
31%
Whole Life
0%
Credit Life
1%
Microinsurance
8%
Others
3%
Takaful
1%
4%
Individual
2% Group Life
Endowment
50%
Mortgage Protection
0%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
28,477
622,839
1,370,933
1,159,411
3,181,659
N’000
Annuity
Total
1,389,848
2,662,394
1,030,739
2,926,503
2,153,877
10,163,361
N’000
Gross Premium Written By Class Of Business Life - South East
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - South East
2019 Nigeria Insurance Digest
29%
26%
21%
Imo
Anambra
Enugu
14%
Abia
10%
Ebonyi
N
N
Endowment
50%
Individual
2%
Annuity
31%
Credit Life
1%
Microinsurance
8%
Takaful
1%
Group Life
4%
Mortgage
Protection
0%
Others
3%
Whole Life
0%
215
S/N
1
2
3
4
5
Group Life
N’000
209,824
864
17,035
32,806
260,529
Mortgage
Protection
N’000
Endowment
N’000
238,855
401,300
38,847
254,032
137,885
1,070,918
Whole Life
N’000
1,039
76
87
1,203
31%
Enugu
13%
Imo
8%
Ebonyi
17%
Anambra
31%
Abia
GROSS CLAIMS INCURRED BY STATES - SOUTH EAST
Location
Abia
Anambra
Ebonyi
Enugu
Imo
Total
Term
Assurance
N’000
35,757
11,516
1,895
25,770
7,475
82,412
Health
Insurance
N’000
Credit Life
N’000
297
297
Microinsurance
N’000
24,100
176,546
200,646
Takaful
N’000
6,500
91,000
97,500
Others
N’000
146,545
16,331
490
149,611
312,976
Credit Life
0%
Annuity
23%
Microinsurance
7%
Takaful
4%
Whole Life
0%
Others
12%
Individual
3%
Group Life
10%
Endowment
41%
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Annuity
N’000
149,053
15,683
162,648
262,777
18,140
608,301
Total
N’000
810,633
446,734
203,390
827,727
346,301
2,634,784
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life - South East
217
Gross Claims Incurred By Class Of Business Life - South East
2019 Nigeria Insurance Digest
31%
Abia
31%
Enugu
17%
Anambra
13%
Imo
8%
Ebonyi
Endowment
Annuity
N
Others
Group
Life
Takaful
N
41% 23% 12% 10% 4%
218
S/N
1
2
3
4
5
6
N’000
626,068
612,668
504,094
1,996,732
1,955,670
3,817,497
9,512,728
19,970
5,424
25,493
118,402
55,102
1,764,057
1,988,448
460
1,000
3,472
4,932
N’000
N’000
30,855
12,372
21,345
94,643
113,957
118,511
391,683
1,405
76
2,477
2,945
13,098
29,797
49,797
N’000
Whole Life
904,317
43,764
963,816
2,258,782
1,782,277
5,420,180
11,373,137
N’000
Annuity
19%
18%
Edo
Delta
48%
6%
Cross River
3%
Rivers
6%
Akwa Ibom
Bayelsa
GROSS PREMIUM WRITTEN BY STATES - SOUTH SOUTH
Location
Akwa Ibom
Bayelsa
Cross River
Delta
Edo
Rivers
Total
Endowment
Mortgage
Protection
Group Life
Term
Assurance
N’000
9,277
6,698
5,331
25,822
79,777
126,905
N’000
Credit Life
46,536
552,103
37,580
636,219
N’000
Microinsurance
9,500
14,500
14,230
38,230
N’000
Takaful
10,080
304
4,154
48,712
153,937
883,004
1,100,191
N’000
Others
Total
N’000
1,601,972
674,609
1,528,077
4,582,041
4,667,466
12,168,104
25,222,269
Annuity
45%
Credit Life
0%
Microinsurance
3%
Others
4%
Takaful
0%
Group Life
8%
Whole Life
0%
Individual
2%
Endowment
38%
Mortgage Protection
0%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
Insurance
-
N’000
Health
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - South South
219
Gross Premium Written By Class Of Business Life - South South
48%
2019 Nigeria Insurance Digest
18%
19%
Rivers
Edo
Delta
3%
6%
6%
Akwa Ibom
Cross River
Bayelsa
N
N
Annuity
45%
Individual
2%
220
Endowment
38%
Group Life
8%
Credit Life
0%
Takaful
0%
Others
4%
Mortgage
Protection
0%
Microinsurance
3%
Whole Life
0%
S/N
1
2
3
4
5
6
Group Life
N’000
46,175
3,167
16,640
17,979
733,939
817,899
Mortgage
Protection
N’000
Endowment
N’000
170,734
40,516
700,781
424,730
361,129
878,998
2,576,888
Whole Life
N’000
1,044
108
361
1,337
7,073
9,921
Rivers
60%
Akwa Ibom
Bayelsa
4%
1%
Edo
7%
Cross River
11%
Delta
17%
GROSS CLAIMS INCURRED BY STATES - SOUTH SOUTH
Location
Akwa Ibom
Bayelsa
Cross River
Delta
Edo
Rivers
Total
Term
Assurance
N’000
23,897
2,589
3,588
119,072
31,644
72,744
253,534
Health
Insurance
N’000
Credit Life
N’000
80
80
Microinsurance
N’000
7,363
9,818
17,181
Takaful
N’000
-
Others
N’000
3,413
6,894
42,710
5,814
594,740
653,571
Annuity
56%
Credit Life
0%
Microinsurance
0%
Others
7%
Individual
3%
Group Life
8%
Whole Life
0%
Endowment
26%
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Annuity
N’000
209,792
48,896
361,440
1,061,616
224,400
3,583,289
5,489,432
Total
N’000
455,053
92,001
1,075,978
1,672,492
652,120
5,870,863
9,818,507
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life- South South
221
Gross Claims Incurred By Class Of Business Life- South South
2019 Nigeria Insurance Digest
17% 60%
Delta
Rivers
11%
Cross River
7%
Edo
4%
Akwa
Ibom
Bayelsa
N
222
1%
Annuity
Endowment
Group Life
Others
56%
26%
8%
7%
Individual
Microinsurance
Credit Life
Whole Life
3%
0%
0%
0%
S/N
1
2
3
4
5
6
7
385,138
121,518
1,507
1,686
1,517
511,365
14,137
9,205
23,342
2,338
17
781
3,136
N’000
N’000
35
175,748
343,867
252
215
829
520,946
N’000
Endowment
8,009
518
226
8,753
N’000
Whole Life
Kano
18%
Jigawa
Kebbi
0%
Katsina 0%
0%
Sokoto
5%
Kaduna
77%
GROSS PREMIUM WRITTEN BY STATES - NORTH WEST
Location
Jigawa
Kaduna
Kano
Katsina
Kebbi
Sokoto
Zamfara
Total
Mortgage
Protection
Group Life
Term
Assurance
N’000
-
N’000
Health
Insurance
1,120
10,903
23,065
35,088
N’000
Credit Life
87,520
34,200
121,720
N’000
Microinsurance
2,728
4,300
7,028
N’000
Takaful
-
N’000
Others
Microinsurance
2%
Group Life
8%
Takaful Individual
0%
0%
Annuity
81%
Credit Life
1%
Total
1,155
5,135,038
1,185,153
1,759
1,901
333,248
6,658,254
N’000
Endowment
8%
Whole Life
0%
Mortgage Protection
0%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
4,448,516
648,463
329,896
5,426,875
N’000
Annuity
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - North West
223
Gross Premium Written By Class Of Business Life - North West
77%
Kaduna
2019 Nigeria Insurance Digest
18%
5%
Kano
Sokoto
0%
0%
Jigawa
Katsina
0%
Kebbi
N
N
Annuity
81%
Credit Life
1%
224
Endowment
8%
Individual
0%
Group Life
8%
Takaful
0%
Microinsurance
2%
Mortgage
Protection
0%
Whole Life
0%
S/N
1
2
3
4
5
6
7
Location
Jigawa
Kaduna
Kano
Katsina
Kebbi
Sokoto
Zamfara
Total
Group Life
N’000
253,108
33,472
537
287,117
Mortgage
Protection
N’000
Endowment
N’000
382,637
155,506
30
538,174
Whole Life
N’000
1,896
92
1,987
0%
Credit Life
13%
6%
1%
Individual
68%
Annuity
Microinsurance
11%
Endowment
0%
Whole Life
Takaful
Group Life
1%
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Term
Assurance
N’000
11,637
23,968
35,605
Health
Insurance
N’000
Credit Life
N’000
1,639
1,639
Microinsurance
N’000
458,375
156,502
614,877
Takaful
N’000
30,450
33,200
63,650
Others
N’000
-
Kano
12%
Kebbi
2% Sokoto
0%
Katsina
0%
Zamfara
7%
Jigawa
1%
Kaduna
78%
GROSS CLAIMS INCURRED BY STATES - NORTH WEST
Annuity
N’000
60,812
2,611,592
152,655
2,534
82,492
12,535
346,989
3,269,609
Total
N’000
60,812
3,749,695
555,395
3,071
84,161
12,535
346,989
4,812,658
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life - North West
225
Gross Claims Incurred By Class Of Business Life - North West
2019 Nigeria Insurance Digest
78%
12%
Kano
Kaduna
Kano
Kebbi 2%
Jigawa 1%
KADUNA
Katsina 0%
Sokoto 0%
N
Annuity
68%
Microinsurance
13%
Takaful
1%
226
Credit Life
0%
Group Life
6%
Individual
1%
Whole Life
0%
S/N
1
2
3
4
5
6
N’000
8,525
89
8,614
1,022
1,022
Group Life
-
N’000
Mortgage
Protection
19,180
1,900
2,405
5
95
23,585
N’000
Endowment
-
N’000
Whole Life
78%
Gombe
0%
Taraba
20%
Borno
1%
Bauchi
1%
Adamawa
GROSS PREMIUM WRITTEN BY STATES - NORTH EAST
Location
Adamawa
Bauchi
Borno
Gombe
Taraba
Yobe
Total
Term
Assurance
N’000
-
N’000
Health
Insurance
-
N’000
Credit Life
-
N’000
Microinsurance
-
N’000
Takaful
-
N’000
Others
Annuity
88%
Endowment
9%
Individual Group Life
0%
3%
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
28,675
218,794
247,469
N’000
Annuity
Total
57,402
1,900
2,494
218,799
95
280,690
N’000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - North East
227
Gross Premium Written By Class Of Business Life - North East
2019 Nigeria Insurance Digest
20%
1%
78%
Adamawa
Gombe
1%
Bauchi
0%
Taraba
Borno
N
N
Annuity
88%
228
Endowment
9%
Group Life
3%
Individual
0%
S/N
1
2
3
4
5
6
Group Life
N’000
247,070
247,070
Mortgage
Protection
N’000
Endowment
N’000
3,046
264
3,310
Whole Life
N’000
-
Borno
15%
Bauchi
1%
Gombe
25%
Taraba
0%
Yobe
0%
Adamawa
59%
GROSS CLAIMS INCURRED BY STATES - NORTH EAST
Location
Adamawa
Bauchi
Borno
Gombe
Taraba
Yobe
Total
Term
Assurance
N’000
163
163
Health
Insurance
N’000
Credit Life
N’000
-
Microinsurance
N’000
-
Takaful
N’000
-
Others
N’000
167
167
Annuity
55%
Others
0%
Group Life
44%
Endowment
1%
Individual
0%
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
Annuity
N’000
81,639
2,723
86,700
140,050
485
311,597
Total
N’000
332,085
2,723
86,964
140,050
485
562,307
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life - North East
229
Gross Claims Incurred By Class Of Business Life - North East
2019 Nigeria Insurance Digest
Adamawa
Borno
Gombe
25%
15%
59%
Adamawa
Gombe
Borno
Bauchi
1%
Taraba
0%
Yobe
0%
N
N
Annuity
55%
Group Life
44%
Endowment
1%
Others
0%
Individual
0%
231
232
S/N
1
2
3
4
5
6
7
16,407,538
28,903
58
67,148
8,672
160,589
16,672,908
93,699
7,376
1,738
20,261
6,227
8,790
138,091
2,839,510
129,552
30,971
376,031
5,696
91,342
388,499
3,861,600
N’000
70,790
31,849
355
102,993
Endowment
N’000
N’000
27,640
23
17
6,631
238
661
452
35,662
N’000
Whole Life
9,489,366
496,238
5,187,051
1,220,395
1,002,174
784,599
1,699,051
19,878,874
N’000
Annuity
Benue
2%
Kogi
13%
Kwara
4%
Nasarawa Niger
2%
2%
Plateau
6%
Abuja
71%
GROSS PREMIUM WRITTEN BY STATES - NORTH CENTRAL
Location
Abuja
Benue
Kogi
Kwara
Nasarawa
Niger
Plateau
Total
Mortgage
Protection
Group Life
Term
Assurance
N’000
54,945
2,437
13,756
13
1,560
72,711
N’000
Credit Life
45,919
17,157
27,615
90,691
N’000
Microinsurance
24,000
91,580
115,580
N’000
Takaful
374,099
147
87,551
461,797
N’000
Others
Annuity
48%
Group Life
40%
Individual
1%
Others
1%
Endowment
10%
Mortgage Protection
0%
Whole Life
0%
Microinsurance Takaful
0%
Credit Life
0%
Total
N’000
29,427,504
662,092
5,219,835
1,742,055
1,021,864
891,514
2,466,041
41,430,905
GROSS PREMIUM WRITTEN BY CLASS OF BUSINESS
-
N’000
Health
Insurance
Gross Premium Written By Class Of Business Life - North Central
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business Life - North Central
2019 Nigeria Insurance Digest
71%
13%
Kogi
Abuja
Kwara
Plateau
2%
4%
6%
Benue
2%
Nasarawa
2%
Niger
Annuity
48%
Credit Life
0%
Group Life
40%
Microinsurance
0%
Endowment
10%
Individual
1%
Takaful
0%
Mortgage
Protection
0%
Others
1%
Whole Life
0%
233
234
S/N
1
2
3
4
5
6
7
Group Life
N’000
10,078,736
5,046
4,367
1,250
105,184
10,194,583
Group Life
N’000
10,078,736
5,046
4,367
1,250
105,184
10,194,583
82,713
1,204
291
2,171
664
7,993
95,037
-
N’000
Mortgage
Protection
551,708
21,573
5,219
47,506
1,344
12,106
171,234
810,690
N’000
Endowment
Kogi
0%
Benue
0%
Kwara
5%
2%
Nasarawa
Plateau
6%
Abuja
86%
Niger
1%
-
N’000
Health
Insurance
4,796
4,796
N’000
Credit Life
429,197
36,819
466,016
N’000
Microinsurance
Annuity
39%
Whole Life
0%
Endowment
4%
Takaful
0%
Others
2%
284,863
39,638
324,501
N’000
Others
Group Life
52%
Individual
1%
42,350
42,350
N’000
Takaful
GROSS CLAIMS INCURRED BY CLASS OF BUSINESS
5,365,267
14,878
9,374
875,965
312,676
140,979
878,087
7,597,226
N’000
Annuity
Microinsurance
2%
Credit Life
0%
3,611
525
1,025
1
1
300
5,463
N’000
Whole Life
GROSS CLAIMS INCURRED BY STATES - NORTH CENTRAL
Location
Abuja
Benue
Kogi
Kwara
Nasarawa
Niger
Plateau
Total
Term
Assurance
N’000
Total
16,843,241
43,226
14,884
967,853
314,021
155,000
1,202,436
19,540,660
N’000
Gross Claims Incurred By Class Of Business Life - North Central
2019 Nigeria Insurance Digest
Gross Claims Incurred By Class Of Business Life - North Central
2019 Nigeria Insurance Digest
86%
Abuja
6%
Plateau
Kwara
0%
1%
2%
5%
Benue
Niger
Nasarawa
0%
Kogi
Group
Life
Annuity
Endowment
Others
Microinsurance
Individual
N
N
52%
39%
4%
2%
2%
1%
235
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Term Assurance
N’000
48,775
93,699
1,022
30,855
69,568
12,372
7,376
21,345
94,643
11,307
113,957
5,354
64,876
32,840
14,137
9,205
1,738
20,261
1,270,213
6,227
14,567
19,071
15,161
42,148
8,790
118,511
2,148,018
236
-
64,876
Osun
1,022
-
Yobe
Taraba
Sokoto
Nasarawa
Kebbi
Katsina
Jigawa
Gombe
Borno
Bauchi
-
Adamawa
Zamfara
5,354
1,738
Niger
Kogi
6,227
Benue
Ekiti
8,790
7,376
Plateau
11,307
9,205
Kano
Bayelsa
Ebonyi
14,137
12,372
Kaduna
200,000
19,071
15,161
Ondo
14,567
20,261
Kwara
Ogun
30,855
21,345
Cross River
Imo
Akwa Ibom
42,148
32,840
Oyo
48,775
Abia
Enugu
93,699
69,568
Anambra
Abuja
113,957
94,643
Edo
Delta
118,511
Rivers
Lagos
400,000
600,000
800,000
N'000
2019 Gross premium
1,000,000
1,200,000
1,400,000
1,270,213
Gross Premium Written by Class of Business-Term Assurance
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
35,757
82,713
163
23,897
11,516
2,589
1,204
3,588
119,072
1,895
31,644
897
25,770
7,475
11,637
23,968
291
2,171
1,028,315
664
16,315
8,720
2,540
47,571
7,993
72,744
1,571,110
-
Benue
-
Taraba
Sokoto
Nasarawa
Kebbi
Katsina
Jigawa
Gombe
Borno
Bauchi
Adamawa
Yobe
163
Kogi
Zamfara
664
291
Niger
897
1,895
1,204
Ebonyi
Ekiti
2,540
Bayelsa
2,171
Cross River
Osun
3,588
2,589
Imo
Kwara
7,993
7,475
Plateau
11,516
8,720
Ondo
11,637
Anambra
Kaduna
23,897
16,315
23,968
Kano
Akwa Ibom
Ogun
31,644
25,770
Edo
Enugu
200,000
47,571
35,757
Oyo
Abia
82,713
72,744
Rivers
119,072
Abuja
Delta
Lagos
400,000
600,000
800,000
Gross Claims Incurred
N'000
1,000,000
1,200,000
1,028,315
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Term Assurance
237
238
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Group Life
N’000
57,483
16,407,538
8,525
19,970
6,689
5,424
28,903
89
25,493
118,402
51
55,102
358
255,737
117,049
385,138
121,518
1,507
1,686
58
67,148
51,355,228
8,672
44,615
14,710
23,586
452,604
160,589
1,764,057
1,517
71,509,445
-
Jigawa
Gombe
Bauchi
-
-
Nasarawa
1,507
-
1,517
Katsina
Taraba
1,686
Sokoto
-
5,424
Kebbi
Yobe
6,689
Bayelsa
51
8,525
Anambra
Zamfara
8,672
Adamawa
58
14,710
Niger
Ebonyi
19,970
Ondo
89
23,586
Akwa Ibom
Kogi
25,493
Osun
358
28,903
Cross River
Borno
44,615
Benue
Ekiti
55,102
Edo
Imo
Ogun
117,049
Delta
67,148
118,402
Kano
57,483
121,518
Plateau
Abia
160,589
Enugu
Kwara
385,138
255,737
Kaduna
10,000,000
1,764,057
452,604
Oyo
Rivers
Abuja
Lagos
20,000,000
16,407,538
30,000,000
N'000
40,000,000
Gross premium
50,000,000
60,000,000
51,355,228
Gross Premium Written By Class Of Business-group Life
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
209,824
10,078,736
247,070
46,175
864
5,046
3,167
16,640
17,979
17,035
32,806
253,108
33,472
537
4,367
21,834,537
1,250
26,379
9,088
63,917
190,225
105,184
733,939
33,931,343
Lagos
537.00
-
Zamfara
Yobe
Taraba
Sokoto
Nasarawa
Kogi
Kebbi
Jigawa
Gombe
Ekiti
Ebonyi
Borno
Bayelsa
Bauchi
-
864.00
Katsina
3,167.00
1,250.00
Niger
Anambra
4,367.00
Cross River
5,000,000.00
16,640.00
9,088.00
Ondo
5,046.00
17,035.33
Delta
Benue
17,978.65
Edo
Enugu
Kwara
32,806.00
26,378.75
Ogun
33,472.17
Kano
Imo
63,916.77
46,174.70
Osun
Akwa Ibom
190,224.78
105,183.57
Oyo
Abia
Plateau
247,070.00
209,823.82
Adamawa
733,938.99
253,108.08
Kaduna
Rivers
Abuja
10,000,000.00
15,000,000.00
10,078,735.99
Gross Claims Incurred
N'000
20,000,000.00 25,000,000.00
21,834,536.67
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Group Life
239
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Mortgage Protection
N’000
70,790
460
1,000
60
2,338
17
31,849
603,143
8,505
11,265
311
32,399
355
3,472
781
766,744
240
Lagos
-
-
Yobe
Taraba
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Enugu
Ebonyi
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
17
Kano
Zamfara
311
60
355
Ekiti
460
Plateau
Osun
781
100,000
Edo
Delta
2,338
1,000
Kaduna
Sokoto
8,505
3,472
Ogun
Rivers
11,265
31,849
Ondo
32,399
Oyo
Kwara
Abuja
200,000
300,000
400,000
Gross premium
N'000
500,000
600,000
700,000
603,143
Gross Premium Written by Class of Business-Mortgage Protection
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
172,230
172,230
Lagos
-
Sokoto
Rivers
Plateau
Oyo
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abuja
Abia
-
-
Yobe
-
Taraba
Zamfara
50,000
100,000
Gross Claims Incurred
N'000
150,000
200,000
172,230
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Mortgage Protection
241
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
1,079,300
2,839,510
19,180
626,068
1,893,605
1,900
612,668
129,552
2,405
504,094
1,996,732
257,508
1,955,670
390,581
1,155,482
5
722,307
35
175,748
343,867
252
215
30,971
376,031
23,298,633
5,696
91,342
403,407
402,841
314,145
1,894,046
388,499
3,817,497
829
95
45,730,714
N’000
Endowment
-
30,971
19,180
5,696
2,405
1,900
829
252
215
95
35
5
-
Kogi
Nasarawa
Borno
Bauchi
Sokoto
Katsina
Kebbi
Taraba
Jigawa
Gombe
Zamfara
Yobe
Niger
Adamawa
129,552
91,342
Benue
Osun
257,508
343,867
314,145
Kano
175,748
376,031
Kwara
Ebonyi
388,499
Plateau
Kaduna
402,841
390,581
Ekiti
5,000,000
403,407
Ogun
Ondo
612,668
504,094
Cross River
626,068
Bayelsa
Akwa Ibom
1,079,300
722,307
Imo
Abia
1,893,605
1,155,482
Anambra
Enugu
1,955,670
1,894,046
Edo
Oyo
1,996,732
2,839,510
3,817,497
Delta
Abuja
Rivers
Lagos
10,000,000
15,000,000
N'000
Gross premium
20,000,000
25,000,000
23,298,633
2019 Nigeria Insurance Digest
Gross Premium Written by Class of Business-Endowment
243
244
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
238,855
551,708
3,046
170,734
401,300
40,516
21,573
264
700,781
424,730
38,847
361,129
21,352
254,032
137,885
382,637
155,506
30
5,219
47,506
7,753,790
1,344
12,106
130,958
91,651
69,852
197,748
171,234
878,998
13,265,330
-
-
Yobe
Taraba
Sokoto
Katsina
Jigawa
Gombe
Bauchi
30
Zamfara
264
Kebbi
3,046
1,344
Nasarawa
Borno
5,219
2,000,000
Ekiti
Niger
Kogi
21,352
12,106
Benue
Adamawa
38,847
21,573
Ebonyi
47,506
40,516
Osun
Kwara
91,651
69,852
Ondo
Bayelsa
137,885
130,958
Imo
Kano
Ogun
170,734
155,506
Akwa Ibom
197,748
Abia
171,234
Enugu
Oyo
254,032
238,855
Edo
Plateau
382,637
361,129
Kaduna
424,730
401,300
Delta
Anambra
700,781
551,708
Abuja
878,998
Cross River
Rivers
Lagos
4,000,000
6,000,000
Gross Claims Incurred
N'000
8,000,000
10,000,000
7,753,790
Gross Claims Incurred by Class of Business-Endowment
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
971
27,640
1,405
1,158
76
23
2,477
2,945
6
13,098
123
5,570
820
8,009
518
17
6,631
357,806
238
661
7,089
1,274
707
6,278
452
29,797
226
476,014
N’000
Whole Life
-
-
Adamawa
-
-
-
Taraba
Bauchi
-
Yobe
-
6
Zamfara
Borno
17
Ebonyi
-
23
Kogi
Gombe
76
Benue
-
123
Bayelsa
Jigawa
226
Ekiti
-
238
Sokoto
Kebbi
452
Nasarawa
Katsina
518
Kano
707
661
Niger
Plateau
820
Osun
1,158
Anambra
Imo
1,274
Ondo
971
1,405
Akwa Ibom
Abia
2,945
2,477
Delta
Cross River
6,278
5,570
Oyo
Enugu
7,089
6,631
Ogun
8,009
Kwara
Kaduna
50,000
13,098
Abuja
Edo
29,797
27,640
Rivers
Lagos
100,000
150,000
200,000
N'000
Gross premium
250,000
300,000
350,000
400,000
357,806
2019 Nigeria Insurance Digest
Gross Premium Written by Class of Business-Whole Life
245
246
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
3,611
1,044
1,039
525
108
361
1,337
76
87
1,896
92
1,025
263,960
1
1
4,248
213
94
3,150
300
7,073
290,239
-
1,025
525
Kwara
Benue
1
-
Zamfara
Yobe
Taraba
Sokoto
Kogi
Kebbi
Katsina
Jigawa
Gombe
Ekiti
Ebonyi
Borno
Bayelsa
Bauchi
Adamawa
Abia
Imo
Nasarawa
87
Kano
76
92
Osun
1
94
Cross River
Niger
108
Ondo
Enugu
300
213
Plateau
361
1,039
Anambra
Delta
1,337
1,044
Edo
Akwa Ibom
3,150
1,896
Oyo
Kaduna
50,000
4,248
3,611
Ogun
7,073
Abuja
Rivers
Lagos
100,000
150,000
200,000
Gross Claims Incurred
N'000
250,000
300,000
263,960
Gross Claims Incurred by Class of Business-Whole Life
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Annuity
N’000
28,477
9,489,366
28,675
904,317
622,839
43,764
496,238
963,816
2,258,782
1,782,277
373,139
1,370,933
218,794
1,159,411
4,448,516
648,463
5,187,051
1,220,395
40,230,979
1,002,174
784,599
1,391,168
908,609
2,093,455
3,039,750
1,699,051
5,420,180
329,896
88,145,114
Lagos
-
Kebbi
Katsina
Jigawa
Ebonyi
Borno
Bauchi
-
-
Yobe
Taraba
9,489,366
40,230,979
5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000
28,477
-
28,675
Abia
Zamfara
43,764
Sokoto
Gombe
Bayelsa
329,896
218,794
Ekiti
Adamawa
496,238
373,139
Benue
648,463
622,839
Niger
Kano
904,317
784,599
Akwa Ibom
Anambra
963,816
908,609
Ondo
1,002,174
Cross River
Nasarawa
1,220,395
1,159,411
Kwara
Imo
1,391,168
1,370,933
Ogun
Enugu
1,782,277
1,699,051
Edo
Plateau
2,258,782
2,093,455
Delta
3,039,750
Osun
Oyo
4,448,516
Kogi
Kaduna
5,420,180
5,187,051
Rivers
Abuja
Gross premium
N'000
2019 Nigeria Insurance Digest
Gross Premium Written By Class Of Business-annuity
247
248
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
149,053
5,365,267
81,639
209,792
15,683
2,723
48,896
14,878
86,700
361,440
1,061,616
162,648
224,400
225,535
262,777
140,050
18,140
60,812
2,611,592
152,655
2,534
82,492
9,374
875,965
25,061,968
312,676
140,979
838,167
657,670
1,192,821
1,914,659
878,087
3,583,289
12,535
485
346,989
47,166,985
Lagos
1,061,616
657,670
Ondo
Borno
485
-
Yobe-
2,534
Taraba
Kogi
2,723
Sokoto
Bauchi
12,535
9,374
Benue
Katsina
15,683
14,878
Anambra
48,896
18,140
Imo
Jigawa
Bayelsa
81,639
60,812
Adamawa
82,492
140,050
86,700
Gombe
Kebbi
149,053
140,979
Abia
Kano
Niger
162,648
152,655
Ebonyi
224,400
209,792
Edo
Ekiti
Akwa Ibom
262,777
225,535
Enugu
346,989
312,676
Zamfara
Nasarawa
361,440
Ogun
Cross River
875,965
838,167
Kwara
878,087
Plateau
Delta
5,000,000
1,914,659
1,192,821
5,365,267
3,583,289
2,611,592
Osun
Oyo
Kaduna
Rivers
Abuja
10,000,000
15,000,000
Gross Claims Incurred
N'000
20,000,000
25,000,000
25,061,968
30,000,000
Gross Claims Incurred by Class of Business-Annuity
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Health Insurance
N’000
847,619
847,619
Lagos
-
Sokoto
Rivers
Plateau
Oyo
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abuja
Abia
-
-
Yobe
-
Taraba
Zamfara
100,000
200,000
300,000
400,000
500,000
Gross premium
N'000
600,000
700,000
800,000
900,000
847,619
2019 Nigeria Insurance Digest
Gross Premium Written by Class of Business-Health Insurance
249
250
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
35,320
35,320
Lagos
-
Sokoto
Rivers
Plateau
Oyo
Osun
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Imo
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abuja
Abia
-
-
Yobe
-
Taraba
Zamfara
35,320
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
Gross Claims Incurred
N'000
Gross Claims Incurred by Class of Business-Health Insurance
2019 Nigeria Insurance Digest
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N Location
Credit Life
N’000
54,945
9,277
23,325
6,698
5,331
22,147
25,822
16,493
612
1,120
10,903
23,065
2,437
3,776,650
13,756
13
6,562
364
8
44,892
1,560
79,777
4,125,758
-
364
13
8
-
Ondo
Niger
Osun
Zamfara
Yobe
Taraba
Sokoto
Kogi
Kebbi
Katsina
Gombe
Ekiti
Borno
Benue
Bayelsa
Bauchi
Adamawa
Abia
1,120
Jigawa
612
1,560
Plateau
Imo
5,331
2,437
Kwara
6,562
Ogun
Delta
9,277
6,698
Kaduna
Cross River
13,756
10,903
Nasarawa
Akwa Ibom
22,147
16,493
Enugu
23,065
Kano
Ebonyi
25,822
23,325
Edo
Oyo
Anambra
54,945
44,892
Abuja
79,777
Rivers
Lagos
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
3,776,650
2019 Nigeria Insurance Digest
Gross Premium Written by Class of Business-Credit Life
251
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
4,796
297
1,639
1,146,407
708
80
1,153,927
-
Ogun
-
Zamfara
Yobe
Taraba
Sokoto
Plateau
Oyo
Osun
Ondo
Niger
Nasarawa
Kwara
Kogi
Katsina
Kano
Kaduna
Jigawa
Gombe
Enugu
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Abia
Rivers
80
297
1,639
708
Kebbi
Imo
4,796
Lagos
Abuja
200,000
400,000
600,000
800,000
Gross Claims Incurred
N'000
1,000,000
1,200,000
1,146,407
1,400,000
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Credit Life
253
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
254
1,500
45,919
10,500
46,536
721,400
552,103
4,202
42,580
87,520
34,200
17,157
509,723
5,774
34,600
5,769
61,430
27,615
37,580
2,246,106
N’000
Microinsurance
-
Ondo
-
Zamfara
Yobe
Taraba
Sokoto
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Cross River
Borno
Benue
Bayelsa
Bauchi
Akwa Ibom
Adamawa
100,000
4,202
1,500
Ekiti
5,769
Osun
Abia
5,774
Ogun
17,157
10,500
Kwara
27,615
Anambra
Plateau
34,200
37,580
34,600
Rivers
Kano
45,919
42,580
Abuja
Enugu
46,536
61,430
200,000
87,520
Delta
Oyo
Kaduna
Lagos
Edo
Ebonyi
300,000
400,000
500,000
600,000
509,723
552,103
700,000
800,000
721,400
Gross Premium Written By Class Of Business-microinsurance
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
24,100
429,197
7,363
9,818
14,727
176,546
458,375
156,502
36,819
588,684
121,813
38,232
12,273
347,553
2,422,002
Lagos
-
36,819
-
Yobe
Taraba
Sokoto
Rivers
Plateau
Niger
Nasarawa
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Ebonyi
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
100,000
9,818
7,363
Edo
Delta
Zamfara
14,727
12,273
Ekiti
Osun
24,100
Kwara
Abia
38,232
Ondo
Ogun
Kano
Enugu
Oyo
Abuja
Kaduna
176,546
200,000
121,813
156,502
300,000
400,000
347,553
Gross Claims Incurred
N'000
500,000
429,197
458,375
600,000
588,684
700,000
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Microinsurance
255
256
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Takaful
N’000
2,100
24,000
14,500
9,500
18,320
14,500
12,350
2,728
4,300
100,000
28,750
93,930
91,580
14,230
430,788
-
-
2,100
Abia
-
Yobe
Taraba
Sokoto
Osun
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Ekiti
Cross River
Borno
Benue
Bayelsa
Bauchi
Akwa Ibom
Adamawa
Zamfara
20,000
9,500
4,300
2,728
Kaduna
Kano
Delta
12,350
14,500
14,230
Rivers
Enugu
14,500
Edo
40,000
28,750
24,000
18,320
Anambra
Ebonyi
Abuja
Ondo
Plateau
Oyo
Lagos
60,000
80,000
100,000
100,000
91,580
93,930
120,000
Gross Premium Written by Class of Business-Takaful
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
6,500
42,350
91,000
30,450
33,200
107,500
31,240
10,500
51,500
404,240
Lagos
-
-
10,500
Abia
-
Yobe
Taraba
Sokoto
Rivers
Plateau
Osun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Jigawa
Imo
Gombe
Ekiti
Edo
Ebonyi
Delta
Cross River
Borno
Benue
Bayelsa
Bauchi
Anambra
Akwa Ibom
Adamawa
Zamfara
20,000
6,500
40,000
30,450
Ondo
Kaduna
51,500
60,000
42,350
33,200
31,240
Ogun
Kano
Abuja
Oyo
Enugu
80,000
Gross Claims Incurred
N'000
100,000
91,000
120,000
107,500
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Takaful
257
258
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Others
N’000
171,243
374,099
10,080
20,210
304
4,154
48,712
153,937
32
2,482
120,838
147
11,902,880
4,903
5,555
1,240
12,954
87,551
883,004
13,804,324
-
Taraba
Sokoto
Niger
Nasarawa
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Gombe
Ebonyi
Borno
Benue
Bauchi
Adamawa
-
-
Yobe
32
Zamfara
147
1,240
Ekiti
2,482
Osun
Kwara
4,154
Enugu
304
4,903
Akwa Ibom
Cross River
Oyo
5,555
12,954
10,080
Anambra
Ondo
20,210
Delta
Ogun
87,551
48,712
Plateau
153,937
120,838
Edo
Imo
Bayelsa
2,000,000
883,004
374,099
171,243
Abia
Abuja
Rivers
Lagos
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
11,902,880
14,000,000
Gross Premium Written by Class of Business-Others
2019 Nigeria Insurance Digest
Location
Abia
Abuja
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara
Total
S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Gross Claims Incurred
N'000
146,545
284,863
167
3,413
16,331
6,894
42,710
5,814
490
149,611
8,896,707
2,229
11,236
39,638
594,740
10,201,387
-
-
Yobe
Taraba
Sokoto
Ondo
Ogun
Niger
Nasarawa
Kwara
Kogi
Kebbi
Katsina
Kano
Kaduna
Jigawa
Gombe
Ekiti
Ebonyi
Borno
Benue
Bayelsa
Bauchi
167
Adamawa
Zamfara
2,229
490
Osun
5,814
3,413
Edo
Akwa Ibom
Enugu
11,236
6,894
Oyo
Cross River
39,638
16,331
Plateau
Anambra
146,545
42,710
Abia
149,611
2,000,000
284,863
594,740
Delta
Imo
Abuja
Rivers
Lagos
4,000,000
6,000,000
Gross Claims Incurred
N'000
8,000,000
10,000,000
8,896,707
2019 Nigeria Insurance Digest
Gross Claims Incurred by Class of Business-Others
259
Directory of
NIA Member
Companies
As At 31st December, 2019
260
2019 Nigeria Insurance Digest
AFRICAN ALLIANCE INSURANCE PLC
RC-2176
61, Marina, Lagos Island, Lagos
Telephone -08066309476, 07032294082, 08066325672,
0700Afrialliance
Email -info@africanallianceplc.com
Website - www.africanallianceplc.com
Date of Incorporation - 6TH MAY 1960
Date of Commencement of Operation 16 May, 1960 th
Name of Managing Director/CEO - Mrs. Funmi Omo
NUMBER OF BRANCHES AND ADDRESSES
1. Aba: 62, Aba/owerri Road, Aba
2. Abuja: 79, Adetokunbo Ademola Crescent, Wuse 11, Abuja
3. Asaba: 455, Nnebisi Road, City Complex Plaza, Asaba
4. Benin: 140, New Lagos Road Benin City
5. Calabar: Plot 38, Mcc (Anasa) Road Calabar
6. Enugu: 4 Ridgeway / Station Road State Secretariat,
Gra, Enugu
7. Ibadan: 1 Adekunle Fajuyi Rd, Dugbe Federal
Mortgage Bank Building Ibadan
8. Ilupeju: 34, Association Avenue Ilupeju, Lagos
9. Akwa: Block C, Millenium Plaza Beside Anambra
State University Teaching Hospital, Akwa
10. Kaduna: 1 Floor 5d Kanta Road Ek House Kaduna St
11. Kano: 13a, Umma Dantala House, Mm/way,
KANO.
12. Onitsha 109 Upper New Market Road By D.m.g.s
Round About Onitsha
13. Port - Harcourt 245 Aba Road,opp First Bank By 1 St
Artillery Junction Port - Harcourt
14. Uyo: 6, Aka Itiam Street, Off Oron Road Uyo
15. Aspamda: Block 14 Aspamda Trade Fair Complex,
Lagos.
16. Ikeja: 107, Allen Avenue, Ikeja, Lagos
17. Abakaliki: 26, Water Works Road, Nwagu Plaza,
Abakaliki
18. Jos: 22, Ahmadu Bello Way, Opp. Ap Filling Station
Jos
AIICO INSURANCE PLC
RC 7340
AIICO Plaza, Plot PC12 Churchgate Street,
Victoria Island, Lagos
Tel: 01 2792930, 0700AIIContact (07002442 6682 28)
Fax No. 2617433
E - Mail: - aiicontact@aiicoplc.com
Website: - www.aiicoplc.com
Date of Incorporation: 14-07-1970 (as Aiico)
Date of Commencement of Operation: - 1963 As Alico
Name of Chief Executive officer: - Mr. B. Fajemirokun
NUMBER OF BRANCHES AND ADDRESSES:1.
Aba: 7 Factory Road, Aba, Abia State
2. Abeokuta: 46 Tinubu Street Ita Eko Abeokuta Ogun State
Tel: 08174613820, 08032557071
3. A b u j a : P r i m e P l a z a : P l o t 1 0 1 2 , A d e m o l a
Adetokunbo Crescent, Opposite Rockview Hotel Wuse
II, Wuse FCT Abuja
4. Akure: Tisco House 3 Floor Opposite Mr. Biggs Outlet, rd
Ado-Owo Road, Akure, Ondo State
5. Amuwo: Plot 203 Festac Link Road, AMUWO Odofin, Lagos
State
6. Benin: 28, Sokponba Road Benin City, Edo State.
7. Enugu: 55-59 Chime Avenue, Gbujas Plaza, New Haven,
Enugu State
8. Ibadan: 12, Moshood Abiola Way, formerly Ring-Road,
Ibadan Oyo State
9. Ikeja: AIICO House, Plot 2 Oba Akran Avenue, OPPOSITE
Dunlop, Ikeja, Lagos State.
10. Ilorin: 1, New Yidi Road, Gomola Building, Ilorin Kwara State
11. Ilupeju: AIICO House, 36/38 Ilupeju Industrial Avenue
Ilupeju Lagos State
12. Isolo: 203-205 Oshodi/Apapa Expressway Isolo,
Lagos State
13. Jos: 4 Beach Road Jos Plateau State
14. Kaduna: Yaman Phone House, 1 Constitution Road
Opposite MTD Kaduna , Kaduna State
Directory of NIA Member Companies
15.
16.
17.
18.
19.
20.
21.
Kano: 8, Post Office Road, kano, Kano State
Lekki: Garnet Plaza Lekki Ajah Express Way Agungi Lekki
Lagos State
Onitsha: Noclink Plaza 41, New Market Road, Opposite UBA
Bank Onitsha Anambra State
Owerri: 46, Wetheral Road, Owerri, Imo State.
Port Harcourt: Plot ll, Ezimgbu Link Road, (Mummy B Road),
Off Stadium Road, GRA Phase IV, Port Harcourt, Rivers
State
Uyo: 164, Ikot Ekpene Ekpene Road Uyo Akwa Ibom State
Warri: 60, Effurun /Sapele Road, Effurun, Warri, Delta State
ALLIANZ NIGERIA INSURANCE PLC
RC: 234883
Address: Plot307, Adeola Odeku Street Victoria Island,
Lagos.
Tel: 01-9049510
Email: info@allianz.ng
Website: www.allianz.ng
Date of Incorporation: 18th November, 1993
Date of Commencement Of Operation: 2 October, 1998
Chief Executive Officer: Mr. Olasunkanmi Adekeye
Branches and Addresses.
1.
95, Broad Street, Lagos Island, Lagos
2. 268, Herbert Macaulay Way, Alagomeji, Yaba, Lagos (2nd
Floor)
3. Hall 4, Gacoun Plaza, 23 Road, Opposite K Close, Festac
Town, Lagos.
4. Kings Plaza Adeniran Ogunsanya Street, Surulere, Lagos
5. 3, Ashabi Cole Street, Central Business District, Alausa, Ikeja,
Lagos
6. No. 75, Aminu Kano Crescent, Wuse II, Abuja
7. Plot 81, Trans Amadi Industrial Layout, Port Harcourt.
8. Broking House - 1, Alhaji Jimoh Odutola Way, Dugbe,
Ibadan
9. 98b, New Lagos Road, Benin City.
ANCHOR INSURANCE COMPANY LIMITED
RC 132269
7/13 Aka Road, Uyo, Akwa Ibom State
TEL: 01-2145994, 01-8974201
FAX NO. 01- 4938694
E-mail :- info@anchorinsuranceng.com
Website: www.anchorinsuranceng.com
Date of Incorporation: 6th June, 1989
Date of Commencement of Operation:1st November, 1989
Name of Chief Executive Officer:- Mr. Ebose Austin
Osegha
NUMBER OF BRANCHES AND ADDRESSES:
1.
Plot 21 Ahmed Onibudo Street, Victoria Island, Lagos.
Tel:07027266978, 08020921594
2. 7/13 Aka Road, PMB 1151,Uyo,Akwa Ibom State Tel: 085 200912, 201583, 201633
3. Akwa Ibom State Laison Office Complex Plot 816 Central
Area Ahmadu Bello Way Abuja Tel: 08023391159
4. 112 Ogui Road Enugu - Tel: 08033314287
5. 215, Obafemi Awolowo Way Oke Ado, Ibadan.
Tel:0807466111
6. L'Monarch Plaza 6th Floor, 65 Opebi Street, Ikeja. P.M.B
12625, Lagos
Tel: 01-7933485, 08033278755
7. 61B Aba Road Port Harcourt Rivers StateTel: 08023572007
8. 28 MCC Road Calabar-Cross River State - Tel: 08023016837
9. 44 Eket/Oron Road Eket-Akwa Ibom State
Tel: 085701514, 08023574142
10. 2nd Floor, NACRDB Building, Alagbaka Road,Akure Tel: 0803472-6447
ARM LIFE ASSURANCE PLC
RC 012
22, Funso Williams Avenue, Alaka, Surulere, Lagos.
Tel: +234 (1) 271 5000; 0700-CALLARM(07002255276)
E-mail : info@armlife.com.ng; wecare@armlife.com.ng
Website: www.armlife.com.ng
Date of Incorporation: November, 1983
Date of Commencement of Operation: October, 1989
261
Directory of NIA Member Companies
1.
2.
3.
Name Of Chief Executive Officer: Mr. Stephen Alangbo
Number Of Branches And Addresses:
Abuja: Prime Plaza, Plot 1012 Adetokunbo Ademola
Crescent, Wuse Zone 2, Abuja.
Opebi: 95b Opebi Road, Ikeja, Lagos.
Port Harcount: 12 Circular Road, Presidential Estate,
Gra Phase 2, Port Harcourt
AXA MANSARD INSURANCE PLC
Rc 133276
Santa Clara Court, Plot 1412, Ahmadu Bello Way, Victoria
Island, Lagos
Email: Info@axamansardinsurance.com
Facebook: Https://www.facebook.com/axa Mansard
Insurance
Website: - www.axamansardinsurance.com
Interactive Voice Recorder (IVR): 01-2704482
Customer Care Hotline 1: 01-4488482
General Enquiries: 01-4485482
Claims Hotline: 01-8524820 & 01- 8524821
Fax: 01 4613284
Date of Incorporation: June 23, 1989
Date of Commencement of Operation: June 15, 2004
Name of Chief Executive Officer: Mr. Kunle Ahmed
OFFICES & ADDRESSES:
All Guaranty Trust Bank Branches, Select Fcmb Branches,
Regional Offices And Axa Mansard Welcome Centres As
Stated
Below:
1.
Abuja Plot 1568, Muhammodu Buhari Way, Garki, Abuja
Tel: 09-8725181, 09-7800647
2. Ibadan 11b, Jimoh Odutola Road, Ibadan, Oyo State.
Tel: 02-2413779, 2413795, 2413677, 2413876
3. Port Harcourt 47, Trans Amadi Industrial Layout, Port
Harcourt. Rivers State. Tel: 084-237512-2
4. Enugu Plot 1, Ogui Road, Enugu, Enugu State
Tel: 042-253061, 254085, 254072, 254073
5. Alausa Dn Meyer Building Plot 34, Mobolaji Johnson
Avenue Behind 7up Bottling Companyalausa-ikeja,
Lagos.
Tel: 01-9502362, 08191581034, 07031161119, 08023852572
6. Onikan 3/5, Boyle Street, Onikan, Lagos.
Tel: 01-8426397, 01-9502363, (m): 08033969966
7. Opebi 4th Floor, Adebola House,38, Opebi Road, Ikeja,
Lagos.
Tel: 01-8426346
8. Yaba 176, Herbert Macaulay, Adekunle, Yaba, Lagos.
Tel: 01-8426349
9. Festac Plot 248, Block B Amuwo-odofin, Festac Link
Road, Amuwo-odofin, Lagos. Tel: 01-8426392
10. Ikota - Lekki K4, Road 5 Ikota Shopping Complex Ajah,
Ikota, Lagos.
Tel: 07029276131
11. Ikota - Lekki K4-6 & K15-17 Road 5, Ikota Shopping
Complex Ikota, Ajah Lagos.
Tel: 07029276131 And 08190468969
12. Ikorodu Road 177 Ikorodu Road Onipanu, Lagos.
Tel: 01-6282960 ,08190563029
13. Apapa No. 31 Calcutta Crescent Apapa.
Tel: 07028440430, 08190468966
14. Ogba 18 Ijaiye Road Ogba, Ikeja, Lagos. Tel: 08190566053
CAPITAL EXPRESS ASSURANCE LIMITED
Rc 380157
Head Office: Capital Express Assurance House, 13, Bishop
Kale Close, Off Kasumu Ekemode Street, Off Saka Tinubu
Street, Victoria Island, Lagos.
Tel. Telephone: 0700capexassure (070022739277873),
08188274220, 08188274227, 01-4543399, 01-4543400
Email: Capexcontact@capitalexpressassurance.com,
Info@capitalexpressassurance.com,
Capexinsure@yahoo.com
Website: www.capitalexpressassurance.com
Whatsapp Chat(only): 08170950316
Date of Incorporation: 9th May, 2000
Date of Commencement of Operation:-9 May, 2000
Name of Chief Executive officer:- Mrs. Adebola Odukale
262
2019 Nigeria Insurance Digest
NUMBER OF BRANCHES AND ADDRESSES:1. Aba: 3rd Floor, No 143,azikiwe Road, Aba
Tel: 08029999658, 08129988017
E-mail: Coguno@capitalexpressassurance.com
2. Abakaliki: 23, Ezza Road, Abakaliki, Ebonyi State
Tel: 08080280382, 08029999620
E-mail: Homeh@capitalexpressassurance.com
3. Abeokuta: 2a, Segun Osoba Way, Okelewo, Abeokuta
Tel: 08029999659, 08129988007
E-mail: Boyewole@capitalexpressassurance.com
4. Abuja(head Office Annex): 2nd Floor, Uac Building, Besides
The Securities And Exchange Commission, Central Business
District, Abuja
Tel: 08029999671, 08129988016
E-mail: Cagha@capitalexpressassurance.com
5. AKURE: 4th Floor,Tisco House, Oba Adesida Road,
Alagbaka, Akure
Tel: 08029999676, 08129988015
E-mail: aadedeji@capitalexpressassurance.com
6. Alaba: Fedan Plaza, 6/7 Alaba International Ojo, Lagos
Tel: 08029999640, 08123257227
E-mail: foboye@capitalexpressassurance.com
7. Anthony: 2A, Segun Osoba Way, Okelewo, Abeokuta
Tel: 08029999659, 08129988007
E-mail: boyewole@capitalexpressassurance.com
8. Asaba: City Complex, 455 Nnebisi Road, Asaba Delta State
Tel: 08129988037, 07088606825
E-mail: dazuali@capitalexpressassurance.com
9. Benin: F.M.F.L, 12, Ewaise Street, Forestry Road, Benin, Edo
State.
Tel: 08029999677, 08129988003
E-mail: coti@capitalexpressassurance.com
10. Calabar: 3, Bassey Duke Street, by Chamley Junction
Calabar, Cross River
Tel: 08029999682, 08129988009
E-mail: eibekwe@capitalexpressassurance.com
11. Enugu: 2A,O'Connor Street, Asata, Enugu
Tel: 08029999684, 08129988035
E-mail: cekeoma@capitalexpressassurance.com
12. Ibadan 1: 14, Ring Road, Challenge, Ibadan, Oyo State
Tel: 08029999676, 08029999689
E-mail: Aadedeji@capitalexpressassurance.com
13. Ibadan 2: 2nd Floor N6/26, Fajuyi Road, Adamasingba,
Ibadan
Tel: 08029999687
E-mail: Mraheem@capitalexpressassurance.com
14. Ikeja: 3rd Floor Olaoluwa House, 47 Toyin Stret, Ikeja, Lagos
Tel: 08029999074, 08129988032
E-mail: Ijeomaekpunobi2010@yahoo.com
15. Ikorodu: 210, Lagos Road Oja Idiroko Bus Stop, Ikorodu,
Lagos
Tel: 08029988030
E-mail:aojo@capitalexpressassurance.com
16. Ilorin: 199a,ibrahim Taiwo Road,ilorin, Kwara State
Tel: 08029999694
E-mail: Talawiye@capitalexpressassurance.com
17. Jos: 28/30, Bukuru Bye Pass, Jos, Plateau State
Tel: 08129988010
E-mail:eisah@capitalexpressassurance.com
18. Kaduna: 13, Bida Road, 1st Floor, Wema Bank Building,
Opposite State Library Board, Kaduna
Tel: 08029999696, 08129988020
E-mail:asanni@capitalexpressassurance.com
Ahmedsani@gmail.com
19. kano: 2nd Floor, Union Bank Building,43, Niger Street, Kano
Tel: 08029999693, 08129988021
E-mail: Bakogun@capitalexpressassurance.com
20. Maiduguri: 1st Floor, 24, Kashim Ibrahim Way, Opp Access
Bank And Hertage Bank By Lake Chad Hotel, Maiduguri,
Borno State.
Tel: 07088606823
E-mail:amayaki@capitalexpressassurance.com
21. Makurdi: 45,railway Bye- Pass, High Level, Makurdi
Tel: 08029999691
E-mail:starbunde@capitalexpressassurance.com
22. Nnewi: Ancestors House, 57/58 Onitsha Road Nnewi
Anambra State
Tel: 08029999728, 08129988014
E-mail: Uokafor@capitalexpressassurance.com
2019 Nigeria Insurance Digest
23. Nsukka: 3rd Floor, 9 Orba Road Nsukka.
Tel: 08123217070, 08029999705
E-mail: udcapex4you@gmail.com
24. Onitsha: 87, Upper New Market Road, Onitsha, Anambra
State
Tel: 08029999728, 08129988019
E-mail: uokafor@capitalexpressassurance.com
25. Owerri: 1 Floor, Plot 5B, Okigwe Road, Opposite Govt College,
Owerri
Tel: 0802999969, 08129988006
E-mail:cosakuni@capitalexpressassurance.com
26. Osogbo: Debitosh Building, 6C, Fagbewesa Street, Osogbo
Tel: 08029999711, 08129988011
E-mail: eadisa@capitalexpressassurance.com
27. Otta: 2nd Floor, Right Wing, Km 2, Idiroko Road, Sango Otta
Tel: 08029999672, 08080280430
E-mail: pokonkwo@capitalexpressassurance.com
28. Port-harcourt: Stephanie House, No. 3 BONS Avenue,
Rumuogba Housing Estate, Port-Harcourt
Tel: 08029999711, 08129988011
E-mail: oolugbemileke@capitalexpressassurance.com
29. Uyo: 5, Udotung Ubo Street, Off Aka Road, Uyo, Akwa Ibom
State.
Tel: 08129988002
E-mail: emathias@capitalexpressassurance.com
30. WARRI: 179,Jakpa Road, by KEN Plaza, Effurun-Warri, Delta
State
Tel: 08029999723, 08129988018
E-mail: psada@capitalexpressassurance.com
31. YABA: Presbyterian Church Complex, Yaba Bus Stop, Lagos
Tel: 08029999651, 08129988023
E-mail: oogunbusuyi@capitalexpressassurance.com
32. YENAGOA: Suite 003,NO 1 Bay Bridge, Kpansia, Yenagoa,
Bayelsa State
Tel: 08129988005
E-mail: lilaya@capitalexpressassurance.com
33. YOLA: 2nd Floor, Sabru House, Right Wing, 30 Mubi Road,
Yola, Adamawa State
Tel: 08029999706
E-mail: gihezie@capitalexpressassurance.com
CONSOLIDATED HALLMARK INSURANCE PLCC
RC 168762
Address: 266, Ikorodu Road, Obanikoro, Lagos.
Tel: 0700-CH-INSURANCE (0700-244-6787-2623)
01-2912543, 01-2912532
Facebook: myCHIplc
Twitter: @myCHIplc
Whatsapp: +234-905-603-7851
E-mail: info@chiplc.com
Website: www.chiplc.com
Date of Incorporation: 2nd August, 1991
Date of Commencement of Operation: - 1992
Name of Chief Executive Officer: - Mr. Eddie Agberia
Efekoha
NUMBER OF BRANCHES AND ADDRESSES:1.
Victoria Island Office: Plot 33D Bishop Aboyade Cole Street,
Victoria Island, Lagos
Tel.: 01-4618222
E-mail: info@chiplc.com
2.
Northern Operations: Metro Plaza Annex B (Suite GB 01) Plot
991/992 Zakariya Maimalari Street
Central Business District, Abuja.
Tel.: 09-2912549, 08180001134
Email: abuja@chiplc.com
3.
Eastern Operations: Amazing Grace Plaza 52, Emekuku
Street
D/Line, Port Harcourt.
Tel.: 09092861724, 09033543581
E-mail: portharcourt@chiplc.com
4.
1st Floor, Nevada Plaza 140/142 Liberty Stadium Road
Ibadan.
Tel.: 08180001152
Email: ibadan@chiplc.com
5.
3rd Floor Bank of Industry (BOI) House Alagbaka, Akure.
Tel.: 08180001154
Email: akure@chiplc.com
Directory of NIA Member Companies
6.
5B Okigwe Road Opp Govt. College, Owerri
Tel.: 08180001162
Email: owerri@chiplc.com
7.
4, Eziukwu Road, Aba
Tel.: 08180001164
Email: aba@chiplc.com
8.
77, Ogui Road, Enugu
Tel: 08180001142
Email: enugu@chiplc.com
9.
41, New Market Road, Onitsha
Tel.:08180001139
Email: onitsha@chiplc.com
10. 179 Jakpa Road, Effurun.
Tel.: 08180001157
Email: warri@chiplc.com
11. Nk 9 Constitution Road, Kaduna
Tel: 08180001148
Email: Kaduna@chiplc.com
12. 17,zaria Road Gyadi Gyadi, Kano
Tel:08180001146 Email: Kano@chiplc.com
CONTINENTAL REINSURANCE PLC
Rc 73956
St. Nicholas House, (8 Floor) 6 Catholic Mission Street, Lagos
Island, Lagos Nigeria
Tel : 01-4622779, 8732624
Email :info@continental-re.com
Website: www. Continental-re.com
Date of Incorporation: July 24, 1985
Date of Commencement of Operation: January, 1987
Name of Chief Executive officer: Dr Olufemi Oyetunji
Number of Branches And Addresses:3 Subsidiaries
1.
Kenya: Continental Reinsurance Limited
197 Lenana Place (4th Floor) Lenana Road
P.O. Box 76326-00508
Nairobi, Kenya.
2. Botswana: Continental Reinsurance Company Limited,
1st Floor Plot 67977 Fairgrounds
P.o.box 698 Abg Sebele, Gaborone, Botswana.
3. Douala: Continental Reinsurance Plc
Mairie Douala 1er Bonanjo
P.o. Box 4745 Douala, Cameroon.
2 Regional Offices
1.
Abidjan: Continental Reinsurance Plc,
4e Étage, Immeuble Continental Re (ex - Sci Kali),
Rue Pierre & Marie Curie X Rue Docteur Calmette - Zone 4c
/ Marcory - Abidjan
2. Tunis: Rue Lac Leman Imm Regency -bloc "c"
2 Eme Etage - Bur 2017 1053 Les Berges Du Lac
Tunis, Tunisia.
CORNERSTONE INSURANCE PLC
Rc 163170
21, Water Corporation Drive, Off Ligali Ayorinde Street,
V/I, Lagos
Tel: 01 2806500. Fax: 01 2806526 - 7
E - Mail :- Enquires@cornerstone.com.ng
Website : www.cornerstone.com.ng
Date of Incorporation: 26th July, 1991
Date of Commencement of Operation:- 26th July, 1991
Name of Chief Executive officer:- Mr. Ganiyu Musa
Number of Branches And Addresses:
1. Polysonic Mall (2 Floor) 42/44 Warehouse Road, Apapa,
Lagos,
Lagos - Tel. 08033911435; 07028856586
2. 79, Allen Avenue (samsung House) Ikeja, Lagos.
Tel. 08023069814, 018182984
3. 136, Lewis Street, Lagos. Tel - 012632863, 2630722, 2631832
4. Nm 20, Constitution Road, Kaduna - Tel. 07029234155
5. 67, Aboderin Layout, Oni & Sons Area, Ring Road, Ibadan.
Tel. 02 - 8735649
6. 180, Port Harcourt Aba Express Way, P/h - Tel 07029325494,
08056938454
7. Plot 487, No. 70, Adetokunbo Ademola Crescent, Abuja
Tel. 09 87766611, 07028415541
8. Plot C 12 & 13, Race Course Road, Kano - Tel. 064 913241
9. 57, Effurun / Sapele Road, Sapele - Tel. 07029066313.
10. 59, Ekpo Archibong Street, Off Mcc Road, Calabar, Cross
Rivers State
Tel:- 087-845147, 08056938454
263
2019 Nigeria Insurance Digest
Directory of NIA Member Companies
CUSTODIAN & ALLIED INSURANCE Limited
Rc 685235
Custodian House 16a Commercial Avenue , Sabo , Yaba
Lagos
E Mail:
Website:
Date of Incorporation: 16th March 2007
Date of Commencement Of Operation: 2007
Name of Chief Executive Officer: Mr. Olatoye Odunsi
NUMBER OF BRANCHES AND ADDRESS
1. Head Office: 16a Commercial Avenue , Sabo , Yaba Lagos
Tel: 01-2774000-9
2. Abuja: 6, Adetokunbo Ademola Crescent, Maitama Abuja
Tel: 09-2900465
3. Benin: 4th Floor, West Wing, 34, Akpakpava Road, Benin
City, Edo State Tel. (0)52292480
4. Ibadan: 9 Onireke Residential Layout, Ibadan, Oyo State.
Tel: 022-918538
5. Port Harcourt: 180 Aba Road, Port Harcourt.
Tel: 07085000046
6. Onitsha: 60a Old Market Road, Onitsha, Anambra State
Tel-08064445956
7. Akure: 3rd Floor (left Wing), Bank Of Industry (boi) Building,
Alagbaka, Akure Ondo State
8. Owerri: 37, Ekwena Crescent, Ikwenegbu Layout, Owerri,
Imo State. Tel - 083-431158
9. Osogbo: 37b Gbongan/ibadan Road, Opposite Faknle
Comprehensive High Schol, Oshogbo, Osun State.
Tel-08055394748
10. Kaduna: 3, Kanta Road, Turaki Ali House, Kaduna, Kaduna
State. Tel: 062-93346
11. Kano: 15, Bank Road, Kano, Kano State.
Tel- 064-895969
12. Lagos: 27 Commercial Avenue, Sabo, Yaba, Lagos
CUSTODIAN LIFE INSURANCE LIMITED
Rc 682763
Custodian House 16a Commercial Avenue, Sabo, Yaba
Lagos
Tel: 01-2707204-8
Fax: Nil
E Mail: Enquiries@custodianinsurance.com
Website: www.custodianplc.com.ng
Date of Incorporation: 26 February, 2007.
Date of Commencement of Operation: 28 February, 2007
Name of Chief Executive officer: Mr. Larry Ademeso
NUMBER OF BRANCHES AND ADDRESS
1. Head Office: 16 Commercial Avenue
2. Head Office Annex: 27 Commercial Avenue Sabo Yaba
3. Apapa: 27 Wharf Road Atlantic House Apapa
4. Ikeja Office: 93, Allen Av. Ikeja
5. Abeokuta: 20a Olusegun Osoba Way Oke Ileowo
Abeokuta, Ogun State
6. Port Harcourt: 180 Aba Road, Port Harcourt, Rivers State
7. Benin: 34, Akpakpava Road By Igbesamwan Road Junction
Benin, Edo State
8. Ibadan: 6th Floor, Broking House, 1, Alhaji Jimoh Odutola,
Ibadan, Oyo State.
9. Abuja: Plot 1012, Adetokunbo Ademola Crescent Opposite
Rockview, Wuse 2 Abuja
10. Akure: Suit 227, Oyemekun Plaza, Bye-pass Junction,
Oyemekun Road, Akure
11. Onitsha: 60a Old Market Road Onitsha
12. Osogbo: 37b Gbongan/ibadan Road Oshogbo Osun State
13. Calabar: 45 Murtala Muhammed Way Calabar
14. Owerri: 103 Wetheral Road Owerri Imo State
15. Kaduna: 3 Kanta Road, Kaduna, Kaduna State
16. Amuwo Odofin: Plot 129, Block 10, Festac Link Road,
Amuwo Odofin, Lagos
17. Ikorodu: 60 Lagos Road, Ikorodu, Lagos.
18. Kano: 15, Bank Road, Kano
FBN INSURANCE LIMITED
Rc 707564
34, Marina Street, Marina, Lagos
P.o Box 4140 , Marina -lagos, Nigeria.
Tel: 08080479319, 07098123827
+234 1 905 4444 And +234 1 905 4428
Email: Fbnlifeassuranceenquiry@firstbanknigeria.com
Website: www.fbninsurance.com
Th Date of Incorporation: 6 September 2007
Date of Commencement of Operation: 1 September, 2010
264
1.
2.
3.
Name of Chief Executive Officer: Mr. Valentine O. Ojumah
Number of Branches And Address:
C/o Kelechi Akah , Fbn Life Assurance Ltd . 1, Zambezi
Crescent, off Aguiyi Ironsi Street, Maitama, Abuja.
C/o Opeyemi Longe . Fbn Life Assurance Ltd. F.h Jumbo
House (3rd Floor) 80, Aba Road Ph, Rivers State.
C/o Maureen Chuckwu Fbn Life Assurance Life
Assurance Ltd.
Fbn Main Branch 21, Okpara Avenue Enugu, Enugu State.
FBN GENERAL INSURANCE LIMITED
Rc 208278
298, Ikorodu Road Anthony, P.m.b 21170, Ikeja, Lagos.
Tel: +234(0) 9054428, +234 (0) 9054444, +234 (0) 8080479319
Fax: 2717538
E - Mail: Info@fbninsurance.com
Website: www.fbninsurance.com
Date of Incorporation: 9th November, 1992
Date of Commencement Of Operation: Over 15 Years
Name of Chief Executive Officer: Mr. Bode Opadokun
Number of Branches And Addresses:
1.
Oyo State : 48 Molete Challenge Road, Ibadan, Oyo State
2. Ondo State : Bank Of Industry (boi) House, Alagbaka Estate,
Opp. Fbn ,3rd Floor, Akure.
3. Enugu State: 21, Opara Avenue, Gra, Enugu, Enugu
4. Kano State: 2, Sani Abacha Way, Sabon Gari, Kano
5. Abuja Fct: 1, Zambezi Crescent, Maitama, Abuja
6. Delta State: 60 Effurun Sapele Road, Effurun, Delta
7. Rivers State: 80 Aba Road, Port Harcourt, River
FIN INSURANCE COMPANY LIMITED
Rc 38815
Head Office: No 34,gana Street, Maitama ,abuja Fct,
Nigeria
Corporate Head Office: 5, Idowu Taylor Street, Victoria
Island, Lagos
Tel: 070282874-10
Website: www.finsuranceng.com
E- Mail: Info@finsuranceng.com
Date of Incorporation: 24th April, 1981
Date of Commencement Of Operation : - January, 1983
Name of Chief Executive Officer: Mr. Bashir Binji
NUMBER OF BRANCHES AND ADDRESSES :
1.
Registered Office: 34, Gana Street Maitama Abuja,
2. Corporate Head Office: 5, Idowu Taylor Street, Victoria
Island, Lagos.
3. Kano: 103, Hadejia Road, Kano.
4. Ibadan: 67, Aboderin Layout, Oni & Sons Area, Ring-road,
Ibadan.
5. Enugu: 13, Ogui Road Enugu State
6. Sokoto: Block 12, Maiduguri Road, Opposite Dogon Daji
House, Sokoto State
7. Port-harcourt: 180, Aba Road, Port Harcourt Rivers State
8. Kaduna: Nm 20, Constitution Road, Kaduna State.
9. Ikeja: 6, Adeniyi Jones Avenue (opposite Wahum), Ikeja,
Lagos.
GOLDLINK INSURANCE PLC
Rc 192814
6, Emmanuel Street, Maryland, P.o. Box 5987, Marina, Lagos,
Nigeria
Tel: 01-7406561-64, 7406566
E - Mail :- Info@goldlinkplc.com; Insure@goldlinkplc.com
Website :- www.goldlinkplc.com
Date of Incorporation: 15th April, 1992
Date of Commencement of Operation: 8th September,
1993
Name of Chief Executive Officer:- Mr. Roland Olukayode
Awoyinfa
NUMBER OF BRANCHES AND ADDRESSES:
1.
2 Harare Street Wuse, Zone 6, Abuja.
2. 95, Mko Abiola Road, Ring Road, Ibadan, Oyo State.
3. 48 Bompai Road, Kano, Kano State.
4. Riz Plaza, 19, Stadium Road, Port - Harcourt, Rivers State.
5. 159, Ibrahim Taiwo Road, Ilorin, Kwara State.
6. Nidb House, Alagbaka Junction, Akure Ondo State.
7. Manuex Corporate Suite, Suite 3 82, Hospital Road, Ekpan,
Warri, Delta State.
8. 3, Kanta Road, Kaduna, Kaduna State.
2019 Nigeria Insurance Digest
GREAT NIGERIA INSURANCE PLC
Rc2107
Corporate Head Office: 8, Omo-osagie Street, Off Awolowo
Road, Ikoyi, Lagos
Tel: 01-3429161, 08142478829
Email: Info@greatnigeriaplc.com
Website: www.greatnigeriplc.com
Date of Incorporation: 20th February, 1960
Date of Commencement of Operation: 20th February, 1960
Name of Chief Executive Officer: - Mrs. Cecilia Olapeju
Osipitan
NUMBER OF BRANCHES AND ADDRESSES:
1.
Lagos: 8, Omo-osagie, Off Awolowo Road, Ikoyi Lagos
2. Lagos: 28, Afolabi Aina Street Off Allen Avenue, Ikeja.
3. Fct Abuja: 644, Aminu Kano Cresent, Wuse 2, Abuja
4. Rivers: Plot 19, Stadium Road, Riz Plaza Port-harcourt, Rivers
State.
5. Oyo: 8, Lagos Bye-pass Oke Ado, Ibadan, Oyo State
6. Ogun: 1, Old Owode Road, Panseke, Ibara, Abeokuta
7. Ekiti: 11, Fajuyi Lane Besidecaptain Cook, Ado-ekiti, Ekiti
8. Ondo: Great Nigeria House Akure/owo Road, Alagbaka,
Akure, Ondo State
9. Delta: 308, Nnebisi Road, Asaba, Delta State
10. Edo: A 71, Forestry Road, Off Ring Road, Benin City.6.
11. Ogun: 51a, Ibadan Road Beside Stanbic Ibtc Bank, Ijebu
Ode, Ogun State
12. Kwara: 119, Ibrahim Taiwo Road Rabelat House Ilorin.
13. Plateau: Plot 16, Beach Road, 3 Floor, Uba Complex Jos.
14. Kaduna: 2, Asaa Investment House Murtala Square
Independence Way Kaduna.
15. Kano: 247, Lawan Danbazau Road, Kano
16. Sokoto: Suite B, No 1e Abdullahi Fodio Road, Canteen Daji
17. Oyo: Oyo-ibadan Road, Top Of Union Bank Owode, Oyo
State
18. Osun: Trinity House, Gbongan Road, Osogbo
GUNIEA INSURANCE PLC
Rc1808
Guinea Insurance House: 33 Ikorodu Road, Jibowu - Lagos
Tel: +234-1-2934575
E-mail: Info@guineainsurance.com
Website: www.guineainsurance.com
Date of Commencement of Operation: December 3 1958
Date of Incorporation: 3rd December, 1958
Name of Chief Executive: Mr. Ademola Abidogun
NUMBER OF BRANCHES AND ADDRESSES:
1.
Abuja: Uac Building (ground Floor), Plot 273, Central
Business District, Garki, Abuja.
2. Kano: 3rd Floor, Ladi Haladu House, 15, Zaria Road, Kano.
3. Kaduna: Nnil Building (2 Floor ) 4, Waff Road, Kaduna
4. Port Harcourt: Indigo Mall, No.125, Stadium Road, Port
Harcourt.
5. Onitsha: 4, Ridge Road, Gra, Stock Exchange Building,
Onitsha.
6. Benin: 82 1st East Circular Road, Benin, City, Edo State.
INDUSTRIAL & GENERAL INSURANCE PLC
Rc 178140
Igi House, 2, Agoro Odiyan Street, Off Adeola Odeku Street,
Victoria Island, Lagos
Date of Incorporation: 31st October, 1991
Date of Commencement of Operation: 1st January, 1992
Name of Chief Executive Officer: Mrs. Rachael Voke Emenike
NUMBER OF BRANCHES AND ADDRESSES:
1.
Lagos: 174, Obafemi Awolowo Way, Ikeja
2. Lagos: 94, Broad Street, 2nd Floor Lagos
3. Fct: Central Business District, Opp. National Bureau Of
Statistics, Abuja
4. Fct: Igi House, 3, Gwani Street, Zone 4, Wuse District, Abuja
5: Kaduna: Plot 41/42, Independence Way, Kaduna
6. Kogi: 3a, Ibb Way, Opp. Hydro Junction, Opp. Ministry Of
Arts & Culture, Lokoja
7. Plateau: 75/c3 Yakubu Gowon Way, Anglo Jos
8. Enugu: African Continental Bank Building, 9, Ogui Rd,
Enugu
9. Anambra: 83, Old Market Road, Onitsha
10. Rivers: 4, Circular Road, Gra Phase 2 (behind Zenith Bank),
Port Harcourt
Directory of NIA Member Companies
11.
12.
13.
14.
15.
16.
Delta: 40, Airport Road, Opp Mosheshe Estate Main
Entrance Gate, Effurun
Edo: 5, New Lagos Road (3rd Floor), Beside Ecobank, Benin
City
Cross River: 32, Nelson Mandela Street, Calabar
Bayelsa: Km 15, Mbiama/yenegoa Road, Okutukutu School
Road Junction, Yenegoa
Oyo: 9, Lebanon Street, Old Gbagi, Dugbe, Ibadan
Osun: Sports Council Building, Obafemi Awolowo University,
Ile Ife.
INTERNATIONAL ENERGY INSURANCE PLC
Rc 6126
Plot 294, Jide Oki, Street Off Ligali Ayorinde, Street Victoria
Island, Lagos State
Call: +234 -1- 4616972-4, 2710780, 2712327-8
Fax: +234 - 1- 2705770, 2705695
Email: Info@ieiplc.com
Date of Incorporation: 1969
Date of Commencement Operation: 1969
Name of Md/ceo: Mr Peter Irene
NUMBER OF BRANCHES AND ADDRESSES:
1.
Plot 3255, Ibb Way, Cadastral Zone Maitama Abuja (fct)
Tel: +234- 8070516256, 09-7809345 Fax: +234- 8075005661
2.
82, Adeniyi Jones Avenue Ikeja Lagos State Tel: 01-4605084
3.
2 Floor, Navada Plaza Liberty Road, Off Ring Road Ibadan,
Oyo State.
Tel: +234-2- 8719024, 08075992187
4.
Ogunleye Complex 59/61, Oyemekun Road Akure Ondo
State
Tel: +234-27-537261, 08023429453
5.
22 zulu Gambari Road, GRA, Ilorin, Kwara State
6.
10, Evo Road, GRA Phase II Port-Harcourt, Rivers State
Tel/Fax: +234-84-463878
7.
10, Evo Road, GRA Phase II Port-Harcourt, Rivers State
Tel: +234-84-465391, 465393Fax: +234-84-465392
8.
1 Floor, Plot 38, MCC Rd Calabar, Cross River State
Tel: +234-87-834341, 08030879363
9.
Thomas House Klm 4, Refinery Road By Mega Hilton Hotel
Ekpan, Warri - Delta State Tel: 08068466608, 08181075392
10. Tari Eye Clinic Complex Km 24, Mbiama / Yenagoa Road
Biogolo Epie, Yenagoa Bayelsa State
Tel: 08037067177, 08081511207
11. 5, Swimming Pool Road Behind Shooting Range Kaduna
State
Tel: 08033496369
12. 13, Dorawa/Jigawa Road Off Audu Bako Way Kano State
Tel: 08034543004,08079402877
13. MA 2, Gondo Aluor Road Lobi Quarters, Makurdi Benue
State
Tel: 08055054849, 08032496956
Subsidiary
14. 11, Saflo Street Abelenkpe Residential Area Accra, Ghana
Tel: +233-302-770338, 769365 Fax: +233-302-768944
e-mail: info@ieighana.comwww.ieighana.com
JAIZ TAKAFUL INSURANCE PLC
RC 1167843
Plot 1054, O.P. Fingesi Street, Off Obafemi Awolowo Way,
Cadastral Zone B05, Utako District, Abuja.
Tel: +234-903 775 4004, +234-809 552 2144
Email: info@jaiztakafulinsurance.com
Website: www.jaiztakafulinsurance.com
Date of Incorporation: 31 January, 2014
Date of Commencement of Operation: 9 January, 2017
Name of Chief Executive Officer: Mr. Momodou Musa Joof
NUMBER OF BRANCHES AND ADDRESSES:
1.
Lagos Branch: No 91, Obafemi Awolowo Way,second Floor,
Right Wing, Ikeja, Lagos State
2.
Kaduna Branch:no 20A, Bank Road, Kaduna State
3.
Kano Branch:no 15, Bank Road,Nassarawa District,kano
State.
KBL INSURANCE LTD
RC 235791
Block138, Plot 5, Gabriel Olusanya Street, Lekki Express Way,
P.O. Box 72211, Victoria Island, Lagos
Tel: +234 7032358685, 08090512127, 08027622933
265
Directory of NIA Member Companies
Fax: None
E-mail :- Info@kblinsurance.com
Website :- www.kblinsurance.com
Date of Incorporation: 17th January, 1994
Date of Commencement - January 31, 1994
Name of Chief Executive Officer:-mrs. Ukachi Orji
NUMBER OF BRANCHES AND ADDRESSES:
1. Abuja- Keystone Bank Building, 32 Gana Street Maitama,
Abuja 08095784620, 08095784189
2. Port Harcourt- Plot 466/467 Trans Amadi Industrial L/out,
Port Harcourt - Tel. 08097700355, 08095781225
3. Onitsha- Stock Exchange Building, No 4, Ridge Road, Gra
Onitsha 08095781385, 08175742828
4. Aba- No 177 Azikiwe Rd 08172044856, 08172044854
5. Ikeja- Keystone Bank Building 69, Opebi Road, Ikeja, Lagos
08170596639, 08094228149
6. Apapa- Keystone Bank Building, Triana House, 18/20
Commercial Rd Apapa, Lagos 08172041506, 08172041507
7. Ibadan- Keystone Bank Building Plot E1/e2, J. Allen, Dugbe,
Ibadan, Oyo State 08172044859, 08172044863
8. Warri- Keystone Bank Building 48, Effurun/ Sapele Road,
Warri, Delta State 08090330689
9. Kaduna -keystone Bank Building, Shehu Musa Yar'adua
House 7/9, Bank Rd, Kaduna 09092626339
Nd 10. Kano- 2 Floor Union Bank Building No 37, Niger Street,
Kano. 08095785045
11. Palmgrove- Keystone Bank Building 224, Ikorodu Road,
Palmgrove, Lagos. 08172041562, 08098187814
12. Benin - Keystone Bank Branch 51, Airport Rd, Benin, Edo
State 08090330688
13. Enugu - Keystone Bank Branch 7, Pocket Layout, New
Heaven Junction, Enugu, Enugu State - 08095781252
14. Asaba - Keystone Bank Branch, 441 Nnebisi Rd, Asaba,
Delta State 08095781269
15. Owerri- Keystone Bank Branch 39, Assumpta Avenue
Owerri, Imo State. 08090334535
LASACO ASSURANCE PLC
Rc 31126
Lasaco House, Plot 16 Acme Road Ogba Ikeja, Lagos
Date Of Incorporation: 20th December, 1979
Date Of Commencement Of Operation: 1st August, 1980
Name Of Chief Executive Officer: Mr. Segun Balogun
NUMBER OF BRANCHES AND ADDRESSES:
1.
Abeokuta: 24, Lalubu Street,oke Ilewo, Ibara, Abeokuta,
Ogun State
Tel: +234827479229
2. Abuja: 2nd Floor, Abia House, Cbd , Fct-abuja, Abuja
Tel: +2348055065371
3. Alausa: Lagos State Government Secretariat Complex,
Alausa Lagos.
Tel: +2348023814920
4. Akure: 47, Oba Adesida Road, Akure
Tel: +2348052554042
5. Ibadan: 40 Ring Road, Ibadan, Oyo State.
Tel: +2348023002556
6. Ilorin: 19, Unity Road, Ilorin, Kwara State.
Tel: +2348027271804
7. Kaduna: 4, Muhammad Buhari /ahmadu Bello Way,
Kaduna State
Tel: +2348028542539, +2349055990537
8. Kano: Union Bank Building, 37, Niger Street, Kano State
Tel: +2348037267104
9. Oshogbo: Block El Suite 5, Ayegbaju Market, Behind
Omoluabi Mortgage Bank Plc, Oshogbo, State Of Osun.
Tel: +2348069135662, +2348072535999
10. Port Harcourt: 200, Aba Road, Port - Harcourt, Rivers State.
Tel: +2348064348913, +2348023207297
11. Uyo: 178 Ikot Ekpene Road, Uyo, Akwa Ibom State.
Tel: +2349055990493
12. Warri: 60, Effurum-sapele Road, Effurun, Warri, Delta State.
Tel: +2348038361816, +2348056714920
13. Yola: No 1, Bishop Road, Adamawa Homes And Savings
Building, Jimeta -yola, Adamawa State.
Tel: +2347035829224, +2348137990989
266
2019 Nigeria Insurance Digest
LAW UNION &ROCK INSURANCE PLC
Rc 6286
14,hughes Avenue, Alagomeji, Yaba, Lagos
E-mail : Enquiry@lawunioninsurance.com;
Info@lawunioninsurance.com;
Customercare@lawunioninsurance.com
Contact Numbers : 01-8881322, 01-454 0071 - 4 (ext. 2707)
Website Address : www.lawunioninsurance.com
Date of Incorporation: 17th June, 1969
Date of Commencement of Operation:- 17 June, 1969 As A
Limited Company
Name of Chief Executive Officer: -Mr. Ademayowa Adeduro
NUMBER OF BRANCHES AND ADDRESSES:
1
Ikeja-adol House (1st Floor),plot 15 Cipm Road,central
Business District,alausa, Ikeja, Lagostel: 01 454 0075
2
Festac- Pin Plaza, 1st Avenue, Festac Town
Lagostel: 022918648
3
Victoria Island/lekki- 209 Muri Okunola, Behind Ajose
Adeogun, Victoria Island, Lagos
4
1 Floor Oxford Buildingbank Road Dugbe Ibadan St IbadanOyo State
5
Oshogbo-jesus Court2nd Floor (left Wing)
6, Isiaka Adeleke Freeway, Okefia, Oshogbo
Osun Statetel: 022 918 649
6
Port Harcourt- Skye Bank Building,89, Aba Road, Garrison
Junction, Port Harcourt
Rivers State Tel: 084 661 371
7
Uyo-164, Oron Road, Uyo, Akwaibom State
Tel: 085 293 266
8
Warri- 60 Effurun/sapele Road, Effurun, Warri
Delta Statetel: 056 291 029 ;tel: 052 297 767
9
Abuja-white House, Block B, Suite 3, 1st Floor, 79
Adetokunboademola Crescent
Wuse Ii Abuja, Federal Capital Territory
Tel: 092 902 710
10 Kano- Skye Bank Plc, 23 Bello Road, Kano
Kano State Tel: 064 434 942
11
Kaduna-oando Building, 4 Construction Road kaduna
Tel: 062 294 335
12 Minna, 1 Saiduyabagi/bosso Road,
Opposite Muritala Park,p. O. Box 1369, Minna,
Niger State.
LEADWAY ASSURANCE COMPANY LIMITED
Rc 7588
Corporate Office: 121/123, Funso Williams Avenue, Iponri,
Lagos
Registered Office: Nn28/29 Constitution Road, Kaduna
Date of Incorporation:
Date of Commencement of Operation: 5th January, 1971
Name of Chief Executive Officer: - Mr. Tunde Hassan Odukale
NUMBER OF BRANCHES AND ADDRESSES:
1.
Registered/head Office: Nn 28/29 Constitution Road
2. Corporate Office: 121/123 Funsho Williams Avenue
3. Abeokuta: Seriki Fadare Plaza, Beside Nigeria Immigration
Office, Oke Mosan, Abeokuta
4. Abuja: Leadway House Plot 1061, Herbert Macaulay Way
Central Business District, Cadastral Zone. Abuja
5. Akure: Nacrdb Building , Ado-owo Rd., Alagbaka, Akure
6. Benin: 45/49 Akpakpava Street, Benin City
7.
Calabar: 141, Ndidem Usang Iso Road/ Marian Road,
Calabar
8. Enugu: Akalaka House (2nd Floor) 127/129 Chime Avenue
New Haven,enugu.
9. Festac: Twin Place, Plot 2015 Block, 18a, Amuwo- Odofin Govt.
Scheme By Apple Bus/ Stop. Festac Link Road, Festac
10. Ibadan: 25, Morgaji Are Rd,iyaganku Gra Off Moshood
Abiola Way ,ibadan
11. Ikeja: 77 Opebi Road, Ikeja, Lagos
12. Ilorin: 163, Ajase-ipo.road,gaa-akanbi Junction Road. Anu
Oluwapo Complex Ilorin, Kwara State
2019 Nigeria Insurance Digest
13. Jos: 2a Ibrahim Taiwo Rd,gra Jos
14. Kano: Fustan House 25 Zaria Road Gyadi- Gyadi Round
About, Kano
15. Lekki: Garnet Building, Igbo-efon By 2nd Round-about
Along Lekki-epe Expreway. Lekki.
16. Makurdi: Last Floor, 8 Railway Bye Pass, High Level, Near
Zenith Bank, Makurdi
17. Osogbo: 2nd Floor, Moye House Km2,gbogan /ibadan Road
Oshogbo ,osun State
18. Port Harcourt: 8 Igbodo Street, Old Gra Portharcourt
19. Sagamu: 13, Isale Oko Road, Sagamu
20. Sokoto: 15a, Kano Road Not Far From Central Bank Of
Nigeria ,sokoto.
21. Uyo: 140, Atiku Abubakar Way Uyo
22. Warri: Ecobank Building 60 Effurun/sapele Road Warri
23. Zaria: Last Floor, Uba Building By Pz Kaduna Road Zaria
24. Marina: 24 Campbell Street, Lagos- Island, Lagos
LINKAGE ASSURANCE PLC
Rc 162306
Plot 20, Block 94, Providence Street, Off Adewunmi
Adebimpe
Street, Lekki, Phase 1, Lagos
Date of Incorporation: 26th March, 1991
Date of Commencement of Operation: 7 October, 1993
Name of Chief Executive officer: Mr. Daniel Braie
NUMBER OF BRANCHES AND ADDRESSES:
1.
Abuja: 24, Ouagadougou Street, Off Mambolo Street,
Wuse Zone 2, Abuja
2. Enugu: Suite C8 Bethel Plaza Garden Avenue, Enugu State.
3, Port Harcourt: 57, Aba Road, By Cfc Bus Stop Ecobank
Building Port Harcourt Rivers State
4. Warri: 110, Effurun/ Sapele Road, Warri
5. Lagos: 11a, Coker Road, Ilupeju Lagos
6. Kaduna: Hafsat Plaza Plot 4, Constitution Road Kaduna
State
7. Kano: 48, Bompai Road, Kano
8. Aba: 62, Aba Owerri Road Abia State.
9. Calabar: Davandy House, No 43, Murtala Mohammed
Highway, Calabar
Uyo: 22, Wellington Bassey Way, Grandberg Pharmacy, Uyo
Akwa Ibom State
11. Yenegoa: 1st Floor, Ibiye Plaza No 66, Okaka Road Opp.
Abuchi Beauty Shop Okaka Epie Yenagoa, Bayelsa State
12. Benin: 56b Sokponba Road Off Ring Road, Benin City Edo
State
13. Ibadan: Horizon House 2 Floor, Vitas Bus Stop Ring Road
Ibadan Oyo State
14. Akure: 5th Floor, Right Wing Bank Of Industry (boi) House
Opp. First Bank, Alagbaka Akure, Ondo State
TANGERINE LIFE INSURANCE LIMITED
Rc 605083
205b, Ikorodu Road, Ilupeju, Lagos State
Tel: +234(1)2772520-24
E-mail: Info@unitedmetropolitan.com.ng
Clientservices@unitedmetropolitan.com.ng
Website: www.ubametropolitan.com
Date of Incorporation: 19 August 2004
Date of Commencement of Operation: February, 2007
Name of Chief Executive Officer: Mr. Livingstone
Magorimbo
NUMBER OF BRANCHES AND ADDRESSES:
1. 18, Adetokunbo Ademola Wuse Ii,abuja
2. Plot 25, Trans-amadi Industrial Layout, Port Harcourt,
Rivers State
MUTUAL BENEFITS ASSUANCE PLC
Rc 269837
Aret Adams House, 233, Ikorodu Road, Ilupeju, Lagos.
Tel: 09054744444
E-mail: Info@mbaplc.com
Website: www.mbaplc.com
Date of Incorporation - 18th April, 1995
Date of Commencement of Operation - 2nd October,
1995
Chief Executive Officer: Mr. Olusegun Omosehin
Directory of NIA Member Companies
NUMBER OF BRANCHES AND ADDRESSES:
Genearal Business
1.
Abuja Office: Plot 78, Yakubu Gowon Crescent, Asokoro,
Abuja. Tel: 08038166222; 07034619661; 08036091447
2. Ado Ekiti Office: Mutual Hopuse, Fajuyi Road, Ado Ekiti
Tel: 08129021043; 08058007040
3. Akure Office : 74a, Hospital Road, Continental Junction
Akure, Ondo State
Tel: 08039517268; 08079668663; 07018401846
4. Calabar Ofice: 67, Ndidem , Usang Iso Rd,
( Marian Road )
Calabar Tel : 09033400308; 08033573864; 08055197458
5. Ikoyi Office: 6, Norman Williams Str., S/w Ikoyi, Lagos.
Tel: 08055197451; 07025251505
6. Kaduna Office: Nm 20, Constitution Road, Kaduna
Tel: 08053270709; 08038708535
7. Kano Office: 43, Ibrahim Taiwo Road, Kano
Tel: 08032079537
8. Onireke Office: Plot 47/49, Onireke Gra, Ibadan.
Tel: 08058007020
9. Ota Office 2:tantolorun Building, Km 1, Idi-iroko Road,
Iyana-ota Roundabout, Sango-ota, Ogun State
Tel: 08023126577
10. Port Harcourt Office: Wordway Plza, 129, Aba Road
Waterlines, Ph Tel: 08032703220; 08032700725
11. Warri Office: 80, Airport Road, Opp Old Airport Road
Effurun, Warri
Tel:08033474557; 08052220202; 08052046585
Retail Branches
12. Abia State, Umuahia: No 17, Lagos Street, Umuahia, Abia
State Tel: 08150837020; 08160594093 13. Abuja, Garki: Plot
289, 2 Floor, Mtn/ Vitaform Building,
Lagos Crescent, Garki 2, Fct Abuja Tel: 08150837013;
08035975922
14. Akwa Ibom, Uyo: No 13, Aka Road< Uyo, Akwa Ibom State
Tel:07052346995
15. Asaba: Plot 284, Nnebisi Road, Asaba Tel:08150836998;
08037398217
16. Badagry: 6, Market Road, Badagry, Lagos. Tel:08183100786
17. Cross River State, Calabar: 83, Calabar Road, Opposite
Petex
Park, Calabar South, Cross River State Tel: 08150837009,
08033573864
18. Edo State, Benin City: No 22, Akpapawa Road, Benin City,
Edo State Tel: 08150837015; 08037152937 19. Enugu State,
Enugu: 2 Floor, 56, Ogui Road, Enugu State
Tel: 08032717031
20. Festac Town: 32 Road, Dstv Building, 1st Floor, Off 3
Avenue, Festac Lagos Tel:08150837011; 07088918571
21. Gbagada: 38, Diya Street, Gbagada, Lagos Tel: 08150837019;
081325499
22. Gbagi: Mobus Shopping Complex, Opp. Gbagi 2 Gate, New
Ife Road, Ibadan Tel: 08150837008, 07031169139
23. Ijebu Ode: 1 Floor, 100, Ibadan Road, Near Amao Tyres,
Ijebu-ode Tel: 08034051790
24. Ikorodu Town: Ayangbure Road, Ikorodu , Lagos.
Tel: 08021057708; 08023512643
25. Ikotun , Egbe: Tayese Towers, Egbe-isolo Road, Ikotun,
Lagos Tel: 08150837017; 08036962779
26. Ilesha:ita Akogun Area, Ilesha, Osun State
Tel: 08150837017; 08035658964
27. Ile-ife: Slot Shopping Complex, 35, Fajuyi Road,mayfair,
Ibadan Road,ile-ife, Osun State Tel: 08150837003;
08032065290
28. Iwo: Km 4, Iwo-ibadan Road, Ileko Oba Tel: 08150837007;
08081063289
29. Kogi State, Lokoja: Aliu Attah Road, Beside Gtbank, Lokoja.
Tel:08060653181
30. Kwara State, Ilorin: 199, Ibrahim Taiwo Road, Ilorin, Kwara
State Tel:08150837014; 08030634220
31. Lagos: 13/4, Idowu Olusoji Street, Off Town Planning Behind
Aret Adams House, Ilupeju, Lagos
Tel: 08150836968
32. Niger State, Minna: No 127, Paiko Road, Abdulsalam
Abubakar Way Beside Etisalat Office, Near Tunga
Market, Tunga Minna, Niger State Tel: 08053182667
33. Ogbomosho: Lautech Teaching Hospital, Ilorin Road,
Ogbomosho, Oyo State.
Tel: 08150836999; 08032200333
34 Ogudu: 41a, Lsdpc Housing Estate, Ogudu Road, Lagos.
Tel: 08150837000, 08023591109
267
2019 Nigeria Insurance Digest
Directory of NIA Member Companies
35. Ogun State, Abeokuta: Old Savanah Building, Quarry
Road, Abeokuta, Ogun State. Tel: 08150837016, 08035438273
36. Ondo State, Akure: 16, Oyemekun Road Opposite Access
Bank, Beside Nitel Office Tel: 08038239940
37. Osun State, Osogbo: 3 Floor, Terminus Hotel Building
Ajegunle Area Tel: 08033682909
38. Oyo State: Ring Road, Lbadan No. 1a. Akinyemi Street,
Gtbank. Ring Road, Ibadan, Oyo State Tel: 08150837012;
08034430794
39. Oyotown: No 50. Ogbomosho Road, Opposite General
Hospital, Oyostate Tel: 08150837001; 07062248974
40. Sango Otta: Joju Junction, Sango
Otta Tel: 08150837004; 08150836997; 08055764905
41. Shagamu: 137a, Akarigbo Street Ljoku, Shagamu, Ogun
State Tel: 0802368615
42. Yaba: 194, Herbert Macaulay Way, Yaba, Lagos.
MUTUAL BENEFITS LIFE ASSURANCE PLC
Rc 681998
Aret Adams House, 233, Ikorodu Road, Ilupeju, Lagos.
Tel: 09054744444
E-mail: Info@mutuallifeng.com
Website: www.mutuallifeng.com
Date of Incorporation - 20 February, 2007
Date of Commencement of Operation - 14 November,
2007
Name of Chief Executive Officer: Mr. Femi Asenuga
NUMBER OF BRANCHES AND ADDRESSES :
1.
Abeokuta Office: Lkija House,1, Quarry Road Panseke,
Abeokuta. Tel: 08035692773 Rakiode@mutuallifeng.com
2. Abuja Office: Plot 78, Yakubu Gowon Crescent,
Asokoro, Abuja. Tel: 08037151301
3. Ado Ekiti Office: Mutual House, Fajuyi Road, Ado-ekiti.
Tel: 08129021043, 08037283445
4. Akure Office: 74A, Hospital Road,
Continental Junction, Akure, Ondo State
Tel: 08079668663, 07018401846
5. Asaba Office: 308, Nnebisi Road, Asaba, Delta State
Tel: 07088665082
6. Aspamda Office: Favour Plaza Beside Gtb,
By Main Gate, Aspamda Tel: 08060580703
7. Benin Office: 34, Akpa Kpava Rd, Benin City, Edo State
Tel: 07060691806
8. Calabar Office: 67, Ndidem, Usang Iso Road,
(Marian Road), Calabar. Tel: 09033400308
9. Ibadan Regional Office) :kfc Outlet, Olori Ibi Po
House, Plot 6, Block 1, Mko Abiola Way,
Ring Road, Ibadan Tel:08035032022; 08127879900
10. Onireke Office :plot 47/49,onireke, GRA
Tel: 07033687947, 08180987493
1 1. Ikeja Office : Assibifi House, 4 Assibifi Road.
Alausa Ikeja Tel: 08067952147
12. Ikorodu Office :75, Lagos Road, By Aruna Bus- Stop,ikorodu,
Lagos. Tel: 08052849074, 07063760468,
13. Ikoyi Office: 6 Norman Wiliams Street,
S/W Ikoyi, Lagos Tel: 07025251505
14. Ilorin Office: 163, Ajase Ipo Road, Gaa Junction, Ilorin,
Kwara State. Tel: 08033518582
15. L ekki Office : Gold Crest Plaza ,
3rd Floor Km 14, Lekki Epe Expressway, Near Mega Chicken,
Lagos. Tel: 08034101413
16. Ojo Office: Christ In Me Plaza,
446, Old Ojo Road, Lagos. Tel:08034381617
17. Osogbo Office:opp. Customary Court, Court Of Appeal,
Oke-Ifa. Tel:08061256173
18. Ota Office: Rainbow Tower, Kilometer 127, Idiroko Road,
Near Nnpc Filling Station. Tel: 08034318658
19. Owerri Office: 4 6 Wetheral Road, Owerri
Tel: 08038726462
20. Port Harcourt Office: Wordway Plaza, 129 Aba Road
Waterlines, Port Harcourt Tel: 08032703220
21. Surulere Office: 148, Bode Thomas Street Surulere
Tel: 08033961056
22. Town Planning Office 19/21, Town Planning Way, Ilupeju,
Lagos. Tel: 08037137762
23 Warri Office: 80, Airport Road Opp. Old Airport Road
Effurun, Warri Tel: 08052046585
24 Uyo Office: 2nd Floor 1, Udobio Street, Uyo Akwa-iborn State
Tel: 08188553018
268
25
Yenagoa Office: 420, Melford Okilo Expressway,
Yenezue-Gene, Opposite Globacom Office
By Zenith Bank, Yenagoa, Bayelsa
Tel: 08022344364
NEM INSURANCE PLC
Rc 6971
199, Ikorodu Road, Obanikoro, Lagos.
Tel: 01-4489560-9, Customer Service Center: 01-4489570-2
E - Mail: Nem@nem-insurance.com
Website: www.nem-insurance.com
Date of Incorporation: 1970
Date of Commencement of Operation: 1948
Name of Chief Executive Officer: Mr. Tope Smart
NUMBER OF BRANCHES AND ADDRESSES:
1.
Abuja Central Business District: 82,imo State Liaison Office
Opp Federal Ministry of Fin Central Business District
Branch Manager: Mr. Davies Dada
Mobile Nos: 08150849411,08092694400, 08052694400
2. Abuja - Garki 3, Ringim Close Off Sokoto Street Area 7,
Garki, Abuja Tel: 09-6714952, 5233083, 7805440
Branch Manager: Michael A. Giwa Mobile Nos: 08033208141;
08077284840
3. Abuja - Wuse No3, Ejura Close Off Ajesa Street, Opposite
Airtel Regional Office Wuse 2, Abuja
Branch Manager: Mr. Martins Ilegoma
Mobile Nos: 08037020262, 08078153184, 08077284843
4. Akure 3rd Floor, Boi Building Alagbaaka, Akure Ondo State
Tel: 034-215829
Branch Manager: Kehinde Agbelade
Mobile Nos: 08033509419, 08059622022, 08077284943
5. Apapa 2nd Floor 41/43, Itire Road Surulere Lagos
Branch Manager : Uzor Enubuzor
Mobile Nos: 08059301673, 08028968842, 08077284868
6. Calabar 2nd Floor No. 26, Etta-agbor Road, Calabar, Cross
River State
Tel 087-239571
Branch Manager: Opeoluwa Olaku
Mobile Nos: 08033055664
7. Ibadan 3rd Floor, Broking House 1, Alhaji Jimoh Odutola
Street Pmb 5328, Ibadan, Oyo State
Tel: 02-2411992
Branch Manager: Rufus Olumide
Mobile Nos: 08033463697; 08055899976
8. Jos 10, Rwang Pam Street P.o. Box 1261, Jos, Plateau State
Telephone: 073-454216
Branch Manager: Ronke Oyegbemile Bello
Mobile Nos: 08027183016, 08077284946
9. Kaduna Ground Floor, Turaki Ali House 3, Kanta Road
P.o.box 822, Kaduna
Telephone: 062-217683
Branch Manager: Eyitayo Ogbonyomi
Mobile Nos: 08059584722, 07023237414
10. Kano 3rd Floor, Union Bank Building 37, Niger Street P.o. Box
1185, Kano
Telephone: 064-649374
Branch Manager: Muhammed Bello Ahmed
Mobile Nos: 08065290000, 08154971638
11. Lagos Mainland Nem House 199, Ikorodu Road Obanikoro,
Lagos
Tel: 01-8171844, 01-4824737, 01-2710060
Branch Manager: Lucky Okparavero
Mobile Nos: 08023123006; 08033953812; 08185586152;
08077284829
12. Onitsha 2nd Floor (aib) Building) 107, Upper New Market
Road Onitsha
Tel: 046-410736
Branch Manager: Cyracus Akujobi
Mobile Nos: 08033457426, 08077284889
13. Osogbo 1st Floor, Former Afribank Building Opposite
Fakunle Comprehensive High School Fakunle,
Gbongan/ibadan Road, Osogbo, Osun State
Tel: 035-214844
Branch Manager: Olubiyi Sonoiki
Mobile Nos: 08038436231, 08077284898
14. Port-harcourt House 2, Road 2 Circular Road, Residential
Estate Port Harcourt, Rivers State
Telephone: 084-233513
Branch Manager: Kolawole Akintan
Mobile Nos: 08037236009; 08075992088
2019 Nigeria Insurance Digest
15. Warri 57, Effurun/sapele Road, Effurun Delta State
Tel: 053-2549
Branch Manager: Kayode B. Arimoro
Mobile Nos: 08034221374; 08023288188, 08077284884
16. Anthony Nem Retail 6, Oyetola Idowu Street, Ilupeju,
Anthony
Branch Manager: John Folarin
Mobile Nos: 08035099440 ; 08077284770
NICON INSURANCELIMITED
Rc 440754
Nicon Plaza, Plot 242, Muhammadu Buhari Way, Central
Business District, Abuja
Date of Incorporation: 7th February 2002.
Date of Commencement of Operation: 7th February 2002
Name of Chief Executive Officer: Alhaji Muhammad
Bagudu Hussaini
NUMBER OF BRANCHES AND ADDRESSES:
1. Abeokuta: 38 Tinubu Street, Ita-eko, Abeokuta
Tel: 0802-907-7980
2. Abuja: Nicon Plaza, Plot 242 M/buhari Way CBD, Abuja
Tel: 0805-508-4597
3. Ado-ekiti: 128 Ajilosun Str, Ikere Rd, Ado-ekiti
Tel: 0803-398-7920
4. Akure: Nicon House, 221 Arakale Str, Akure Tel: 0811-239-2967
5. Apapa: 22 Commercial Rd, Apapa
Tel: 0811-239-2960
6. Asaba: 377 Nnebisi Road, Asaba
Tel: 0803-408-6053
7. Awka: 4 Ozo Nwimoka Close, Awka
Tel: 0811-239-2980
8. Bauchi: Nicon House, Ahmed Abdulkadir Rd, Bauchi
Tel: 0803-605-5739
9. Benin: 55 Akpakpava Street, Benin
Tel: 0811-239-2970
10. Calabar: 1 Barracks Road, Calabar
Tel: 0811-239-3000
11. Enugu: 56 Ogui Road, Enugu
Tel: 0807-622-9244
12. Gboko:
13. Gusau: 10a Sani Abacha, Sokoto/zaria Rd, Gusau
Tel: 0808-652-7130
14. Gwagwalada: 7 Secretariat Rd, Gwagwalada, Abuja
Tel: 0811-239-2940
15. Ibadan: Nicon House, 241 Obafemi Awolowo Way, Molete
Ibadan
Tel: 0803-681-8117
16. Ikeja: 93 Allen Avenue Ikeja
Tel: 0803-717-9081
17. Ilorin: 232 Ibrahim Taiwo Road, Ilorin
Tel: 0811-239-2972
18. Jos: 1 Federal Secretariat Way, Jos
Tel: 0803-693-8882
19. Kaduna: 24 Broadcasting Road, Kaduna
Tel: 0806-971-7676
20. kano: 2 Post Office Road, Kano
Tel: 0809-896-0051
21. Katsina: Investment House, 61 Ibb Way, Katsina
Tel: 0802-434-4760
22. Lagos Island: 5 Custom Street, Marina-lagos
Tel: 0802-306-5231
23. Lokoja: 130 Ibb Way, Lokoja
Tel: 0803-400-4436
24. Maiduguri: 16 Shehu Laminu Way, Maiduguri
Tel: 0806-291-8912
25. Makurdi: Plot 650, New Bridge Rd, Gra High Level
Makaurdi
Tel: 0811-239-2944
26. Minna: 1 Bank Road, Minna
Tel: 0908-727-6857
27. Onitsha: 64 New Market Road, Onitsha
Tel: 0803-274-3939
28. Osogbo: Acorn Oil Building, Opposite Frsc Gbongan Rd,
Osogbo
Tel: 0805-389-0808
29. Otta: 103 Idiroko Road, Otta
Tel: 0808-772-4244
30. Owerri: 43 Okigwe Road, Owerri, Imo State
Tel: 0811-239-2975
31. Port Harcourt: 16/18 Aba Road, P/harcourt
Directory of NIA Member Companies
Tel: 0705-961-7797
32. Sokoto: 5 Dogodanji House, Birnin Kebbi Rd, Sokoto
Tel: 0803-603-0935
33. Trade Fair: Delta House, I Trade Fair Complex Badagry Exp.
Way, Lagos
Tel: 0803-609-4627
34. Umuahia: 5 Nsukka Street, Umuahia
Tel: 0806-783-7021
35. Uyo: 12 Nwaniba Road, Uyo
36. Victoria Island: 8 Adeyemo Alakija Str, V/i, Lagos
Tel: 0811-239-2923
37. Warri: 279 Warri/sapele Rd, Warri
Tel: 0803-720-6881
38. Yaba: 20/22 Commercial Avenue Sabo-yaba
Tel: 0708-488-7770
39. Yola: Bornoma House, 94 Mohammed Mustapha Way,
Jimeta-yola
Tel: 0811-239-2934
40. Zaria: 2nd Flr, Uba Building, F11 Kaduna-zaria Road,
Zaria
Tel: 0811-239-29851.
NIGER INSURANCE PLC
Rc6484
48 / 50, Odunlami Street, P. O. Box 2718, Lagos.
Tel: 01-2630862, 2630887, 2630928, 2632343,2632941 2601327
Fax: 01-2662196
E - Mail: Info@nigerinsurance.com
Website: www.nigerinsurance.com
Date of Incorporation: 29th August, 1962
Date of Commencement of Operation: 29th August, 1962
Name of Chief Executive Officer: Mr. Edwin F. Igbiti
NUMBER OF BRANCHES AND ADDRESSES:
1.
302, Ikorodu Road, Anthony. Tel: 01-4932052, 4960185
2. 47, Marina, Lagos. Tel: 01-266
3. 41/43, Itire Road, Surulere. Tel: 7738474, 0803 308 5970
4. 11, Akobale Layout, S.w. Ring Road, Ibadan. Tel: 02-2313873
5. 42/49, Warehouse Road, Apapa. Tel: 01-5878092
6. 23, Quarry Road, Abeokuta. Tel: 039-242983
7. 168, Ibrahim Taiwo Road, Ilorin. Tel: 031-223057
8. 5, Idowu Taylor Street, V/island.
Tel: 01-2629090-1, 612069, 612988
9. 9, Aba/port Harcourt Expressway, Port Harcourt.
Tel: 084 332717, 237838, 489184
10. 27, Welheral Road, Owerri. Tel: 083-230833
11. 17, Udoumana Street, Uyo. Tel: 085-200133, 200126
12. 71, Old Market Road, Onitsha. Tel: 046-414289
13. Plot 208, Zakariya Maimalari Central Business District,
Abuja. Tel: 09-2345600,2343075, 234992808055245301
14. Nuj House, Akpa Street, Makurdi. Tel: 04 4-531335
15. Abdusallam Way, Minna. Tel: 066-223719, 08033566048
16. 35, Ndidem Usang Iso Road, Calabar. Tel: 087-237180
17. 69, Effurun / Sapele Road, Effurun, Warri. Tel: 053-257389
18. 28/30, Bukuru Bye Pass, Jos. Tel: 073-461620
19. 34/36, Abdukadir Ahmed Road, Bauchi. Tel: 077-542732
20. 1, Ibb Way, Katsina. Tel: 065-431969
21. 40, Atiku Abubakar Road, Jemila, Yola. Tel: 075-627631
26. Plot B, Ahmadu Bello Way, Kaduna. Tel: 062-249672
27. 153, Sir Kasim Ibrahim Road, Maiduguri Tel: 076-233925
28. 21, Zaria Road, Kano. Tel: 064-660014, 664342
29. 1136, Ahmadu Bello Way, Sokoto. Tel: 060-233188
30. Nidb Building, Alagbruka, Akure
Tel: 034 215066, 08053375115
31. Plot 32, Obana Motors, Abuja Tel:09- 8820457
32. 39, Hospital Road, Jimeta, Yola. Tel: 075-625807
33. 6, Ahmadu Bello Way, Bauchi. Tel: 077-542379
34. 148,ikpoba Slope , Benin Tel: 052 259631, 08033602733
35. 433, Nnebisi Road,.aba Opposite Federal Micheal Cen.
Asaba
36. 20, Mbonu Street , D/line Port Harcourt Tel: 08059078291
37. 5, Macualay Street, Bonny Rivers
Tel: 084-270690, 08034305464
NIGERIAN AGRICULTURAL INSURANCE CORPORATION
Rc. No : Naic Act N89 Lfn(2004)
Plot 590, Zon A. O Central Area,p.o Box 3754 Garki,
Abuja
Tel: +2347035338485, +2348023102420, +2348035890122,
+2348037866218, +2348036140787
E-mail- info@naic.com.ng
269
2019 Nigeria Insurance Digest
Directory of NIA Member Companies
Date of Incorporation :1993
Date of Commencement of Operation: July 1988
Name of Chief Executive Officer: Mrs. Folashade Joseph
NUMBER OF BRANCHES AND ADDRESSES
Zonal/branch Office Addresses And Phone Numbers
1. Head Office: Plot 590, Zone Ao, Cadastral Zo Central
Business District, Abuja Fct.
P.M.B 0178, Garki-abuja.
Branch Manager: Arabi Ahmed Y.
Email: Arabi.ahmed@naic.gov.ng
Tel: 08036140787
2. Lagos Office: Head Office Annex, Lagos 209, Ikorodu Road,
Obanikoro Lagos.
Branch Manager: Ekundayo Mobayo
E-mail: Ekundayo.mobayo@naic.gov.ng
Tel: 234-8033312910
7.
1.
2.
3.
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6.
Ibadan Zone
Ibadan Zonal Office: No.1 Emi-adejumo Close, Beside Uch
East Gate, Total Garden Secretariat Road, Agodi, Gra
Ibadan, Oyo State.
Branch Manager: R. A. Ogunbiyi
E-mail: Rasheed.oguniyi@naic.gov.ng
Tel: 08033492070
Ibadan Branch Office: No.1 Emi-adejumo Close, Beside Uch
East Gate, Total Garden Secretariat Road, Agodi, Gra
Ibadan, Oyo State.
Branch Manager: Mrs Famodun Kemi
E-mail: Kemi.famodun@naic.gov.ng
Tel: 0809091772, 08023842395
Ogun State Office: 1st Floor (lobby) Boa Plaza, Oke Mosan,
Abeokuta, Ogun State
Branch Manager: Taiwo Aderoju
E-mail: Taiwoaderoju@gmail.com
Tel: 07038536605
Osun State Office: Suite 5, Treasure Plaza, Obafemi Awolowo
Way, Beside Wema Bank, Igbonna Osogbo, Osun State.
Branch Manager: Onadipe Folashade
E-mail: Folasade.onadipe@naic.gov.ng
Tel: 08086588884
Ondo State Office: 38b, Oba Adesida Road Akure
Branch Manager: Isaac Arowosafe
E-mail: Isaac.arowosafe@naic.gov.ng
Tel: 08035713187
Ekiti State Office: No. 108, Ajilosun Road Ado-ekiti Adjacent
Uba.
Branch Manager: Agbelesola Janet (mrs)
E-mail: Janet.agbelesola@naic.gov.ng
Tel: 08027987920
Bauchi Zone
Bauchi Zonal/branch Office: Giwo House, 6 Ahmadu Bello
Way P.o. Box 1210 Bauchi
Branch Manager: Dr. Crowther Sanu
E-mail: Crowther.sanu@naic.gov.ng
Tel: 07036564477
Adamawa State Office: Universal Plaza, No 10 Galadima
Aminu Way, Yola.
Branch Manager: Abbas Bello
E-mail: Abbas.bello@naic.gov.ng
Tel: 08037042288
Plateau State: 28/30 Bukuru Bye-pass P.o. Box 7449, Jos.
Branch Manager: Wilson Zira
E-mail: Wilson.david@naic.gov.ng
Tel: 07067347776
Gombe State: Railway Junction Biu Road P.m.b 20 Gombe
Branch Manager: Baba Alkali
E-mail: Baba.alkali@naic.gov.ng
Tel: 08067764871
Borno State Office: Naic Building Opposite First Bank,
Maiduguri
Branch Manager: Hassan Bauwa
E-mail: Dalhatu.bauwa@naic.gov.ng
Tel: 08069442535
Yobe State Office: No. 603 Maiduguri Road Dmaturu, Yobe
State
Branch Manager: Rabiu Ali Gaji
Tel: 08036657265
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Taraba State Office: Suite No.4 Investment House Annex No.
134 Hammaruwa Way Jalingo.
Branch Manager: Ayuba Maijama'a
E-mail: A-ayuba.maijama'a@naic.gov.ng
Tel: 08060701721
Owerri Zone
Owerri Zonal Office: No.43 Okigwe Rd. P.o Box 3634 Owerri
Imo State.
Branch Manager: Onah Thomas
E:mail: Onah.thomas@naic.gov.ng
Tel: 08033973181
Imo State Office: Augustine No.43 Okigwe Rd. P.o Box 3634
Owerri Imo State.
Branch Manager: Osu Ndubisi
E-mail:osu.ndubisi@naic.gov.ng
Tel: 07025319159
Enugu State Office: No. 50, Zik Avenue Uwani P.o. Box 3715
Enugu
Branch Manager: Elvis Anumudu
Email: Elvis.anumudu@naic.gov.ng
Tel: 08034071482
Abia State Office: 36 Igbo Street Umuahia, Abia State
Branch Manager: Franklin Nwosu
E-mail: Nwosu_franklin@yahoo.com,
Nwosu.franklin@naic.gov.ng Tel: 08033945820
Anambra State Office: 63b Nnamdi Azikiwe Road Awka
Branch Manager: Andrew Uzomah
E-mail: Andrew.uzomah@naic.gov.ng
Tel: 08065596641
Ebonyi State Office: 68 Afrikpo Abakaliki Ebonyi State.
Branch Manager: Mokelu Olisa
E-mail: Mokelu.olisa@naic.gov.ng
Tel: 08037784391
Minna Zone
Minna Zonal/branch Office: 1, Ebitu Ukiwe/bosso Road P.o.
Box 2067, Minna Niger.
Branch Manager: A.s Lawal
E-mail: Alawal.shehu@naic.gov.ng
Tel: 08065521320
Minna Branch Office: 1, Ebitu Ukiwe/bosso Road P.o. Box
2067, Minna Niger.
Branch Manager: John Nkom
E-mail: John.nkom@naic.gov.ng
Tel: 08065650707
Benue State Office: Crown House No. 67 Old Otukpo Road
High Level Makurdi Benue State
Branch Manager: Ajah Usman
E-mail: Ajah.usman@naic.gov.ng
Tel: 08033660900
Kwara State Office: 159, Ibrahim Taiwo Road. 2nd Floor
Owoniboy's House Pmb 1335 Ilorin.
Branch Manager: Olatunji Mohammed
E-mail: Olatunji.mohammed@naic.gov.ng
Tel: 08062770688, 08055084123
Kogi State Office: Behind Stadium And Children's
Amusement Park Lokoja.
Branch Manager: Ayuba John
E-mail: Ayuba.john@naic.gov.ng
Tel: 07064402274
Nasarawa State Office: No. 49 Markurdi Road Lafia.
Nasarawa State
Branch Manager: Yusuf Bello
E-mail: Ahmed.yusuf@naic.gov.ng
Tel: 08028224406
Katsina Zone
Katsina Zonal /branch Office: 14 Hassan Usman Katsina Rd.
Opposite Maikudi Hotel Gra Katsina P.m.b 2111 Katsina.
Branch Manager: A.a. Garba
E-mail: Garba.aliyu@naic.gov.ng
Tel: 08035073790
Katsina Branch Office: 14 Hassan Usman Katsina Rd.
Opposite Maikudi Hotel Gra Katsina P.m.b 2111 Katsina.
Branch Manager: Bello Isa Aminu
E-mail: Munirsmn@gmail.com
Tel: 08036254425
2019 Nigeria Insurance Digest
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Kaduna State Office: First Bank Building, 2nd Floor, 14 Bank
Road, Kaduna State.
Branch Manager: Rahila Abdulsalam
E-mail: Rahila.abdulslam@naic.gov.ng
Tel: 08033330364
Kano State Office: 31/34 Guda Abdullahi Road Farm Centre,
Bank Of Agric Plaza, Kano.
Branch Manager: Danladi Mato
E-mail: Danladi.mato@naic.gov.ng
Tel: 08037865925
Sokoto State Office: No. 6 Ahmadu Bello Way Sokoto.
Branch Manager: Saidu Dahiru
E-mail: Saidu.dahiru@naic.gov.ng
Tel: 08161232861
Kebbi State Office: First Floor Yari House, Gesse Phase I
Round About, No. 20276 Emir Haruna Road, Birnin Kebbi,
Kebbi State.
Branch Manager: Suleiman B Ibrahim
E-mail: Ibrahim.suleiman@naic.gov.ng
Tel: 08036085489
Zamfara State Office: No. 10 Sani Abacha Way Gusau
Zamfara State.
Branch Manager: Umar Mohammed
E-mail: Umar.ahmed@naic.gov.ng
Tel: 08034224167
Jigawa State Office: Gidan Chiromawa Opposite Modern
Abattoir, Dutse
Branch Manager: Ibrahim M. Dikko
E-mail: Ibrahim.diko@naic.gov.ng
Tel: 08037551937
Delta Zone
Asaba Zonal Office: 433, Nnebisi Rd Opposite Federal
Medical Center P.o.box 6557, Delta State
Branch Manager: Isaac Adegboyega
E-mail: Isaac.adeboyega@naic.gov.ng
Tel: 08034192598
Delta State Office: 433, Nnebisi Rd Opposite Federal Medical
Center P.o.box 6557, Delta State
Branch Manager: Mary Awodu
E-mail: Eawodu83@gmail.com
Tel: 08035884372
Edo State Office: No. 13 Akpakpava Street P.o.box 610 Benin
City, Edo State.
Branch Manager: Moses Alaofin
E-mail: Moses.alafin@naic.gov.ng
Tel: 08025952707
Akwa Ibom State: Federal Secretariat 2nd Floor Right Wing,
215, Abak Road Uyo, Akwa-ibom State
Branch Manager: Olorunfemi Mercelius
E-mail: Mestroam@yahoo.com
Tel: 07031354639
Cross River State: No. 32 Nelson Mandela Road Calabar
Cross River State.
Branch Manager: Eno B. Ekpe
E-mail: Eno.ekpe@naic.gov.ng
Tel: 08174258287
River State Office: No. 60 Aba Road Port Harcourt.
Branch Manager: Dahiru A. Gerei
E-mail: Girei.abana@naic.gov.ng
Tel: 08025825223
Bayelsa State Office: No. 677, Melford Okilo Way Opposite
Aricona Filling Station Yenezue Gene Yenagoa Bayelsa
State.
Branch Manager: Suowari Tonbara
E-mail: Tondara.suowari@naic.gov.ng
Tel: 07067583704
NIGERIA REINSURANCE CORPORATION
Rc 198071
Plot 784, Herbert Macaulay Way, (north), Central Business
District, P.m.b 292 Garki, Abuja, Fct
Tel: 08100989849
46, Marina. P.m.b. 12766, Lagos, Nigeria Tel: 07098111677
E- Mail: Contact@nigeriare.com
Website: www.nigeriare.com
Date of Incorporation: 1977
Date of Commencement of Operation: Jan. 1st 1978
Name of Chief Executive Officer: Lady Isioma Chukwuma
Directory of NIA Member Companies
NUMBER OF BRANCHES AND ADDRESSES:
1.
Lagos
2. Abuja
NOOR TAKAFUL PLC
Rc211828
62, Shipeolu Street, Palmgrove, Lagos State.
Tel: +2348099444448
Website: www.noortakaful.ng
Email: Info@noortakaful.ng
Date of Incorporation: 27 August, 2014.
Date of Commencement of Operation:- 3 January, 2017
Name of Chief Executive Officer: Mr. Wan Zamri Bin Wan
Ismail
1
Abuja Branch: Plot 251, Herbert Macaulay Way, Millennium
Builder's Plaza Suite D 101 & 102, Central Business District
Abuja.
2.
Kano Branch: F1 Airport, (first Floor ), African Alliance
Building, Kano.
NSIA INSURANCE COMPANY LIMITED
Rc 129628
3, Elsie Femi Pearse Street, Victoria Island, Lagos
Tel: 01 4618940 3 Fax: 01 4618944
E - Mail:- Equiry@nsiainsurance.com
Website :- www.nsiainsurance.com
Date of Incorporation :18th April, 1989
Date of Commencement of Operation:-april, 1989
Name of Chief Executive Officer:- Mrs. Ebelechukwu
Nwachukwu
NUMBER OF BRANCHES AND ADDRESSES:
1.
Abuja: 18, Djoubti Street, Wuse 2 Abuja.
2.
Ibadan: Diamond Bank Building 8,m.k.o Abiola Way,
Challenge Ibadan, Oyo State
3.
Onitsha:diamond Bank Building, 48, Iweka Road, Onitsha,
Anambra State
4.
Port-harcourt: 1b, Stadium Road, Port-harcourt , River
State.
5.
Kaduna: Suit Pp10 Mazangari Investment Building 17f,
Independence Way Building,kaduna.
6. Warri: Diamond Bank Building84, Effurun Warri Road,
Delta State.
7.
Ikeja: 161, Obafemi Awolowo Way, Ikeja Lagos State
8.
Akure: Diamond Bank Building, 46 Oyemekun Road By
Pass Junction, Akure Ondo State
9.
Enugu: Diamond Bank Building 32e Okpara Avenue
Enugu, Enugu State
10. Kano: 375 Civic Centre Road Kano, Kano State
OLD MUTUAL NIGERIA LIFE ASSURANCE COMPANY LIMITED
Rc 507968
2nd Floor Ecobank Building, 21 Ahmadu Bello Way, Victoria
Island,lagos, Nigeria.
Tel: +234-1-2793742-6, 2719393, 2706890
E - Mail: Customercare@oldmutualnigeria.com
Website: www.oldmutual.com.ng
Tel: +234-1-2793742-6, 2719393, 2706890
Date of Incorporation: 30 March, 2004
Date of Commencement of Operation: 14 November,2007
Name of Chief Executive Officer: Mr. Olusegun Omosehin
NUMBER OF BRANCHES AND ADDRESSES:
1.
Ikeja Office: 74, Allen Avenue, Ikeja, Lagos.
2.
Abuja Office: Plot 1288, Julius Nyerere Crescent, (besides
Dollar Pharmacy), Asokoro, Abuja
3.
Port Harcourt: 1st Floor, Ecobank Building, 333 Trans-amadi
Industrial Lay-out, Port-harcourt Nigeria
OLD MUTUAL GENERAL INSURANCE COMPANY NIGERIA
LIMITED
Rc: 255842
3rd Floor Edc Building 19a Adeola Odeku Victoria Island,
Lagos,nigeria.
Date Of Incorporation: 26 October, 1994
Date Of Commencement: 14 Nov, 2007
Name Of Chief Executive Officer: Mr. Olalekan Oyinlade
REPRESENTATIVE OFFICES:
1.
Lagos Retail Outlet: 74, Allen Avenue, Ikeja, Lagos.
2.
Abuja: Plot 1288 Julius Nyerere Street, Asokoro, Abuja
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Directory of NIA Member Companies
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Port Harcourt: 1st Floor, Ecobank Building, 333 Trans-amadi
Industrial Lay-out, Port-harcourt Nigeria
Ibadan: Ecobank Building, 49b, Iwo Road Idi-ape Ibadan
Nigeria
PRESTIGE ASSURANCE PLC
Rc 6753
Plot 19, Ligali Ayorinde Street, Victoria Island, Lagos.
Tel: +234-8058830333, +234-8058820333
E-mail: Info@prestigeassuranceplc.com
Website: Www.prestigeassuranceplc.com
Date of Incorporation: 6th January 1970
Date of Commencement of Operation: 16th August 1952
Name of Chief Executive Officer: Sarbeswar Sahoo
NUMBER OF BRANCHES AND ADDRESSES:
1.
Ikeja: Trinity Mall, No 79/81 Awolowo Way, Ikeja, Lagos.
2. Apapa:
22, Kofo Abayomi Street, Apapa, Lagos
3. Ikorodu Road: 202/204, Ikorodu Road, Palm Groove, Lagos
4. Kano: No. 1, Nasarawa Hospital Road, Off Audu Bako Way,
Gra, Kano
5. Port Harcourt: 9, Port Harcourt/aba Road, Opposite Airforce
School Rumuoumosi, Port Harcourt, Rivers State
6. Ibadan: 1st Floor, Goodwill House, No. 53, Oyo Road,
Oremeji, Mokola, Ibadan.
7. Abuja: Febson Mall (former Russel Centre) Plot 2425, Herbert
Macaulay Way, Suite G14b, Wuse Zone 4, Abuja.
8. Kaduna: No. 24, Constitution Road, Kaduna.
PRUDENTIAL ZENITH LIFE INSURANCE LTD
Rc 407202
13th Floor Civic Towers, Ozumba Mbadiwe Street Victoria
Island, Lagos
Tel: 01 2783421, 2783411, 2952330
E- Mail: Customercare@prudentialzenith.com
Website: www.prudentialzenith.com
Date Of Incorporation: 30th March, 2001
Date Of Commencement Of Operation: 24th January, 2005
Name Of Chief Executive Officer: Mr. Chukwuemeke
Igumbor
BRANCH AND REGIONAL OFFICES:
1.
Annex Office: 7th Floor, Plot 2, Zenith House, Ajose Adeogun
Street, Victoria Island, Lagos Tel: 01- 2784555, 012785088
2. Ikeja Branch: Zenith Bank Building, 65 Adeniyi Jones, Ikeja,
Lagos. Tel: 01-454115, 07040004091
3. Abuja Branch: Plot 131a Adetokunbo Ademola, Crescent,
Wuse 2, Abuja.tel: 09-2917501, 0704 000 3061
4. Apapa Branch: Zenith Bank Building, 15 Warehouse Road,
Apapa, Lagos. Tel: 01-8777336, 07040003059
5. Enugu Branch: Zenith Bank Building, Enugu 5, 20a
Presidential Road, Enugu. Tel: 042-290609
6. Ibadan Branch: Zenith Bank Building, Dugbe Branch, 1a
Obafemi Awolowo Way, (j-allen Round About), Ibadan.
Tel:02-2911535
7. Warri Branch: Zenith Bank Building, Warri-sapele Rd
Branch, Opp Urhobo College, Effurun, Delta State. Tel: 056290200
8. Port Harcourt Branch: Zenith Bank Building, 73 Rumuola
Road Port Harcourt. Tel: 084-301103
9. Kano Branch: Zenith Bank Building, 56 Tafawa
Balewa/mohammed, Murtala Way, Kano. Tel: 064-434955
10. Benin Office: Zenith Bank Building, Sapele Road Br. 89/91
Sapele Rd, Opp Ministry Of Works, Benin City. Tel: 052291613
11. Asaba Office: Zenith Bank Building, Plot 150, Blk 1, Core Area,
Phase 1, Okpanam Road, Asaba, Delta St. Tel: 056-90199
REGENCY ALLIANCE INSURANCE PLC
Rc 223946
2, Ebun Street, Gbagada Expressway Gbagada, Lagos,
Lagos State.
Postal Address: P.o.box 70333 Victoria Island, Lagos,
Lagos State
Tel:234 (1) 08053499073, 08053499074
E - Mail: Info@regencyalliance.com
Website: www.regencyalliance.com
Date of Incorporation: June 16, 1993
Date of Commencement wf Operation: April 1994.
272
2019 Nigeria Insurance Digest
Class of Bussiness: General Insurance
Name of Chief Executive Officer: Mr. Olubiyi Otegbeye
BRANCHES AND ADDRESSES:
1. 95, Azikiwe Road Aba-abia State- Tel: 08087667600
E-mail:aba@regencyalliance.com
2. 2, Segun Osoba Street, Oke-ilewo, Ibara, Abeokuta OgunState, Tel:08087667601
E-mail: Abeokuta@regencyalliance.com
3. A5 Bobsar Complex, Plot 1035,michika Street Off Ahmadu
Bello Way,garki11,fct, Tel: 08083869963,
E-mail: Abuja@regencyalliance.com
4. Suite 9, Aniyeloye Shopping Mall, Conoil Filling Station,
Fajuyi, Ado-ekiti, Ekiti State,
Tel: 08087667606, E-mail Ekiti@regencyalliance.com
5. 97b, Forestry Road, Benin, Edo State Tel :08087667614,
E-mail: Benin@regencyalliance.com
6. Subulade Plaza (1 Floor) 32, Anfani Street, Off Ring Road
Ibadan, Oyo State Tel:08126010472
E-mailibadanregion@ Regencyalliance. Com
7. Turaki Ali House (nndc Building) 3 Floor, 3, Konta Road
Kaduna,kaduna State
Tel: 08087667608 E-mail: Kaduna@regencyalliance.com
8. 44, New Market Road, Onitsha, Anambra State
Tel: 08087667609
E-mail: Onitsha@regencyalliance.com
9. Opposite Tantalizer,ogo Oluwa,along Gbongan/ibadan
Expressway, Oshogbo, Osun State
Tel: 08087667610
E-mail: Oshogbo@regencyalliance.com.
10. 2,ezimgbu Link Road, G.r.a Phase Iv, Port Harcourt, Rivers
State,
Tel:08087667613 E-mail Phregion@regencyalliance.com.
11. 46, Effurun/warri Road,opp.uba Bank Plc, Warri,
Delta State
Tel: 08087667616 E-mail Warri@regencyalliance.com
12. 63, Weltheral Road, Owerri, Imo State, Tel:08087667612,
E-mailowerri@regencyalliance.com.
13. 9, Kasunmu Ekemode Street, Off Saka Tinubu Street,
Victoria - Island, Lagos, Lagos State,
Tel: 01-8130621 E-mail: Vi@regencyalliance.com
ROYAL EXCHANGE GENERAL INS. CO. LTD
Rc 6752
34/36, Apapa-oshodi Expressway, Charity B/stop, Oshodi
P. O. Box 112, Lagos
Tel: 01-7925494, 2691048, 2694503 ,
Fax: 01-2694504
Date of Incorporation: 29th December, 1969
Date of Commencement of Operation: 27th May, 1977
Name of Chief Executive Officer: Mr. Benjamin Agili
ROYAL PRUDENTIAL LIFE ASSURANCE PLC
Rc 614276
31 Marina, Lagos Island Lagos State
Tel: 01-2121364, 01-2121365
Website: www.royalexhangeplc.com
Date of Commencement Of Operation: 1982
Name of Chief Executive Officer: Mr. R. Ododo
Email: Life@royalexchangeplc.com
Date Of Incorporation: 20 November, 2008
Date Of Commencement Of Operation: 9 July, 2008
Name Chief Executive Officer: Mr. Olawale Banmore
NUMBER OF BRANCHES AND ADDRESSES:
1.
Head Office: 13, Oke Olowogbowo Street, Apongbon, Lagos.
2. Abuja: 7, Uzuma Street, Maitama Abuja
3. Aba: 1, Asa Road Aba
4. Abeokuta: 172, Modupeola House, Onikolobo Road
Abeokuta
5. Akure: Old National Bank Building 34, Oyemekun Road
Akure
6. Alaba: 123, Olojo Drive, Ojo Alaba Int'l Market Road Lagos
7. Allen-ikeja: 103, Allen Avenue Ikeja Lagos
8. Asaba: 14, Dennis Osadebey Way, Asaba Delta State
9. Enugu: Canute House, 19/25, Ogui Road, Enugu
10. Ibadan: Old Sketch Building Road, (first Floor) Dugbe
Ibadan
2019 Nigeria Insurance Digest
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Ilorin: 44, Ibrahim Taiwo Road , Opposite Stadium Ilorin
Jos: 1b, Richard Road , Murtala Mohammed Way, Jos
Kaduna: 2, Murtala Mohammed Square Kaduna
Kano: 2b, Post Office Road, Kano.
Port Harcourt: 42, Evo Road Port Harcourt
Uyo: 130, Atiku Abubakah Ave, Uyo Akwa Ibo State
Warri: 107, Effurn-sapele Road Opposite Water Resources
Effurun Delta State.
UNITRUST INSURANCE COMPANY LTD
Rc42899
Head Office: Plot 105b Ajose Adeogun Street,
Victoria Island, Lagos
Telephone: 01-4617031-2, 4626850-2, 2701167-9
Fax:2701165, 4626854
E-mail: info@unitrustinsurance.com
Website: www.unitrustinsurance.com
Date of Incorporation: 9 November, 1981
Date of Commencement of Operation: 19 August, 1986
Name of Chief Executive Officer: Mr John Ijerheime
NUMBER OF BRANCHES AND ADDRESSES:
1.
Port Harcourt: 69, Stadium Road, Port Harcourt, River State
2. Abuja: Cappador Plaza, No 85, Plot 3141, Aguiyi Ironsi Street,
Maitama, Abuja
3. Kano: 5c, Muritala Mohammed Way, Kano State.
4. Ibadan: (broking House) 1, Alhaji Jimoh Odutola Road,
Dugbe Ibadan, Oyo State
SOVERIEGN TRUST INSURANCE PLC
Rc 31962
17, Adetokunbo Ademola Street, Victoria Island, Lagos
E-mail: Info@stiplc.com
Website: www.stiplc.com
Tel: 07000784752, +234146150069, +23414627687,
Date of Incorporation: February 26, 1980
Date of Commencement of Operation: February 26, 1980
Name of Chief Executive Officer: Mr. Olaotan Soyinka
NUMBER OF BRANCHES AND ADDRESSES:
1.
Lagos State: 17, Adetokunbo Ademola, Victoria Island, Lagos
Eti-osa Lga
2. Lagos State: 12b, Ogunlana Drive, Surulere Surulere Lga
3. Lagos State: 18/20, Commercial Road, Apapa Apapa Lga
4. Lagos State: 11, Cipm Avenue, Ikeja Ikeja Lga
5. Lagos State: 21, Boyle Street, Onikan Lagos Lagos Island Lga
6. Lagos State: 40/41, Delta Plaza, Opp.polaris Bank, Trade Fair
Complex Ojo Lga
7. Lagos State: Shop C 311, Road 2, Ikota Shopping Complex,
Ajah Ibeju Lekki Lga
8. Oyo State: 87, Obafemi Awolowo Road, Oke-bola, Ibadan,
Ibadan South-west Lga
9. Ondo State: Plot 3, Alagbaka Junction, Akure, Akure South
LGA
10. Kwara State: 6a, Lajorin Street, Off Offa Road, Ilorin, Ilorin
South LGA
11. Rivers State: Plot 11, Peter Odili Road, Trans Amadi Industrial
Layout, Port Harcourt LGA
12. Enugu State: 112, Ogui Road, Enugu, Enugu North LGA
13. Abia State: 45, Azikiwe Road, Aba, Aba South Lga
14. Bayelsa State: Abraka-ere Building, Opp. Zenith Bank
Mbiama, Yenagoa, Yenagoa LGA
15. Delta State: 2, Waico Street, Effurun/sapele Road, Warri,
Uvwie LGA
16. FCT: 4th Floor, Suite 2 & 3, Nusaiba Towers, Plot 117, Ahmadu
Bello Way, Abuja, Abuja Municipal Area Council
17. Kaduna State: 6/7 Excel Plaza, Opp. Bijo Surgicals, Along
Constitution Road, Kaduna, Kaduna North LGA
18. Kano State: 4c, Murtala Mohammed Way, 3rd Floor Zainab
House, Opp. Kano Club Nassarawa LGA
STACO INSURANCE PLC
Rc 167274
209, Herbert Macaulay Street, Ebute Metta, Sabo,
Yaba, Lagos.
Tel: 01 7741181, 01- 2952696
Fax: 01-3425466
E- Mail: Info@stacoplc.com
Website: www.stacoplc.com
Date of Incorporation: 10 October, 1991
Directory of NIA Member Companies
Date of Commencement of Operation: 1 October, 1994
Name of Chief Executive Officer: Mr. Bayo Fakorede
NUMBER OF BRANCHES AND ADDRESSES:
1.
Aba: 143, Azikiwe Road, Aba, Abia State
2. Abeokuta: 23, Quarry Road, Ibara, Abeokuta, Ogun State
3. Abuja: Plot 118,aminu Kano Crescent, Wuse Ii FCT, Abuja
4. Akure: 1st Floor,boi House, (left Wing) End Of Oba Adesida
Road, Alagbaka, Akure
5. Apapa: 1 Ibikunle Akintoye Street,apapa, Lagos
6. Asaba: 28, Illah Road, Opposite Netrose Hotels, Asaba,delta
State
7. Akwa: 14, Zik's Avenue,akwa,anambra State
8. Enugu: 111, Chime Avenue,2nd Floor, New Haven, Zanda's
Plaza, Enugu
9. Ibadan: 49 Ring Road By Dhl, Ajeigbe, Ibadan,oyo State
10. Ikeja: 32, Mobolaji Bank Anthony Way,ikeja , Lagos
11. Ilorin: Atidade House, 170, Ibrahim Taiwo Road, Ilorin,
Kwara State
12. Kaduna: 4, Constitution Road, Beside Oando
Filling Station, Kaduna
13. Kano: 36, Ibrahim Taiwo Road, Kano, Kano State
14. Port Harcourt: 1b, Herbert Macaulay Street, Old Gra, Port
Harcourt, Rivers State.
15. Uyo: 174, Ikot Ekpene Road, Uyo,akwa Ibom State
16. Victoria Island: 292f, Ajose Adeogun Street, Victoria
Island,lagos
17. Warri: Thomas House, Km 4, Refinery Road, Effurun, Warri,
Delta State
STANDARD ALLIANCE INSURANCE PLC
Rc 40590
Plot 1, Block 94, Providence Street, Lekki Phase 1, Lagos
Tel: 0700467872623
Fax: 234-1-4619546
E - Mail: Wecare@sainsuranceng.com
Website: www.sainsuranceng.com
Date of Incorporation: 28 July, 1981
Date Of Commencement Of Operation: 1982
Name Of Chief Executive Officer: Mr. R. Ododo
NUMBER OF BRANCHES AND ADDRESSES:
1.
Head Office: Plot 1 Block 94, Providence Street,
Lekkischeme 1, Lekki Lagos
2. Abuja: 3 Warri Street, Off Tafawa Balewa Way, Behind
International Conference Centre, Area 11, Garki, Abuja
3. Akwa Ibom: Apico Investment House, (2nd Floor), Plot
24, Block 1, Olusegun Obasanjo Way (former Abak Road),
Uyo
4. Borno: 25 Chari House, Sir Kashim Ibrahim Road,
Maiduguri
5. Delta: 9 Airport Road, Effurun, Warri
6. Edo: 131b Sapele Road, Benin City
7. Ekiti: 66 Secretariat/bank Road, Adjacent Ecobank,
Bank Road, Ado-ekiti
8. Imo: 134 Wetheral Road, Owerri
9. kaduna: 24 Constitution Road, Opposite Abs Gymnasium
Hall, Kaduna
10. Kwara: 163 Ibrahim Taiwo Road, Décor Plaza, Ilorin
11. Lagos: 28 Peleruwa Crescent, Off Randle Road, Apapa
20 Allen Avenue, Opposite Osopey Plaza, Ikeja
12. Ogun: 2a Olusegun Osoba Way, Oke-ilewo, Abeokuta
13. Ondo: 9b, Akure-owo Road, 2nd Floor (ule-uyi), Beside
Ecobank, Alagbaka, Akure
14. Osun: 42, Okefia Street, Opposite All Souls Church,
Oshogbo
15. Oyo: 20 Bolumole Street, Off Ring Road, Nepa Busstop,
Ibadan
16. Rivers: 11b Circular Road, Presidential Estate, Gra,
Port Harcourt
17. 3 Warri Street, Off Tafawa Balewa Way, Behind Icc, Area 2,
Abuja.
18. New Bridge Road, Makurdi
19. Ndib House (3rd Floor), Behind Zenith Bank, Shehu Laminu
Way, Maiduguri.
20. Hafsat Plaza, 4, Constitution Road, Behind Oando Filling
Station, Kaduna
21. 38 Beiru Rd, By Civic Centre Road, Kano
22. 193, Bukuru Rd, British American Junction, Jos
23. Suite 1, Iico Building, Mohammed Mu'azu Road, Opp. Niger
State Supply Company, Minna.
273
Directory of NIA Member Companies
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
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42.
43.
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46.
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48.
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50.
51.
60b, Old Market Road, Onitsha, Anambra State
26, Orlu Road New Nkwo Ogbe Market Square, Ihiala.
78, Hospital Road, By Asa Road, Aba, Abia State
1A Chime Avenue New Haven, Enugu
70 Douglas Road, Owerri, Imo
48, Old Aba Road, Rumuobiokani, Port Harcourt, Rivers
43, Muritala Mohammed Highway, Calabar.,cross River
Apico Investment House, 2nd Floor, Olusegun Obasanjo
Way, Uyo.
151 Iganmode Road Otta,ogun
2A Olusesi Osoba Way, Oke-iiewo, Abeokuta,ogun
46, Ibadan Road, Ijebu Ode
Plot 3, Fagun Road, Sovereign Trust Insurance House, 2nd
Floor, Right Wing, Alagbaka, Akure.
42A Oke-fia Street, Osogbo
20, Bolumole Str., Off Ring Rd, Nepa Bus Stop, Ibadan.
Ilorin Branch: 163, Ibrahim Taiwo, Décor Plaza, Ilorin.
453 Nnebisi Road, Avanti Plaza, Asaba,
9, Airport Road, Warri
80, Isoko Road, Ughelli
131, Sapele Road,road Benin-city
12b,kofo Abayomi Street, Apapa.
1 CAC Road Off Benson B/stop Ikorodu
115, Ladipo Street, Papa Ajao, Ladipo, Mushin.
9, Oyetubo Street,infinite Plaza, Off Awolowo Way, Ikeja.
Zone A T1, Opposite Block A1 Line, Aspamda, Trade Fair
Complex, Badagry Expressway.
87/89 Lagos Road Opposite Badagry Grammar School,
Badagry.
10 Akewusola Street, Off Lagos Road, Opp. First Bank, Epe.
43, Martins Str., Mandila Building, Marina
108, Ikorodu Rd, Palm Groove Bus Stop
STERLING ASSURANCE NIGERIA LIMITED
Rc 155682
284, Ikorodu Road, Anthony, Lagos
Tel: 08150643531-2
E-mail: insure@sterlingassure.com
Website: www.sterlingassure.com
Date of Incorporation: 11 October 1990
Date Of Commencement of Operation: January 1991
Name of Chief Executive Officer: Dr. F. K Lawal
NUMBER OF BRANCHES AND ADDRESSES:
1. Abuja Branch: 22, Kofodirua Street, Beside Uba, Zone Abuja
Tel: 080576966145, 07034618374
2. Ado-ekiti Branch: 11, Iyin Road, Mtn Building, Beside
Captain Cook, Ado Ekiti
Tel: 08156199090, 08023816531
3. Ibadan Branch: S/w 1407 (1st Floor) White House
Opposite Dove Petrol Station Dilkat B/stop, Ring Road,
Ibadan
Tel: 08057696109, 08062209741
4. Ilorin Branch: 11, Amodu Bello Way Gra Ilorin
Kwara State
Tel: 08057696139, 07039530420
5. Kaduna Branch: Unity Bank Regional Office Building
1, Intercity Road, Mogadishu Layout Off Ahmadu Way
Kaduna
Tel: 08057696197, 08037880565
6. Kano Branch: 37, Niger Street, 1st Floor
Union Bank Building, Kano
Tel:08057696096, 08034509093
7. Marina Office Annex: 3rd Floor, New African House
31 Marina Lagos
Tel: 08057696181, 08057696185, 09087452169
8. Port Harcourt Branch: 2, Ikwere Road, Port Harcourt
Rivers State
Tel: 08057696165, 08033129116
9. Warri Branch: Ken Plaza, 229 Jakpa Road Effurun Warri
Delta State
Tel: 08057696194, 08128634250
SUNU ASSURANCES NIGERIA PLC
Rc 65443
Sunu Place, Plot 1196, Bishop Oluwole Street, Off Akin
Adesola Road, Victoria Island, Lagos.
Tel: 234-1-2802012
Email: info@sunu-group.com
Website: www.sunu-group.com
274
2019 Nigeria Insurance Digest
Date of Incorporation: 13 December 1984
Date of Commencement Of Operation: 13 December, 1984
Name Of Chief Executive Officer: Mr. Samuel Ogbodu
NUMBER OF BRANCHES AND ADDRESS:
1.
Abuja Office: 66, Ladoke Akintola Street, Lg Building, Garki
11, Abuja.
Branch Cordinator: Soji Soderu
Tel: 08079992611
E-mail: office.abuja@sunu-group.com
2.
Port Harcourt: 209b, 2nd Floor, Aba/stadium Link Road, Off
Rumuola Bus - Stop, Port Harcourt.
Branch Cordinator: Ezekiel Olorunmo
Tel: 0703930475; 08079992613.
E-mail: Office.portharcourt@sunu-group.com
3.
Ibadan: 69, Dikat Bus Stop, Ring Road, Ibadan
Branch Cordinator: Lanre Iranloye
Tel: 08154286086
E-mail: Office.ibadan@sunu-group.com
4.
Warri: Block 3, Edewor Shopping Complex, Efurun, Warri
Branch Cordinator: Onariode A.
Tel: 08079992623
E-mail: Office.warri@sunu-group.com
5.
Kano: No. 1 Nassarawa Hospital Road, Suite Aff02,
Kano
Branch Cordinator: Moshood Bakare
Tel: 08079992606
E-mail: Office.kano@sunu-group.com
6.
Ikeja: 3 Ashabi Cole, Street, Alausa, Ikeja
Branch Cordinator: Fola Duyile
Tel: 08187479541;08152202244
E-mail: Office.ikeja@sunu-group.com
VERITAS KAPIITAL ASSURANCE PLC
Rc-11785
Plot 497, Abogo Largema Street, Off Constitution Avenue,
Central business District, P.M.B 13233 Wuse III, Abuja, FCT
Nigeria 900211.
Website: www.veritaskapital.com
Email: info@veritaskapital.com
Fax :+ 234 09 461 9901
Tel No: +234 09 461 9900
Date of Incorporation: 1973 (incorporated As Kano State
Insurance Company Ltd And Changed Name To Kapital
Insurnace Company Ltd In 1981. Merged With Two Other
Companies Intercontinental Assurance Company Ltd And
Global Commerce And General Assurance Company Ltd
and Became Unity kapital Assurance Plc In 2007
Date of Commencement of Operation: 1974 (commenced
Operations As Unitykapital Assurance Plc on March 14, 2007
Name of Chief Executive Officer: Mr. Kenneth E. Egbaran
NUMBER OF BRANCHES AND ADDRESSES
1.
Abuja Corporate Head Office-plot 497 Abogo Largema
Street, Off Constitution Avenue, Central Business District
P.M.B 13233 Wuse III Abuja, FCT-Nigeria 900211.
2. Akure- Isco House, Opposite Mr. Biggs, Old Ado/owo Road,
3 Floor, Wing A, Alagbaka, Akure
3. Bauchi - Gidan Mai, Off Adamu Jumba Road, By Local
Government Pension Board, Bauchi
4. Benin- No. 82, 1 East Circular Rd, Benin City, Edo State.
5. Calabar- Ephraim Keys Int'l Plaza, No 45, Murtala
Mohammed Highway, Calabar.
6. Dutse- Suite No 2 G9 Quarters Rd Off Asthma"u House,
Dutse, Jigawa State.
7. Lagos- Plot 173, Gbagada/oshodi Expressway, Opp. Ups
Express Office, Gbagada, Lagos
8. Ibadan - Iba-oluyole Shopping Mall Opposite Heritage
Mall, 16 Obafemi Awolowo Way, J. Allen Area Dugbe
Ibadan
9. Kaduna- Nut Endwell House, B8 Mogadishu City Centre, Off
Intercity Bank Road, Kaduna
10. Kano - Unitykapital House, No 116, Hadejia Rd, Kano
11. Katsina- Katsina State Investment House No 61 Ibb Way,
Katsina
12. Minna- 2 Airport Rd, Minna
13. Onitsha- No 41 New Market Rd, Noc Link Plaza, Onitsha
14. Port Harcourt - Unity Bank Plc Premises, 198a, Aba Rd,
Opposite, Presidential Hotel, Port Harcourt
15. Sokoto- No 8, Kano Rd, Sossco Building Second Floor, Sokoto,
Sokoto State.
16. Warri- No 69, Sapele/ Effurun Rd., Effurun, Warri.
2019 Nigeria Insurance Digest
UNIVERSAL INSURANCE PLC
Rc2460
No. 8, Gbagada Expressway, Anthony, Lagos
Tel: 01 2934645
E- Mail: info@universalinsuranceplc.com
Website: www.universalinsuranceplc.com
Date Of Incorporation: 1st March 1961
Date Of Commencement Of Operation: 1 April, 1961
Name Of Chief Executive Officer: Ben Ujoatuonu
NUMBER OF BRANCHES
1.
Abuja Office: Sccn House, Plot 184, Adetokunbo Ademola
Crescent Wuse 11, Abuja
2. Abakaliki Office: 26a, Water Works Road, Abakaliki, Ebonyi
State
3. Enugu Zonal Office: No 4 Ridgeway/station Road, Enugu
State
4. Onitsha Office: 4, Oguta Road, Onitsha, Anambra State
5. Owerri Office: 4, Assumpta Avenue, Owerri Imo State
6. Port Harcourt Office: 245 Aba/ Portharcourt Express Road,
Port Harcourt (former Shell Recruitment Centre) Rivers State.
WAPIC LIFE ASSURANCE LTD
Rc675456
Name Of Chief Executive Officer: Mr. Ayodeji Bankole
Olusina (Acting)
NUMBER OF BRANCHES AND ADDRESSES:
1.
2nd Floor, Plot 6, Intercontinental Bank Building, Jos Street,
Area 3, Abuja, Fct
2. Intercontinental Bank Building Ring Road Ibadan
3. Intercontinental Bank Building, 130 Akpakpava Road, Benin
4. 420 Tran Amadi, Industrial Layout Ph
5. Gidan Goldie, 2 Niger Street, Kano
6. Intercontinental Bank Regional Office, Plot 7, Ebeano
Layout Garden Avenue, Enugu
Directory of NIA Member Companies
NUMBER OF BRANCHES AND ADDRESSES
1.
Head Office Annex: Plot 280a, Ajose Adeogun Street,
Victoria Island, Lagos
2.
Ikeja: 65, Adeniyi Jones Avenue, Ikeja, Lagos
3.
Abuja: Plot 131a, Adetokunbo Ademola Crescent, Wuse 2,
Abuja
4.
Enugu: 23a, Presidential Road, Enugu
OPERATIONAL OFFICES
1.
Marina: Zenith Bank Building, 135 Broad Street, Marina,
Lagos
2.
Port Harcourt: Zenith Bank Building, Plot 73, Rumuola Road,
Port Harcourt
3.
Benin: Zenith Bank Building, 89/91 Sapele Road, Opposite
Ministry Of Works, Benin
4.
Kano: Zenith Bank Building, 56, Tafawa Balewa, Muritala
Muhammed Way, Kano.
5.
Ibadan: Zenith Bank Building, 1, Obafemi Awolowo Way,
J Allen Roundabout, Ibadan
6.
Asaba: Zenith Bank Building, Plot 150, Block 1, Core Area
Phase 1, Okpanam Road, Asaba.
7.
Warri: Zenith Bank Building, Warri-sapele Road, Opposite
Urhobo College, Effurun
8.
Uyo: Zenith Bank Building, Plot 4, Bank Layout, Udoudema
Avenue, Uyo
9.
Aba: Zenith Bank Building, 1, Eziukwu Road, Aba
10. Ikeja 2: Zenith Bank Building, 24 Oba Akran Avenue, Ikeja,
Lagos
11. Apapa: Zenith Bank Building, 15, Warehouse Road, Apapa,
Lagos
WAPIC INSURANCE PLC
Rc 1647
50, Awolowo Road, Ikoyi Lagos.
Tel: 01 4615153,8119857
E - Mail : info@intercontinentalwapic.com
Website : www.intercontinentalwapic.com
Date of Incorporation: 1958
Date of Commencement of Operation:-1958
Name of Chief Executive Officer: Mrs. Yinka Adekoya
NUMBER OF BRANCHES AND ADDRESSES:
1.
Access Bank Building 2nd Floor, Plot 6 Jos Street Area 3
(Opp. Sharon Ultimate Hotel) Abuja 0818 189 7300 Zonal
Manager: Aisha Amade
2.
Access Bank Building, 70 Mission Road, Benin Edo State
0702905 5204 Zonal Manager: Effionayi Ogbemudia
3. Access Bank Building, Beside Tantalizer, Mobil, Ring Road,
Ibadan
0702 903 7801 Zonal Manager: Gbadebo Ajayi
4.
2, Niger Street Gidangoldie Kano, Kano State 0702 825 2429
Zonal Manager: Yinka Adeniyi
5.
Access Bank Building 41, Trans Amadi Industrial Layout,
Port Harcourt, Rivers State 0702 801 5724 Zonal
Manager: Ekanem Emmanuel
6.
Access Bank Regional Office, Plot 7, Ebeano Layout,
Garden Avenue Enugu 0819 040 5563
Zonal Manager: Ngozi Obioha-nkemdirim (mrs)
ZENITH GEN INS COMPANY LTD
Rc 6761
13 & 14 Floor, Civic Towers, Ozumba Mbadiwe Avenue,
Victoria Island, Lagos, Nigeria
Tel: +234 1 2783421, +234 1 2783411
Fax:
E - ma i l : i n f o@z e n i t h i n s u r a n c e . c om. n g
Complaints@zenithinsurance.com.ng
Website: www.zenithinsurance.com.ng
Date of Incorporation: 23 March, 2004
Date of Commencement of Operation: 23 March, 2004
Name of Chief Executive Officer: Mr. Kenny Borisade
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consulting ltd