| Life premium volume (USD) | 286 mn |
|---|---|
| Non-life premium volume (USD) | 1 bn |
| Total premium volume | 1 bn |
| Total premium volume (NGN) | 200 bn |
| Insurance penetration: Premiums in % of GDP | 0.36% |
| Insurance density: Premium / capita USD | 8.41 |
| Local currency | NGN |
| Domestic life insurers | 14 |
|---|---|
| Domestic non-life insurers | 26 |
| Domestic composite insurers | 16 |
| Foreign life insurers | 0 |
| Foreign non-life insurers | 0 |
| Foreign composite insurers | 0 |
| Domestic reinsurers | 3 |
| Foreign reinsurers | 1 |
| State-owned insurers | 1 |
| State-owned reinsurers | 1 |
| Insurance intermediaries | 510 |
| Reinsurance intermediaries | 8 |
| Overarching principle in insurance supervision | Financial supervision |
|---|---|
| Requirement for minimum insurance rates | Yes |
| Cross-border insurance allowed | Yes |
| Bancassurance is allowed | Yes |
|---|---|
| Allowed ownership structures | Stock Companies, Mutuals |
| Foreign ownership restrictions | No |
| Minimum capital requirement | Life: NGN 8bn Non-Life: NGN 10bn Composite: NGN 18bn Reinsurers: NGN 20bn |
| Minimum paid-up share capital | Life: NGN 8bn Non-Life: NGN 10bn Composite: NGN 18bn Reinsurers: NGN 20bn |
| Requirement for independent audits | Yes |
| Requirement to appoint actuaries | Yes |
| Premium rate approval needed | No |
| Solvency referred to as the difference between assets and liabilities | Yes |
|---|---|
| RBC (Risk-based capital) principles applied | Yes |
| Ceded reinsurance is regarded as a permissible asset | Yes |
| Compulsory insurance lines | Motor TPL, Employer's Liability (WC), Group Life, Builder's Liability, Health Insurance, Occupier's Liability, Cargo, Healthcare Professional Indemnity |
| Compulsory reinsurance cessions | Yes |
| Established guarantee or policyholder protection fund | Yes |
|---|
