Gross premiums grew from N326 billion (165.1 billion tenge) in 2016 to N726.4 billion (368 billion tenge) in 2023, with the largest increase in the life insurance industry.
In 2004, the Nigerian government obliged companies with five or more employees provide pensions to their employees through pension funds. The African country's pension assets are no more than 5% of GDP, compared with 170% in the Netherlands, 131% in the UK and 113% in the US.
More and more people are retiring and they are purchasing annuity life insurance. As a result, Nigerians' savings in life insurance companies are expected to continue to increase.
Photos are from open sources.
