Data on the Nigeria Insurance Industry Sector reports from NBS, A.M. Best and the Nigeria Insurers Association is a mixed bag. While reports indicated that the Nigeria Insurance Industry has grown its Gross Premium Income annually since 2011 (6.1% in 2018 and 3.6% in 2019, it also showed that the sector lagged behind its peers from other countries in the critical areas of Insurance Penetration and Insurance Density . Insurance Penetration In terms of reach, the Nigeria insurance industry continues to lag peers with low insurance penetration (Gross Premium Written/GDP) of 0.34% in 2019 (2018: 0.33%) compared with South Africa (13.4%), Morocco (3.9%), Kenya (2.3%) and Egypt (0.6%). Insurance Density Insurance density (Gross Premium Income per Capita) at $8.0 (2018:$6.2) also remains weak relative to peers such as South Africa ($803.0), Morocco ($127.0), Kenya ($43.0) and Egypt ($19.0). Moreover, an insurance industry report conducted by Swiss Re on 88 countries placed Niger
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