Life insurance premium volume to GDP (%) in Nigeria
Nigeria: Life insurance premium volume to GDP (%) was 0.1% in 2018. ▲ Rising
Life insurance premium volume to GDP in Nigeria, 1993–2018
Source: Sigma Reports, Swiss Re. Measured in %.
Analysis
The most recent figure for life insurance premium volume to gdp in Nigeria is 0.1%, measured in 2018. That is the highest value across all 26 years on record.
Compared with earlier readings it is up 33.5% on the previous year and up 78.4% over ten years.
Over the whole period, life insurance premium volume to gdp in Nigeria peaked at 0.1% in 2018 and was at its lowest, 0.0%, in 1998.
That places Nigeria 125th out of 162 countries with data for 2018, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 26 years of available data.
Life insurance premium volume to GDP (%) in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1993 | 0.1% | — |
| 1994 | 0.1% | -11.6% |
| 1995 | 0.0% | -39.4% |
| 1996 | 0.0% | +15.9% |
| 1997 | 0.0% | -17.4% |
| 1998 | 0.0% | -13.0% |
| 1999 | 0.1% | +204.0% |
| 2000 | 0.1% | -27.3% |
| 2001 | 0.1% | +25.0% |
| 2002 | 0.1% | -3.5% |
| 2003 | 0.0% | -38.8% |
| 2004 | 0.1% | +37.3% |
| 2005 | 0.1% | -17.7% |
| 2006 | 0.0% | -11.8% |
| 2007 | 0.0% | +5.3% |
| 2008 | 0.1% | +59.1% |
| 2009 | 0.1% | +6.0% |
| 2010 | 0.1% | +9.9% |
| 2011 | 0.1% | -4.3% |
| 2012 | 0.1% | +1.3% |
| 2013 | 0.1% | +8.1% |
| 2014 | 0.1% | -0.4% |
| 2015 | 0.1% | +4.2% |
| 2016 | 0.1% | +22.4% |
| 2017 | 0.1% | -13.8% |
| 2018 | 0.1% | +33.5% |
Nigeria compared with similar countries
- Nigeria's 0.1% is below the median for lower middle income countries, which is 0.4%, 37% of the median. (37 countries reporting)
- Nigeria's 0.1% is below the median for Sub-Saharan Africa, which is 0.2%, 61% of the median. (40 countries reporting)
Biggest year-on-year movements
Years where Life insurance premium volume to GDP (%) in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1999 | +204.0% | 0.0% | 0.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 0.0% | 0.0% | 0.1% | 7 |
| 2000s | 0.1% | 0.0% | 0.1% | 10 |
| 2010s | 0.1% | 0.1% | 0.1% | 9 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.01 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.7387 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.01 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is life insurance premium volume to gdp in Nigeria?
- Life insurance premium volume to gdp in Nigeria was 0.1% in 2018, according to Sigma Reports, Swiss Re.
- What is the highest life insurance premium volume to gdp recorded in Nigeria?
- The highest recorded value was 0.1% in 2018.
- What is the lowest life insurance premium volume to gdp recorded in Nigeria?
- The lowest recorded value was 0.0% in 1998.
- How does Nigeria rank for life insurance premium volume to gdp?
- Nigeria ranks 125th out of 162 countries with data for 2018.
- Is life insurance premium volume to gdp rising or falling in Nigeria?
- Over the last ten years it is up 78.4%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from Sigma Reports, Swiss Re, published as part of Life insurance premium volume to GDP (%). Statizoid updates them automatically from the source API.
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About this data
Premium data is taken from various issues of Sigma reports (Swiss Re). Data on GDP in US dollars is from the electronic version of the World Development Indicators.