The annual report of the Nigeria Liability Insurance Pool (NLIP) mentions a 51.6% increase in revenue to 1.79 billion naira, up from 1.18 billion naira the previous year.

The increase in revenue is due to the increase in the motor liability insurance premium, which came into effect in January 2023. According to NLIP president Gboyega Lesi, “claims expenses increased by 61%, from 297.3 million naira in 2022 to 478.6 million naira in 2023. This increase is mainly due to the revision of civil liability limits from 1 million naira to 3 million naira for private vehicles, and 5 million naira for property damage caused by third parties. and the high inflation rate in the country”.

Also, Lessi indicated that “the country's insurance sector is relatively underdeveloped, hampered by a series of economic problems in recent years and by stratified income levels. However, increased disposable incomes, combined with increased business and consumer confidence, will facilitate the continuation of the growth. The development of the sector as a whole will depend on the expansion of the country's middle class, which will in turn depend on continued economic growth and the stabilization of the inflationary environment in Nigeria