are thought to control about 70% of all insurance premiums in Nigeria To put things into perspective, in a global context, the total African insurance market only accounted for 1.52%* of the global premiums in 2013, at $69.938billion compared to the world total premiums of $4.6 trillion. Insurance penetration, measured as a percentage of Nigeria: Life Premiums Are Tax Deductible But Not The Savings Component Says LIRS 09 October 2017 . by (PITA), 2011 as amended provides for tax deductibility of premium on life insurance and deferred annuity on an individual's life or their spouse subject to certain conditions. Read our alert below for further details. Gross insurance premiums, defined as the total insurance premiums in the reporting country, are a major indicator of the importance of the insurance industry in the economy of the country. This indicator is shown in million USD. Latest publication. OECD Insurance Statistics Publication (2019)