Nigerian Insurance Sector Hits N2.302tn in Q4 2025

The Nigerian insurance sector achieved a gross premium income of N2.302 trillion in the fourth quarter of 2025, marking a 36% quarter-on-quarter growth and a 47.3% year-on-year increase, according to the National Insurance Commission (NAICOM). This impressive performance was largely influenced by the oil and gas business, with non-life insurance leading the market by contributing 68.4% to the total premium pool.

The life insurance segment accounted for 31.6% during the same period. Notably, the oil and gas business represented 30.3% of non-life premiums, followed by fire insurance at 20.4% and motor insurance at 16.1%.

The overall market retention rate stood at 68.1%, with life insurance achieving a retention rate of 94.1%. The sector also reported a gross claim of N74.7 billion, a 31.5% increase, with a notable claim settlement ratio of 65.5% for life insurance and 75.5% for non-life insurance.

These figures underscore the sector's robust underwriting capacity and improved claims management.