Nigerian Insurance Sector Gross Premium Reaches N2.3tn

The Nigerian insurance sector achieved a total gross premium income of N2.3 trillion, as announced by Mr. Kunle Ahm, the chairman of the Nigerian Insurance Association (NIA), during the association's 55th annual general meeting held in Lagos.

This milestone, projected for the year 2025, signifies a substantial year-on-year increase and indicates the industry's expanding capacity and growth trajectory. The gross premium income includes N1.57 trillion attributed to general business, which benefited from strategic retention of high-value risks, particularly within the oil and gas sector.

Additionally, the enforcement of compulsory insurance policies and contributions from life insurance businesses, amounting to N727.4 billion, played a crucial role in this achievement. The growth is also driven by heightened public awareness and the promotion of long-term financial planning, including retirement annuity products.