Insurance Sector Growth

The Nigerian insurance sector has shown remarkable growth, achieving a record premium income of N1.003 trillion in 2023. Despite economic challenges, the sector is projected to continue expanding, with significant contributions from non-life insurance segments.

The Nigerian insurance sector reported a gross premium income of N2.302 trillion for the fourth quarter of 2025, driven significantly by the oil and gas business. Non-life insurance contributed 68.4% to the total premium pool, reflecting strong market performance.