*As gross claims rise to N724.5b
WorldStage– The fourth quarter of 2025 saw an impressive growth in the Nigerian insurance sector, with Gross Premium reaching N2.301 billion.
This is according to a report released by the National Insurance Commission (NAICOM) on Monday in Abuja.
In the report, NAICOM said the performance was reflective
of the ongoing regulatory measures aimed at fostering market deepening.
it said the the growth was largely influenced by the oil and gas business in the non-life and the growing annuity funds in the life segments of the market.
It said the non-life insurance segment led the market, contributing 68.4 per cent to the total premium following its pattern in the corresponding quarter of 2024.
The commission said that Life Insurance business accounted for 31.6 per cent during the period.
It said that in the non-life category, oil and gas business was the leading portfolio, representing 30.3 per cent of all the non-life premiums generated.
It said that fire insurance followed oil and gas with a notable position of 20.4 per cent while motor insurance accounted for 16.1 per cent.
“Miscellaneous, General Accident, Marine and Aviation businesses also contributed 11.9 per cent, 9.5 per cent, 8.7 per cent and 3.2 per cent respectively,” it said.
GROSS CLAIMS
The Insurance Market Performance Report says the insurance industry recorded a spike in its gross claims hitting N725 billion in the fourth quarter of 2025.
The report, which was released in Abuja on Monday by the National Insurance Commission (NAICOM), said the growth represented about 31.5 per cent of the gross premiums written during the period.
It said that the performance highlighted a strong underwriting capacity within the market, and reflected the effectiveness of insurers’ pricing strategies during the quarter.
The commission said that life insurance section recorded a notable claims settlement ratio of 65.5 per cent while the non-life segment achieved a settlement rate of 75.5 per cent of total claims reported.
It said the industry recorded an aggregate sum of N4,792 billion in total assets, representing 7.4 per cent expansion, sustaining an upward trajectory relative to the prior quarter when it stood N4,460 billion.
‘The statistics of the market also reported a total sum of N2,602 billion as assets attributable to non-life business, while life insurance accounted for N2,189 billion at the close of the period.
“The Nigerian insurance industry has shown significant resilience amidst a challenging macroeconomic environment.
“The industry sustained solid performance across critical areas including premium generation, claims settlement, profitability and aggregate assets expansion.“This also underscores a positive outlook especially, as the sector’s ongoing transformation is expected to achieve a strong pillar, capable of supporting the country’s pursuit of the one trillion dollar economy,” the Commission said.
