The fourth quarter of 2025 witnessed impressive growth in Nigeria’s insurance sector, with Gross Premium Written (GPW) reaching a remarkable N2,301.8 billion, reflecting exceptional performance driven by ongoing regulatory measures aimed at deepening the market.

This growth was largely influenced by the Oil and Gas business in the non-life segment and the continued expansion of Annuity funds in the life insurance segment.

This was contained in the Fourth Quarter 2025 Bulletin of Insurance Market Performance, released today by the National Insurance Commission (NAICOM). According to the report, the industry’s performance during the period recorded growth many times higher than the national output of 3.9 per cent, underscoring its increasing relevance and structural importance within Nigeria’s financial ecosystem.

The Commission noted that this commendable progress is largely attributable to rising public confidence in the insurance market.

The non-life insurance segment continued to dominate the market, contributing 68.4 per cent of the total premium pool, consistent with the trend recorded in the corresponding quarter of 2024. The life insurance business accounted for 31.6 per cent during the period under review.

Further insights into the non-life category revealed that the Oil and Gas business remained the leading portfolio, representing 30.3 per cent of all non-life premiums generated.

This was followed by Fire Insurance, which held a notable 20.4 per cent share, while Motor Insurance accounted for 16.1 per cent. Other segments, including Miscellaneous, General Accident, Marine, and Aviation, contributed 11.9 per cent, 9.5 per cent, 8.7 per cent, and 3.2 per cent, respectively.

On the other hand, the life insurance segment was led by Annuity funds, in contrast to the pattern reported in the previous quarter, contributing approximately 44.3 per cent of all premiums recorded in the segment.

Individual Life business accounted for 36.2 per cent, while Group Life contributed 19.5 per cent during the quarter under review.

The report further showed that the industry’s total assets rose to N4,791.6 billion, representing a 7.4 per cent expansion, thereby sustaining an upward trajectory relative to the previous quarter, when it stood at N4,460.2 billion.

It added that statistics on the market’s financial position also indicated a total of N2,602.4 billion in assets attributable to the non-life business, while the life insurance segment accounted for N2,189.2 billion at the close of the period.

The report noted that the Nigerian insurance industry has demonstrated significant resilience despite a challenging macroeconomic environment, maintaining solid performance across critical areas, including premium generation, claims settlement, profitability, and aggregate asset growth.

This, it said, underscores a positive outlook for the sector, especially as its ongoing transformation is expected to position it as a strong pillar capable of supporting Nigeria’s pursuit of a one-trillion-dollar economy.

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