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.
BY NKECHI NAECHE-ESEZOBOR—In a time when confidence in insurance is steadily growing, a satisfied customer of Mutual Benefits Assurance Plc is sharing his experience to encourage more Nigerians to embrace the value of protection and peace of mind.
Mr. Abdelhamid Abdelrahman of RAP Building Solutions Ltd recently applauded the company for its swift claims settlement and attentive customer service, describing his journey as clear evidence that insurance truly works when managed by a dependable provider.
Abdelrahman explained that his decision to insure his vehicles with the company was influenced by its strong reputation and visible presence within his business environment in Lagos. Easy access to one of its offices also gave him added confidence, allowing for seamless interaction and support whenever needed. Four years on, he remains a loyal customer.
He said: “I had my doubts at some point, thinking that because they are one of the oldest insurance companies, perhaps their service might not be as efficient. But when I had a vehicle claim in 2023, it was processed in no time.”
He added that subsequent claims involving other vehicles in his fleet were handled just as efficiently, further strengthening his confidence in the company.
“Since then, I have felt that whenever I have a vehicle, I will always subscribe to their packages and services. Mutual Benefits may be one of the oldest, but they are still one of the most responsive insurance companies in Nigeria.Their response to customers’ questions and feedback is very fast. I have no regrets partnering with them,” he stated.
Abdelrahman also used the opportunity to encourage Nigerians who remain sceptical about insurance to reconsider their views.
“Many people believe insurance does not work in Nigeria, but it does. When the time comes to make a claim and it is handled smoothly, then you know insurance truly works,” he said.
Industry experts have repeatedly noted that prompt claims settlement remains one of the strongest indicators of trust and credibility in the insurance sector. According to analysts, customers are more likely to retain policies, renew coverage and recommend insurers when claims are paid quickly and transparently.
They explain that efficient claims management not only provides financial relief during difficult times but also helps improve public perception of insurance as a dependable financial safety net. In markets where scepticism exists, real customer experiences and timely claims payments often play a critical role in driving adoption.
Mutual Benefits Assurance Plc has consistently positioned prompt claims settlement as a core part of its customer promise, with billions of naira paid out monthly across life and general insurance categories.
As economic uncertainties continue to heighten the need for financial protection, stakeholders say insurers that deliver swift and seamless claims experiences are likely to enjoy stronger customer loyalty and wider market acceptance.
BY SUNDAY SAMUEL—Nasarawa State Police Command attached to Karshi Divisional Headquarters have arrested one Pastor Asonye Isaiah, 37, of Rock of Love and Adoration Ground, Old Karsh I, Abuja, for allegedly defiling a 16-year-old girl in Nasarawa State.
According to statement released by SP Ramhan Nansel, Police Public Relations Officer, via the commands official X account that the arrest followed a complaint lodged at the Division on 18th April, 2026, at about 2000hrs.
Preliminary investigation revealed that the suspect deceived the victim’s aunt, claiming her niece was “
possessed” and required cleansing at a river. He instead took the victim to a hotel in New Karshi, where he allegedly had unlawful carnal knowledge of her twice. He further threatened to kill her if she disclosed the incident.
The crime came to light after the victim’s guardian observed unusual changes in her behaviour and questioned her. The victim was immediately taken for medical examination, which confirmed penile penetration.
Upon interrogation, the suspect confessed to the offence and pleaded for leniency.
The Commissioner of Police, CP Shetima Jauro Mohammed, has directed that the case be transferred to the State Criminal Investigation Department, Lafia, for comprehensive investigation and prosecution.
He assured that justice will be served and urged members of the public to exercise caution regarding places of worship they attend and individuals who parade themselves as clerics.