Nigeria’s insurance industry closed 2025 on a strong footing, with total assets rising to N4.79 trillion, signalling resilience and improving capacity to support economic activities.

Latest data from the National Insurance Commission (NAICOM) showed that the asset base grew by 7.4 per cent quarter-on-quarter from N4.46 trillion in Q3, driven by sustained premium growth, improving underwriting performance and stronger risk retention across the market.
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The report indicated that gross premium written (GPW) climbed to N2.3 trillion in the period under review, underpinned by increased activities in oil and gas as well as continued expansion of annuity business in life insurance.

Non-life business maintained its dominance, accounting for 68.4 per cent of total premiums, while life insurance contributed 31.6 per cent.

Within the non- life segment, oil and gas underwriting remained the largest contributor at 30.3 per cent, followed by fire insurance at 20.4 per cent and motor insurance at 16.1 per cent.

In the segment, annuity business led with 44.3 per cent of premiums, ahead of individual life policies at 36.2 per cent and group life at 19.5 per cent, reflecting growing demand for long-term financial protection products.
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Further breakdown of the industry’s financial position showed that non-life insurers accounted for N2.6 trillion of total assets, while life business contributed N2.19 trillion, highlighting balanced growth across both segments.
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The industry continued to grow in confidence, with overall retention rising to 68.1 per cent. Life insurance posted a total retention ratio of 94.1 per cent, while non-life stood at 60.3 per cent, indicating stronger local capacity to absorb risks.
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Claims performance remained robust, as gross claims paid rose to N724.7 billion, representing 31.5 per cent of total premiums written during the quarter.