NEM Insurance Plc paid a total of N41.46 billion in claims to policyholders in the 2025 financial year, reinforcing its reputation as one of Nigeria’s leading non-life insurers with a strong claims-paying capacity and solid financial standing.

The insurer disclosed this in its audited financial statements for the year ended December 31, 2025, filed with the Nigerian Exchange Group (NGX), showing a significant increase from the N24.24 billion paid in claims in 2024.

Analysis of the company’s financial results revealed that motor insurance accounted for the largest share of claims payments, with N13 billion settled during the period. Fire insurance followed with N9.04 billion, while oil and gas claims stood at N7.01 billion.
General accident insurance generated claims payments of N6.73 billion, underscoring the company’s extensive exposure across key sectors of the economy.

Further breakdown of the claims portfolio showed that NEM Insurance paid N3.77 billion in marine insurance claims and N1.64 billion under engineering insurance. Agriculture insurance claims amounted to N152.21 million, while bond insurance claims stood at N110.03 million.

The substantial increase in claims settlement highlights the company’s commitment to meeting policyholder obligations promptly, a factor industry experts regard as critical to boosting public confidence and insurance penetration in Nigeria.

Industry stakeholders have consistently identified efficient claims settlement as one of the most important drivers of growth in the insurance sector, especially in a market where consumer trust remains a key challenge.

Beyond its claims performance, NEM Insurance strengthened its market position with an improved financial strength rating from GCR Ratings, which upgraded the company’s national scale financial strength rating to AA+(NG) from AA(NG), while maintaining a stable outlook.

According to GCR Ratings, the upgrade reflects the insurer’s improving competitive position in Nigeria’s non-life insurance market, supported by robust risk-adjusted capitalisation, adequate liquidity and strong earnings generation.

The rating agency noted that the company’s sound financial profile continues to provide a strong foundation for sustainable growth and resilience in an increasingly competitive operating environment.

Analysts said the combination of higher claims payouts and a stronger credit rating demonstrates NEM Insurance’s ability to honour policyholder commitments while maintaining financial stability.

With a growing customer base, strong capital position and rising investment income, the insurer is expected to remain a major player in Nigeria’s insurance industry, supporting sector growth and delivering value to both policyholders and shareholders.

The latest performance further underscores NEM Insurance’s standing among insurers with strong operational reliability and financial strength, positioning the company to meet rising customer expectations and capture emerging opportunities in the country’s insurance market