Nigeria’s insurance industry recorded a 24.9% year-on-year increase in total assets, reaching ₦4.2 trillion in the first quarter of 2025 (Q1’25), up from ₦3.3 trillion in the same period of 2024.
Industry analysts attribute this growth to the sector’s resilience in the face of persistent operational and macroeconomic challenges.
According to the Q1 2025 report released by the National Insurance Commission (NAICOM), the non-life insurance segment accounted for ₦2.7 trillion of the total assets, while the life insurance segment contributed ₦1.4 trillion.
NAICOM noted that the industry’s outlook remains positive, supported by ongoing regulatory reforms such as sector-wide digital transformation and risk-based supervision.
Further analysis of the report shows that the sector’s total Gross Premium Written (GPW) rose significantly by 63.4%, climbing to ₦769.2 billion in Q1 2025 from ₦470.7 billion in the corresponding quarter of 2024.
Experts say the strong premium growth reflects the industry’s adaptability and underscores the impact of sustained regulatory efforts aimed at deepening market penetration.
The report stated:
“The industry recorded a gross premium written of ₦769.2 billion for both life and non-life businesses during the quarter—the highest ever recorded in any first quarter. This milestone highlights the sector’s evolving maturity and its increasing reliance on technology and data-driven strategies for expansion.”
The non-life insurance segment continued to dominate, contributing 64% of the total premium pool, consistent with its performance in Q1 2024. The life segment made up the remaining 36%.
A closer look at the non-life business shows that the Oil & Gas portfolio led the segment, accounting for 38.3% of total non-life premiums. Fire insurance followed with 18.7%, while Motor insurance contributed 15.8%. Other segments included Marine & Aviation (10.9%), General Accident (9.9%), and Miscellaneous (6.4%).
