Nigeria’s insurance industry has hit a new milestone, with total assets climbing to a record N4.619 trillion by the end of the second quarter of 2025, underscoring the sector’s growing resilience and expansion drive.
Data from the Central Bank of Nigeria’s latest quarterly bulletin show assets rose by N454 billion, or 10.9 percent, from N4.165 trillion in Q1 2025. Year-on-year, the industry added nearly N1 trillion, marking a 25.3 percent jump from N3.687 trillion in Q2 2024.
Analysts attribute the growth to stronger premium inflows and more aggressive investment strategies, as insurers diversify portfolios and strengthen underwriting capacity despite macroeconomic headwinds.
“The insurance industry has shown remarkable resilience, expanding its assets and investments even amid challenging conditions,” a CBN spokesperson said, noting the sector’s rising importance within Nigeria’s financial system.
Liabilities mirrored the asset growth, also reaching N4.619 trillion in Q2 2025, reflecting a balance between obligations and expansion.
Meanwhile, insurers are racing to meet the National Insurance Commission’s revised capital requirements ahead of the July 30, 2026 deadline. In November 2025, NAICOM said 18 firms had indicated readiness for capital verification, a key step in the industry’s recapitalisation.
Speaking at the EY Insurance Summit 2025, NAICOM Chief Executive Olusegun Omosehin said the response from operators had been encouraging, stressing that only companies meeting the new capital thresholds would retain operating licences.
Under the recapitalisation roadmap, insurers are to submit plans by September 30, 2025, undergo verification between November 2025 and June 2026, and achieve full compliance by July 30, 2026.
With assets at record highs and regulatory reforms underway, Nigeria’s insurance industry is positioning itself for a stronger and more sustainable future driven by technology, innovation and disciplined investment.
