Nigeria’s insurance industry recorded notable growth in the fourth quarter of 2025, with gross premiums reaching ₦2.301 billion, according to the latest report released by the National Insurance Commission.
The Commission stated that the performance reflects the impact of ongoing regulatory initiatives aimed at strengthening market depth, improving compliance, and enhancing overall sector performance.
Non-Life Segment Drives Market Expansion
The report highlights the non-life insurance segment as the primary driver of growth, contributing 68.4 per cent of total premiums during the period, consistent with trends observed in the corresponding quarter of 2024.
Within the non-life category:
- Oil and Gas Insurance accounted for 30.3 per cent, maintaining its position as the leading portfolio
- Fire Insurance followed with 20.4 per cent
- Motor Insurance contributed 16.1 per cent
Other segments also recorded measurable contributions:
- Miscellaneous: 11.9 per cent
- General Accident: 9.5 per cent
- Marine: 8.7 per cent
- Aviation: 3.2 per cent
Steady Contribution from Life Insurance
The life insurance segment contributed 31.6 per cent of total premiums, supported largely by growth in annuity funds and long-term financial products.
Regulatory Reforms Supporting Industry Growth
According to the National Insurance Commission, the sector’s performance underscores the effectiveness of regulatory reforms designed to deepen market participation and improve financial stability.
The Commission noted that sustained growth across both life and non-life segments reflects:
- Improved underwriting practices
- Increased sector confidence
- Broader adoption of insurance products
Outlook for the Insurance Sector
The continued expansion of Nigeria’s insurance market signals positive momentum for the industry, particularly as reforms and innovation reshape the sector.
Analysts expect that sustained regulatory support, combined with growth in key industries such as oil and gas, will further strengthen premium generation and market penetration in the coming quarters.
