Nigeria’s insurance sector sustained its growth momentum in the second quarter of 2025, recording a gross written premium of ₦1.21 trillion, according to data released by the National Insurance Commission (NAICOM).
The figure represents a 49.3 per cent increase compared to the same period in 2024 and a 57.8 per cent rise quarter-on-quarter, reflecting renewed investor confidence and stronger underwriting capacity despite persistent economic headwinds.
NAICOM, in its latest Insurance Market Performance Bulletin, described the industry’s performance as “notable and resilient,” highlighting significant growth in both assets and revenue generation.
Sector Assets Double to ₦4.4 Trillion
The report showed that the total assets of insurance companies rose sharply to ₦4.4 trillion in the second quarter, up from ₦2.3 trillion in the corresponding period of 2024 — nearly a 100 per cent increase.
A breakdown revealed that non-life business accounted for ₦2.5 trillion, while life insurance contributed ₦1.9 trillion, indicating a balanced expansion across both segments.
Non-Life Business Maintains Market Dominance
The non-life insurance segment retained its dominance, contributing 67.2 per cent of total premiums written in the quarter, consistent with its performance a year earlier.
Within this segment, the oil and gas portfolio remained the industry’s largest revenue driver, accounting for 31.2 per cent of total non-life premiums. It was followed by:
- Fire insurance – 18.9%
- Motor insurance – 15.8%
- General accident and miscellaneous insurance – 8.9% each
- Marine and aviation – 8.8% and 7.4%, respectively
The life insurance segment contributed 32.8 per cent of total premiums, reflecting growing consumer interest in protection and savings products amid a challenging economic environment.
Resilience Amid Economic Uncertainty
Industry analysts say the strong quarterly performance underscores the sector’s resilience and deepening market penetration, even as insurers continue to grapple with inflationary pressures and foreign exchange volatility.
NAICOM noted that the sustained growth trajectory positions the insurance industry as a “critical pillar for financial system stability and risk protection” in Nigeria’s evolving economy.
