The National Insurance Commission (NAICOM) reported that Nigeria's insurance sector generated a gross premium income of N2.302 trillion in 2025. This reflects a 36 percent quarter-on-quarter and 47.3 percent year-on-year growth, according to the Q4 2025 Bulletin of Insurance Industry. The commission attributed the expansion to strong performance in Oil & Gas underwriting within the non-life segment and rising Annuity funds in life insurance. Non-life insurance contributed 68.4 percent of total premiums, with Oil & Gas accounting for 30.3 percent of that segment. Fire and Motor Insurance followed with 20.4 percent and 16.1 percent shares respectively. Life Insurance made up 31.6 percent of total premiums, led by Annuity funds, which contributed 44.3 percent. Individual Life and Group Life accounted for 36.2 percent and 19.5 percent respectively. Market retention averaged 68.1 percent, with life at 94.1 percent and non-life at 60.3 percent. Gross claims rose to N74.7 billion, representing 31.5 percent of gross premium. Life insurance claims settlement stood at 65.5 percent, while non-life achieved 75.5 percent. Motor Insurance had the highest settlement ratio at 88.5 percent, followed by Miscellaneous at 83.1 percent.
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