Insurance industry records 47.3% growth in premium to N2.3trn

Author: Urowayino JeremiahPublished on: April 14, 2026Country: Nigeria

Business & Economy

Insurance industry records 47.3% growth in premium to N2.3trn

The Nigerian insurance industry recorded a 47.3% growth in Gross Premium Written, reaching N2.301 trillion in 2025, up from N1.558 trillion in 2024. Claims payments declined by 21.7% to N724.7 billion. The non-life segment contributed 68.4% of total premiums, with the Oil & Gas sector accounting for 30.3% of non-life premiums. Annuity funds led the life insurance segment, contributing 44.3% of the recorded premiums.

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