Nigeria's insurance premiums reach N2.3 trillion as market expands

Nigeria's insurance industry closed 2025 with gross premium written of about N2.3 trillion, a 47.3 percent increase from a year earlier and 36 percent above the previous quarter, according to the National Insurance Commission's market bulletin.

Non-life business accounted for 68.4 percent of premiums, with oil and gas among the largest classes. Total industry assets rose to about N4.79 trillion by year-end.

Growth has not removed the capacity gap

Overall market retention was about 68.1 percent, while non-life retention was lower at 60.3 percent. The figures indicate that a meaningful share of complex oil, marine and aviation risk is still reinsured outside the country.

Premium growth is encouraging, but it should be read alongside claims, solvency and the amount of risk insurers can keep on their balance sheets. Recapitalisation can support larger underwriting capacity only if it is matched by disciplined pricing and claims management.

Sources

National Insurance Commission, Insurance Market Performance bulletin for Q4 2025; Nairametrics, “Nigeria's insurance industry gross premium hits N2.3 trillion in Q4 2025” (24 April 2026).