Nigeria’s insurance sector recorded 27.3 per cent growth in total assets year-on-year, to N4.2 trillion in the first quarter of 2025 (Q1 2025), against N3.3 trillion recorded in the corresponding period of 2024.
This is according to the first quarter report of the sector released by the regulator, the National Insurance Commission (NAICOM).
According to the report, the non-life insurance business recorded N2.7 trillion in assets, while the life insurance business recorded N1.4 trillion.
NAICOM maintained that the industry outlook is better interpreted as positive against the backdrop of ongoing regulatory initiatives, including sector-wide digitization and risk-based supervision, among other measures.
Further breakdown of the report shows that total Gross Premium Written (GPW) increased by 63.4 per cent to N769.2 billion in Q1’25 from N470.7 billion recorded in the corresponding period of 2024.
The report stated: “The industry recorded a gross premium written of N769.2 billion for both life and non-life businesses during the quarter, the highest-ever premium generation in a first quarter period of any year. This is also an indication of the fulfilling potentials of the market that has come of age, as the industry looks towards technology and big-data-driven policies for expansion.”
