Gross premium income in Nigeria’s insurance sector rose to N2.301 billion in the fourth quarter of 2025, driven largely by the oil and gas segment within non-life insurance and growing annuity funds in life insurance.
The National Insurance Commission disclosed this in a report released on Monday, attributing the performance to ongoing regulatory efforts to deepen the insurance market.
Non-life insurance accounted for 68.4 per cent of total premiums, while life insurance contributed the remaining 31.6 per cent during the period.
Oil and gas emerged as the leading non-life portfolio, contributing 30.3 per cent of premiums, followed by fire insurance at 20.4 per cent and motor insurance at 16.1 per cent.
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Other segments, including miscellaneous, general accident, marine, and aviation, also contributed to overall premium growth, according to the commission.
NAICOM recently introduced guidelines mandating insurers to contribute 0.25 per cent of their net premium income annually to the Insurance Policyholders’ Protection Fund, backed by the Nigerian Insurance Industry Reform Act 2025.
Non-compliance could result in sanctions, including licence suspension or cancellation, as the initiative aims to improve financial stability and protect policyholders.
The finance and insurance sector grew by 14.54 per cent in 2025, a sharp increase from 2.95 per cent recorded in 2024, according to the National Bureau of Statistics.
The insurance subsector contributed 9.57 per cent to the sector’s total output in the fourth quarter of 2025.
