Insurance Sector’s Total Gross Premium Hit N2.3tn

Nigeria's insurance sector has reached a historic milestone, achieving a gross premium income of N2.3 trillion in 2025. This figure represents a significant year-on-year surge, reflecting the industry's expanding capacity and market reach, according to the outgoing Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed.

Ahmed disclosed this achievement at the 55th Annual General Meeting of the NIA in Lagos. He noted that the growth was well-distributed across the industry's primary segments. The general business segment accounted for N1.57 trillion of the total volume. This success was largely attributed to the strategic retention of high-value risks within the oil and gas sector, coupled with the rigorous enforcement of compulsory insurance policies.

The life insurance business also played a crucial role, contributing N727.4 billion to the total gross premium income. This performance was driven by heightened public awareness regarding long-term financial planning and the sustained success of retiree annuity products. The overall increase signals a robust performance and growing confidence in Nigeria's insurance market.

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In 2025, the industry achieved a historic milestone: Gross premium income crossed the N2.3 trillion, a year-on-year surge that reflects our expanding capacity and market reach. This growth trajectory was well balanced across the industry’s primary segments, with the general business accounting for N1.57 trillion of the total volume.