Nigeria’s insurance sector recorded a robust 27.3% year-on-year asset growth in the first quarter of 2025 (Q1 2025), with total assets rising to N4.2 trillion, up from N3.3 trillion in the same period of 2024.
The figures were disclosed in the Q1 report released by the National Insurance Commission (NAICOM), the industry’s regulatory body. The report highlights sustained expansion driven by regulatory reforms, digitisation, and risk-based supervision.
According to the data, the non-life insurance segment led with N2.7 trillion in assets, while the life insurance segment contributed N1.4 trillion.
In a major milestone, the industry also posted a record Gross Premium Written (GPW) of N769.2 billion, representing a 63.4% increase from N470.7 billion recorded in Q1 2024.
“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,” NAICOM noted in the report.
NAICOM described the outlook for the sector as positive, citing the adoption of technology, data analytics, and forward-looking policy frameworks as key drivers of growth.
Industry observers say the Q1 performance reflects the maturing nature of Nigeria’s insurance market and a growing recognition of insurance as a tool for financial stability and risk management.
As the sector continues to embrace innovation and regulatory alignment, NAICOM says the foundation is being laid for sustained expansion and increased investor confidence in the months ahead.
