The Nigerian insurance sector in the year 2025 achieved a gross premium
income of N2.3trillion.
The outgoing Chairman of Nigerian Insurers Association (NIA), Mr Kunle
Ahmed disclosed this at the 55th Annual General Meeting of the association
held in Lagos.
He said: : “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.”
He attributed the success largely to the strategic retention of high- value risks
within the oil and gas sector, alongside the rigorous enforcement of compulsory
insurance policies.
He said this was complemented by the life insurance business which contributed
N727.4 billion to the total GPI, a result driven by a heightened public awareness
of long term financial planning and the sustained success of retiree annuity
products.