The fourth quarter of 2025 saw impressive growth in the Nigerian insurance sector, with gross premiums reaching N2.301 billion.

This is according to a report released by the National Insurance Commission on Monday.

In the report, NAICOM said the performance was reflective of the ongoing regulatory measures aimed at fostering market deepening.

It said the growth was largely influenced by the oil and gas business in the non-life segment and by the growing annuity funds in the life segment of the market.

It said the non-life insurance segment led the market, contributing 68.4 per cent to the total premium following its pattern in the corresponding quarter of 2024.

The commission said that life insurance business accounted for 31.6 per cent of total business during the period.

It said that in the non-life category, the oil and gas business was the leading portfolio, accounting for 30.3 per cent of all non-life premiums generated.

It said that fire insurance ranked second after oil and gas, with a notable 20.4 per cent, while motor insurance accounted for 16.1 per cent.

“Miscellaneous, general accident, marine and aviation businesses also contributed 11.9 per cent, 9.5 per cent, 8.7 per cent and 3.2 per cent respectively,” it said. 

(NAN)