Q2: Insurance Sector Written Premium Hits N1.21trn

Ebere Nwoji

Insurance companies in Nigeria, in the second quarter of this year (2025) showed more strength in revenue generation posting  gross written premium of N1.21 trillion, indicating 49.3 per cent growth rate when compared to the same period in 2024 and a 57.8 per cent quarter by quarter increase.

According to the National Insurance Commission (NAICOM) the insurance sector recorded a notable performance amidst economic headwinds in the country, as captured in the Bulletin of the Insurance Market Performance recently released by the regulator.

According to NAICOM the insurance Industry’s total asset was about N4.4 trillion in the second quarter, compared to the N2.3 trillion reported in the corresponding period of 2024.

A breakdown of the industry’s financial position revealed a total of N2.5 trillion in assets for Non-Life business while the Life business stood at N1.9 trillion.

Breakdown of the performance shows that non-life segment retained its relative dominance in the market, contributing 67.2 per cent to the total premium pool, mirroring its performance in the corresponding quarter of 2024. On the other hand, the life Insurance segment accounted for 32.8 per cent of all the premiums generated during the same period. The non-life segment indicated that the Oil & Gas portfolio remained the major contributor, accounting for 31.2 per cent of the total Non-Life premiums during the quarter.

This was followed by Fire Insurance with 18.9 per cent and Motor Insurance at 15.8 per cent, while General Accident, Miscellaneous, Marine and Aviation portfolios contributed 8.9 per cent, 8.9 per cent, 8.8 per cent and 7.4 per cent, respectively.