Nigeria’s insurance industry strengthened its financial position in 2025, with total assets climbing to N4.8 trillion and gross premium income (GPI) exceeding N2.3 trillion for the first time, reflecting stronger underwriting capacity, regulatory reforms, improved risk retention and accelerating digital transformation across the sector.
The industry’s total assets rose by 7.4 per cent from N4.5 trillion in 2024 to N4.8 trillion in 2025, while gross premium income reached a record N2.3 trillion, marking the strongest performance in the history of Nigeria’s insurance market.
Kunle Ahmed, chairman of the Nigerian Insurers Association (NIA), disclosed the figures during the Association’s 55th Annual General Meeting (AGM), describing 2025 as a landmark year in which the insurance industry consolidated its position as a critical pillar of Nigeria’s financial services sector despite a challenging macroeconomic environment.
According to Ahmed, the industry’s expanding asset base reflects stronger balance sheets, improved capitalisation and growing investor confidence as insurers positioned themselves for the implementation of the Nigerian Insurance Industry Reform Act 2025.
Of the industry’s N4.8 trillion asset base, N2.6 trillion was held by non-life insurance companies, while life insurers accounted for N2.2 trillion, underscoring the growing financial strength of operators across both segments.
