The National Insurance Commission (NAICOM) has reported that Nigerian insurance industry’s gross assets surged to N4.78 trillion in the fourth quarter of 2025, representing 7.4% increase over the N4.46 trillion in the preceding quarter of the year
The commission’s latest ‘Q4 2025 Insurance Market Performance Report’ indicated the quarter-on-quarter (Q-o-Q) was largely driven by the Oil & Gas sector within the non-life segment and the increase in the volume of annuity funds in the life insurance sector.
According to the report’s data, the total assets shows that non-life insurance contributed N2.60 trillion of the total assets, while life insurance accounted for N2.19 trillion in the quarter under review.
The commission maintained despite the challenging macroeconomic environment, the sector exhibited resilience based on the strong performance across premium generation, claims settlement, profitability, and asset growth indices.
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It added that the industry’s ongoing reforms had positioned it to play a leading role among the sectors that would help to meet the $1 economy target set by the government for the country by 2030.
A further analysis of the industry’s performance report showed that the market concentration in the quarter under review remained largely unchanged from the previous quarter’s, with the top three life business underwriters controlling approximately 55% of the total premiums generated. This is even as the top ten life underwriters cornered about 89.9% of the market share in this segment.
In the non-life segment, the market share reflected a more balanced share, with the top three insurers holding 33.3% of the market and the top 10 underwriters accounting for 66.6% of premiums generated.
The commission further reported that less than 1% of the premiums in both life and non-life segments were generated by the bottom 10 underwriting entities, most of which faced operational challenges or regulatory issues.
Despite this concentration, the report showed that the market remained relatively low-risk, particularly in the non-life segment, in terms of over-concentration of business.
Beyond the growth in the industry’s gross assets, the Insurance industry recorded a significant growth in gross premiums, which surged to N2.3 trillion in the quarter, indicating 36% quarter-on-quarter increase and 47.3% year-on-year growth.
While the life insurance segment generated N727.4 billion, with annuity funds contributing 44.3% of this total, in the non-life segment the oil & gas sector generated the largest premiums at N476.6 billion (30.3%), followed by fire insurance at N321.1 billion (20.4%) and motor insurance at N252.8 billion (16.1%).
