Nigerian Insurance Sector Reports Record 47.3% Premium Growth to ₦2.3 Trillion Driven by Oil, Gas, and Annuity Funds

The Nigerian insurance industry records a 47.3% surge in Gross Premium Written, reaching ₦2.301 trillion, led by gains in the Oil & Gas and Annuity sectors.

By: AXL Media

Published: Apr 14, 2026, 3:31 AM EDT

Source: Information for this report was sourced from Vanguard News

A Landmark Year for the Financial Ecosystem

According to a new industry report from the National Insurance Commission (NAICOM), the Nigerian insurance sector has demonstrated exceptional resilience and growth. The industry's Gross Premium Written climbed from ₦1.558 trillion in 2024 to ₦2.301 trillion in 2025. This 47.3% growth rate significantly outpaced the national output of 3.9%, underscoring the sector's increasing structural importance within the country’s financial landscape and reflecting a rise in public confidence.

Non-Life Segment Dominates Market Share

The non-life insurance segment remains the primary engine of the industry, contributing 68.4% of the total premium pool. Within this category, the Oil & Gas business emerged as the leading portfolio, accounting for 30.3% of all non-life premiums. Fire insurance maintained a strong second position at 20.4%, while Motor insurance contributed 16.1%. Other significant contributors included General Accident (9.5%), Marine (8.7%), and Aviation (3.2%), indicating a diversified risk landscape across Nigeria’s industrial sectors.

Life Insurance Trends and Annuity Growth

The life insurance segment, which accounts for 31.6% of the market, saw a notable shift in behavior. For the first time, Annuity funds led the segment, contributing 44.3% of all life premiums. Individual Life business followed at 36.2%, with Group Life accounting for the remaining 19.5%. Regulatory officials attribute this growth to ongoing measures aimed at market deepening and the increasing relevance of long-term financial planning among the Nigerian populace.