In the first half of 2025, Nigeria's insurance industry generated ₦1.98 trillion in gross premium income, with every segment growing by at least 25%. The largest amount was Life Insurance at ₦674.3 billion, up 70.3%.
When inflation eats your savings, and the cost of losing a breadwinner becomes unbearable, life insurance stops being a luxury and starts being survival math. Aviation & Marine (79.9%) and Miscellaneous (86.7%), the two fastest-growing segments, tell a similar story: Nigerians are now insuring cargo crossing the ports, gadgets that cost three months' salary to replace, and events that took a year to plan.
Motor, Fire, and General accident — compliance-driven segments — all grew by roughly 50%, signalling that this boom is broad-based rather than isolated. This is no longer a story about oil companies and multinationals buying mandatory covers. Retail Nigerians, battered by economic uncertainty and with far more t
