Nigeria’s insurance industry gross premium written in 2025

Key Takeaways

  • Nigeria's insurance industry generated ₦2.3 trillion in gross premium written in 2025.
  • Gross premium written increased 47.3% from ₦1.56 trillion in 2024.
  • Premiums have grown by 273% since 2021, from ₦616.6 billion.
  • Gross premium written has increased every year since 2021.
  • Premium growth does not necessarily mean higher insurance coverage or profitability.

Nigeria’s insurance industry gross premium written increased by 273% over five years, rising from ₦616.6 billion in 2021 to ₦2.3 trillion in 2025.

Gross premium written grew by 47.3% year-on-year, from ₦1.56 trillion in 2024, as the insurance market continued its expansion across life and non-life businesses.

While premium growth shows a larger insurance market, it does not by itself indicate increased insurance coverage or improved profitability.

Source:

NAICOM

Period:

2025
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Related Insights
Among 17 insurers reviewed, the top three generated ₦30.3bn more than the rest
  • AXA Mansard, NEM Insurance and AIICO generated 51.7% of the combined revenue of 17 NGX-listed insurers.
  • The top three earned ₦449.9 billion, ₦30.3 billion more than the other 14 insurers combined.
  • The 17 insurers generated a combined ₦869.6 billion in insurance revenue in 2025.
  • AXA Mansard recorded the highest insurance revenue at ₦160.6 billion.
  • Revenue rose at 15 insurers, but only four reported higher profits.
Nigeria's insurance sector crossed ₦1.98tn in H1 2025 as every segment grew by at least 25%
  • Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
  • Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
  • Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
  • Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
Nigeria's insurance sector crossed ₦1.98tn in H1 2025 as every segment grew by at least 25%
  • Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
  • Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
  • Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
  • Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
After a huge 57.7% drop in 2020, profits in Kenya’s insurance sector have seen a consistent increase
  • Kenya’s insurance sector PAT grew by 143% between 2017 and 2024.
  • The lowest point came in 2020, with profits dropping 57.7% to KSh 6.4B.
  • A sharp rebound followed, with profits rising steadily each year from 2021 to 2024.
  • The strongest yearly growth was in 2019, with a 108% surge in profits.
  • By 2024, PAT stood at KSh 33.1B, the highest in the seven-year period.
  • Profits more than quadrupled from 2020 (KSh 6.4B) to 2024 (KSh 33.1B).
Gross premium income for Kenyan insurers posted an 89.1% growth between 2017 and 2024
  • Gross premium income in Kenya’s insurance sector grew by 89.1% between 2017 and 2024.
  • Premiums rose from KSh 209.0B in 2017 to KSh 395.3B in 2024.
  • The most substantial annual growth occurred in 2023 at 17.6%.
  • 2021 also recorded a significant rise of 16.6% growth.
  • The slowest growth was observed in 2020, at just 2.3%, likely reflecting the impact of the pandemic.
  • Despite fluctuations, the sector has maintained an upward growth trajectory across the 7 years.
Kenya's insurance sector assets doubled from KSh 591B to KSh 1.2T in seven years
  • Kenya’s insurance assets more than doubled in seven years, from KSh 591B in 2017 to KSh 1.2T in 2024.
  • This represents a 109.4% growth over the period.
  • The sector recorded positive growth every single year, with no declines.
  • The most substantial growth occurred in 2024, at 17%.
  • Asset growth averaged between 7.5% and 12.5% annually until the surge in 2024.
  • 2023 marked the first time assets crossed the KSh 1 trillion mark.
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