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.
Export values have grown over 400%, rising from ₦11.8 trillion in 2013 to a peak of ₦55.3 trillion in 2024, a fivefold increase driven by rising oil prices and a weaker naira.
2015 and 2016 were the hardest years, with export values crashing as low as ₦6.8 trillion in 2015, reflecting the brutal impact of the global oil price collapse on Nigeria's most critical export.
The most explosive growth came from 2023 onwards, with values surging past ₦29 trillion in 2023 and peaking at ₦55.3 trillion in 2024, largely driven by the naira depreciation following Nigeria's 2023 foreign exchange reforms.
The first nine months of 2025 saw a slower pace than the previous year, with ₦37.7 trillion recorded between Q1 and Q3, lower than the ₦41.5 trillion recorded during the same period in 2024.
