Life insurance leads Nigeria’s insurance market with ₦276.8 billion in premiums

Key Takeaways

  • Life insurance dominates the market with ₦276.8 billion in gross premiums, more than any other sector.
  • Oil and Gas insurance follows as the second-largest segment, generating ₦188.7 billion in Q1.
  • Fire and Motor insurance sectors contributed ₦91.9 billion and ₦77.7 billion respectively, reflecting strong demand.
  • Aviation insurance recorded the least income at ₦16.6 billion, likely due to the limited scope of operations.
  • The top three segments (Life, Oil & Gas, and Fire) jointly account for over 75% of the total GPI in the quarter.

In the first quarter of 2025, Nigeria’s insurance industry showed significant concentration in a few key sectors. Life insurance stood out as the primary driver of Gross Premium Income, pulling in ₦276.8 billion, a clear indicator of growing awareness and adoption of life insurance products. Oil and Gas, a traditionally robust sector, followed with ₦188.7 billion, reflecting its capital-intensive nature and high-risk exposure. The Fire and Motor segments also maintained relevance, together contributing over ₦169 billion. Meanwhile, niche sectors like Aviation and Marine trailed behind, suggesting opportunities for expansion and diversification.

Source:

NAICOM

Period:

Q1 2025
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