Insurance Sector’s Total Gross Premium Hit N2.3tn

Ebere Nwoji

The insurance sector in the year 2025 achieved a gross premium income of N2.3trillion.

The outgoing Chairman of Nigerian Insurers Association (NIA), Mr Kunle Ahmed disclosed this at the 55th Annual General Meeting of the association held in Lagos.

Addressing to him: “In 2025,the industry achieved a historic milestone : Gross premium income crossed the N2.3 trillion, a year -on year surge that reflects our expanding capacity and market reach. This growth trajectory was well balanced across the industry ‘s primary segments, with the general business accounting for N1.57 trillion of the total volume.”

He attributed the success largely to the strategic retention of high- value risks within the oil and gas sector, alongside the rigorous enforcement of compulsory insurance policies.

He said this was complemented by the life insurance business which contributed N727.4 billion to the total GPI, a result driven by a heightened public awareness of long term financial planning and the sustained success of retiree annuity products.