Insurance Gross Claims Rise to N724.5b in Q4

The Insurance Market Performance Report says the insurance industry recorded a spike in its gross claims hitting N725 billion in the fourth quarter of 2025.

The report, which was released in Abuja on Monday by the National Insurance Commission (NAICOM), said the growth represented about 31.5 per cent of the gross premiums written during the period.

It said that the performance highlighted a strong underwriting capacity within the market, and reflected the effectiveness of insurers’ pricing strategies during the quarter.

The commission said that life insurance section recorded a notable claims settlement ratio of 65.5 per cent while the non-life segment achieved a settlement rate of 75.5 per cent of total claims reported.

It said the industry recorded an aggregate sum of N4,792 billion in total assets, representing 7.4 per cent expansion, sustaining an upward trajectory relative to the prior quarter when it stood N4,460 billion.

‘The statistics of the market also reported a total sum of N2,602 billion as assets attributable to non-life business, while life insurance accounted for N2,189 billion at the close of the period.

“The Nigerian insurance industry has shown significant resilience amidst a challenging macroeconomic environment.

“The industry sustained solid performance across critical areas including premium generation, claims settlement, profitability and aggregate assets expansion.

“This also underscores a positive outlook especially, as the sector’s ongoing transformation is expected to achieve a strong pillar, capable of supporting the country’s pursuit of the one trillion dollar economy,” the Commission said.