Abuja: 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, released in Abuja on Monday by the National Insurance Commission (NAICOM), said the growth accounted for about 31.5 per cent of the gross premiums written during the period.
It said the performance highlighted strong underwriting capacity in the market and reflected the effectiveness of insurers’ pricing strategies during the quarter.
The commission said that the 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 aggregate total assets of N4,792 billion, a 7.4 per cent increase from the previous quarter’s total of N4,460 billion, illustrating ongoing asset growth.
The market statistics also reported total assets attributable to non-life business of N2,602 billion, while life insurance accounted for N2,189 billion at the close of the period.
“The Nigerian insurance industry has shown resilience despite a challenging macroeconomic environment.
“The industry sustained solid performance across critical areas, including premium generation, claims settlement, profitability and aggregate assets expansion.
“This underscores a positive outlook. The sector’s transformation is expected to provide a strong pillar supporting the country’s pursuit of a one trillion dollar economy,” the Commission said.