Insurance Plans Worthy of Consideration for Nigerians in 2025
The Nigerian insurance market experienced a significant boost in the first quarter of 2025, with a staggering 63.4% increase in gross premiums compared to the same period in 2024. The industry generated a total of N769.2 billion, according to recent reports.
Life insurance played a crucial role in this growth, accounting for 36% of the total premiums. This segment offers a financial safety net for families, helping them maintain their standard of living and meet future obligations. Life insurance comes in two primary types: whole life and term life.
Whole life insurance provides lifelong coverage and often includes a savings or investment component. On the other hand, term life insurance offers coverage for a specific period, typically 10, 20, or 30 years. Benefits from life insurance can include coverage for funeral expenses, outstanding debts, and other end-of-life costs. They can also extend to events such as terminal or critical illness. Life insurance is a cornerstone of financial security for estate planning, income protection, and legacy creation.
In the non-life segment, oil & gas led with 38.3% of total premiums. Despite a high claims settlement ratio of 74.9% in Q1 2025, oil & gas had the highest claims among non-life policies during this period. The non-life segment contributed 64% of the total premiums in Q1 2025. Motor insurance had the highest claims settlement ratio among non-life policies at 81.2% in Q1 2025. General accident followed closely with a claims settlement ratio of 70.7% in the same quarter.
However, there is no publicly available information about the specific insurance company with the highest revenues in the Nigerian food industry in Q1 2025 or how it contributed. Despite extensive searches, no detailed data on this particular company or its impact in that sector during that period could be found.
The highest premium ever generated in any first quarter was recorded in Q1 2025, marking a milestone for the industry. Insurers reported N266 billion in claims in Q1 2025, representing 34.6% of total premiums. The robust growth and record-breaking performance of the Nigerian insurance market in Q1 2025 underscore its importance as a vital sector in the country's economy.
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